2018 Union budget of India

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2018 (2018) Union Budget of India
2018 kē liē Bhārat kā Kēndrīya Bajaṭ
Annual Financial Statement of the Central Government for the year 2018–19
The Appropriation Bill, 2018
The Finance Bill, 2018
Deficit
₹624,276 crore (equivalent to ₹8.8 trillion or US$110 billion in 2023)[4] (3.3%)[4] (Fiscal deficit) ₹416,034 crore (equivalent to ₹5.8 trillion or US$73 billion in 2023)[4] (2.2%)[4] (Revenue deficit)
WebsiteOfficial website
‹ 2017
2019›

The 2018 Union Budget of India (ISO: 2018 kē liē Bhārat kā Kēndrīya Bajaṭ) was the annual financial statement (AFS), demand for grants, appropriation bill and finance bill of India for the financial year 2018–19.[5]

It was presented to Parliament on 1 February 2018 by Finance Minister Arun Jaitley.[6][7][8]

Premise

The 2018 budget was considered to be a crucial one,

cut in the corporate tax rate in the United States.[18][19][20] Printing of the budget began on 20 January 2018 with the traditional Halwa ceremony.[21][22][23]

Significant announcements

The budget contained a number of significant announcements. It included a healthcare programme called the National Health Protection Scheme (

Ayushman Bharat) to cover 10 crore (100 million) poor families.[24][25] The Government proposed to contribute 12% to the Employees' Provident Fund for new employees for three years.[26][27] It was proposed that the medical allowance and transportation allowance be replaced by a standard deduction of ₹40,000 (US$500) for salaried employees.[28][29]
The allocation to the Ministry of Defence was ₹404,365 crore (equivalent to ₹5.4 trillion or US$68 billion in 2023),[30] with ₹195,947.55 crore (equivalent to ₹2.6 trillion or US$33 billion in 2023) to be spent on the day-to-day running of the armed forces, and ₹99,563.86 crore (equivalent to ₹1.3 trillion or US$17 billion in 2023) on modernisation, with the rest being allocated for pensions.[31][32]

There was no reduction in personal income tax rates,[33][34] and the Cess on income tax was to be increased from 3% to 4%.

air pollution in Delhi was also introduced.[43][44] The salaries of Members of Parliament were doubled and their total emoluments are likely to go up from Rs 1.4 lakh to Rs 2.3 lakh per month.[45][46] Further, the salaries will be increased every five years.[47][48]

Reactions

Reaction to the budget was mixed-to-positive.[49][50]

Political

Political reaction to the budget was mixed.[51] Bharatiya Janata Party (BJP) leader and Prime Minister, Narendra Modi said that the budget is "development-friendly," focused on the needs of the rural areas and will strengthen the vision of a "new-India".[52] The Congress leader, former prime minister and noted economist Manmohan Singh suggested that the arithmetic behind the budget was "faulty".[53] The general secretary of the Communist Party of India (Marxist) (CPI (M)), Sitaram Yechury said the budget was "unconnected to ground realities".[54] Andhra Pradesh Chief Minister Sri.N.Chandra Babu Naidu is not satisfied with the budget planning as it completely ignored the special status and special package for the state.[citation needed]

Chief Minister of Bihar, Nitish Kumar, Janta Dal (United) (JDU) leader, praised the budget for the proposals on minimum support price for farmers and the healthcare scheme.[56] Congress leader and former finance minister P. Chidambaram said that Finance Minister Arun Jaitley had failed the fiscal consolidation test,[57] and that there was no relief for the average taxpayer.[58]

Stock market

Both of India's

Revenue Secretary, Dr. Hasmukh Adhia said that fall in stock indices was due to global market meltdown, and not because of the reintroduction of LTCG tax,[64] he added the government will look into the slump.[65]

Others

Standard and Poor's and Fitch, on its commitments to fiscal consolidation.[68][69]

References

  1. ^ "Receipts" (PDF). Ministry of Finance, Government of India. Retrieved 29 January 2018.
  2. ^ "SUMMARY OF EXPENDITURE" (PDF). Ministry of Finance, Government of India. Retrieved 29 January 2018.
  3. ^ a b "Expenditure of Government of India" (PDF). Ministry of Finance, Government of India. Retrieved 29 January 2018.
  4. ^ a b c d "Debt and Deficit Statistics" (PDF). Ministry of Finance, Government of India. Retrieved 29 January 2018.
  5. ^ "Part V of the Constitution of India- The Union – Articles 110(a), 112, 113 and 114(3)" (PDF). Ministry of Law and Justice, Government of India. pp. 44–49. Archived from the original (PDF) on 24 August 2015. Retrieved 30 January 2018.
  6. HT Media Ltd
    . Retrieved 16 February 2018.
  7. ^ Taneja, Richa, ed. (29 January 2018). "Budget 2018 To Be Presented By Finance Minister Arun Jaitley: Time, Date, All Details Here". NDTV. New Delhi. Retrieved 30 January 2018.
  8. OCLC 23379369
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  15. ISSN 0254-8399
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  16. ^ "Income Tax Sops For Middle Class, Rural Focus Likely In Budget 2018: 10 Points". NDTV. NDTV Profit Team. 31 January 2018. Retrieved 4 February 2018.
  17. OCLC 456162874
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  18. Bloomberg Politics. Bloomberg
    . Retrieved 16 February 2018.
  19. OCLC 496280002
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  20. ^ "Budget 2018: Arun Jaitley may not follow US corporate tax cut, but Arvind Subramanian thinks India can't ignore it either". Business Today. 31 January 2018. Retrieved 16 February 2018.
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  29. ^ "Budget 2018: No I-T relief but Rs 40,000 standard deduction on transport, medical expenses". Hindustan Times. New Delhi. Press Trust of India. 1 February 2018. Retrieved 9 February 2018.
  30. Institute for Defence Studies and Analyses
    . Retrieved 19 February 2018.
  31. OCLC 13119119
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  32. OCLC 23379369
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  33. News18. New Delhi
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  34. OCLC 61311680
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  36. ^ "Budget 2018: No Change In Income Tax Rates But Cess Hiked By 1%". NDTV. New Delhi. Indo-Asian News Service. 1 February 2018. Retrieved 9 February 2018.
  37. OCLC 61311680
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  38. ^ Chowdhury, Abhijit Roy (1 February 2018). "India to Propose Long-Term Capital Gains Tax on Equities". Bloomberg Markets. Bloomberg. Retrieved 9 February 2018.
  39. OCLC 61311680
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  41. OCLC 13119119
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  45. ^ "Union Budget 2018: Big salary hikes for President, VP, governors and MPs". Hindustan Times. 1 February 2018.
  46. ^ "Budget 2018 doubles MPs' salaries, but they'll no longer decide on their own raises". February 2018.
  47. OCLC 61311680. Archived from the original
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  48. OCLC 13119119
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  49. ^ Nayak, Mahesh (1 February 2018). "Budget strikes a fine balance, LTCG was not a shock, say experts". Business Today. New Delhi. Retrieved 19 February 2018.
  50. OCLC 13119119
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  51. OCLC 13119119
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  52. OCLC 70274541
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  53. OCLC 70274541
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  54. OCLC 61311680. Archived from the original
    on 1 February 2018. Retrieved 1 February 2018.
  55. ^ Shukla, Shuchi, ed. (1 February 2018). ""Step-motherly Treatment": Arvind Kejriwal Slams Budget 2018". NDTV. New Delhi. Retrieved 1 February 2018.
  56. ^ "Nitish Kumar Praises "Best Budget", Congratulates PM Modi, Arun Jaitley". NDTV. Patna. Indo-Asian News Service. 1 February 2018. Retrieved 1 February 2018.
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  63. ^ Gupta, Vishav; Gupta, Manish (2 February 2018). "Budget not cause of market crash: Government". The Quint. Indo-Asian News Service. Retrieved 19 February 2018.
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  65. ^ Kumar, Manoj (6 February 2018). Menon, Malini (ed.). "CORRECTED-Indian govt will look into local market slump -finmin official". Reuters. New Delhi. Retrieved 18 February 2018.
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    . India Ratings. 12 February 2018. Retrieved 19 February 2018.
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  68. OCLC 243883379
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  69. ^ "Budget 2018: DEA secretary says govt will try to convince Fitch, S&P, other rating agencies on fiscal path". Firstpost. New Delhi. Press Trust of India. 8 February 2018. Retrieved 19 February 2018.

External links

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