Key Highlights of Union Budget 2018

The budget proposes an institutional mechanism to fix the emoluments of the elected members, thereby addressing the criticism that they fix their own salaries: FM Arun Jaitley

Step by step, in every budget, I have been putting surplus money in the hands of the middle-class taxpayer: FM Jaitley

This year's Budget on the GST revenue is a 12 month Budget with an 11-month revenue: FM

Finance Minister Arun Jaitley addresses the media after presenting the Union Budget 2018-19.

This budget will accelerate economic growth, it is focused on all sectors: PM Modi

Jaitley re-introduced LTCG tax on equities, while STCG tax was maintained at 15%. 

National Insurance Co, Oriental Insurance Co and United Assurance Co to be merged into one entity and subsequently listed.

Sensex at 35,526.23, down by 438.79 points

FM Arun Jaitley proposed to tax long term capital gains exceeding Rs 1 lakh at 10% without indexation.

Custom duty on mobile phones increased to 20% from 15%: Arun Jaitley

Propose to introduce tax on distributed income by equity oriented mutual funds at 10%: FM Jaitley

FM proposed to extend 25% corporate tax rate to companies with revenue up to Rs 250 crore.

For senior citizens, exemption of interest income on bank deposits raised to Rs 50,000: Arun Jaitley

Jaitley leaves personal income tax slabs unchanged.Standard deduction increased to Rs 40,000 for medical expenditures.

More payers joining tax net but turnover not encouraging: Arun Jaitley

Govt has made many positive changes in the personal income tax rates applicable to individuals in the last three years therefore I do not wish to make any changes to this: Arun Jaitley

Gold monetisation scheme being revamped so that people can open gold deposit accounts in a hassle-free manner
 

The Govt is proposing changes in refixing salaries of Members of Parliament. Law will provide automatic revision of emoluments of the MPs every 5 years indexed to inflation

Projected fiscal deficit for 2018-19 is 3.3% of GDP: FM Arun Jaitley

Emoluments of the President to be revised to Rs 5 lakh per month & emoluments of the Vice-president to be revised to Rs 4 lakh per month: Arun Jaitley

Govt has identified 372 specific business reform actions to improve ease of doing business; Evaluation of performance under this programme to be based on user feedback: FM Arun Jaitley

Will take all steps to eliminate the use of Crypto-Currencies, will encourage Blockchain technology in payment systems: FM Jaitley

FM Arun Jaitley announces that 1 lakh Gram Panchayats would be connected to optic fibre completed; 5 lakh Wi-Fi spots to be created in rural areas.

“Niti Aayog to establish a national programme to direct efforts towards Artificial Intelligence, including research and development of its applications,” says Jaitley.

Govt plans to expand airport capacity by 5 times to 1 billion trips a year. Rs 60 crore has been allocated to kick start the initiative.

Focus will be on safety, maintenance of railway tracks, increase in use of technology and fog safety devices: FM Jaitley

Redevelopment of 600 major railway stations has been taken up; Mumbai transport system is being expanded; suburban network of 160 km planned for Bengaluru: FM

Foundation stone of the bullet train was laid in September 2017. An institute is coming up in Vadodara to train the manpower required for the high speed railway projects: FM Jaitley

All railways stations with more than 25,000 footfall to have escalators. All railways stations and trains to have Wi-Fi and CCTVs progressively: Jaitley

12,000 wagons, 5160 coaches and 700 locomotives being procured. There is significant achievements of physical targets by Railways : Arun Jaitley

MSMEs sector gets Rs 3,794 crore in the form of capital support and interest subsidy

AMRUT program to focus on water supply to all households in 500 cities. Water supply contracts for 494 projects worth 19,428 core awarded: FM Jaitley

Proposal to develop 10 prominent tourist destinations as Iconic tourism destinations: Arun Jaitley

Have proposed construction of tunnel under the Se-La pass in Arunachal Pradesh: FM Jaitley

Contribution of 8.33% to EPF for new employees by the govt for three years and 12% govt contribution to EPF in sectors employing large number of people: Arun Jaitley

Cleaning of Ganga is of national importance, have sanctioned 187 projects under NAMAMI Ganga scheme: FM Jaitley

Technology will be the biggest driver in improving quality of education. We propose to increase the digital intensity in education and move gradually from blackboard to digital board, says Jaitley.

Announce allocation of Rs. 56,619 crore for SC welfare and Rs. 39,135 crore for ST welfare: FM Jaitley

1 cr houses to be built under Pradhan Mantri Awas Yojana in rural areas, says FM.

Special scheme to support efforts of Haryana, Punjab, UP and Delhi to tackle air pollution through use of in-situ machinery for disposing of crop residue, says FM.

24 new govt medical colleges and hospitals to be set up by upgrading existing district hospitals, promises Jaitley.

Govt to set up two new full-fledged Schools of Planning and Architecture: FM Jaitely

Govt to set up two new full-fledged Schools of Planning and Architecture: FM Jaitely

By 2022, every block with more than 50% ST population and at least 20,000 tribal people will have 'Ekalavya' school at par with Navodaya Vidayalas: FM 

We have allocated 1200 crore allocated for health wellness centres. Rs 5 lakh per family per year for 10 crore poor families. The world's largest govt funded program: FM Jaitley

Govt to launch 'Revitalising Infrastructure and Systems in Education by 2022: FM Jaitley

Surplus power produced by solar-powered generators used by farmers will be bought by state distribution utilities: FM

Institutional credit to agriculture to be raised to Rs 11 lakh cr in 2018-19, says FM.

Rs 2,000 crore fund to be set up for upgrading rural agri markets: FM

Govt focusing on ease of living now, says FM

Cooking gas being given free to poor under PMUY, 4 crore unconnected being provided electricity connection, stent prices slashed: FM

Government proposes to launch 'Operation Greens' on the lines of Operation Flood': FM Arun Jaitley

Indian economy is on course to achieve high growth of 8 %

Introduction of GST has made indirect tax system simpler; Demonetisation has reduced cash in economy, promoted digital transactions: FM

Govt to focus on farm, non-farm employment generation: FM

Budget 2018 will work with states to provide more resources to improve quality of education: FM Arun Jaitley

Indirect Tax made simpler with the introduction of GST: FM

India to become 5th largest economy very soon: Jaitley

FM Arun Jaitley’s speech on Budget begins

Parliament proceedings begin

PM Narendra Modi and Union Ministers Sushma Swaraj and Ram Vilas Paswan arrived at the Parliament.

Cabinet meeting begins inside Parliament ahead of Union Budget 2018.

Finance Minister Arun Jaitley reaches the Parliament.

Union Budget papers arrive in Parliament.

Finance Minister Arun Jaitley to break tradition, to give the budget speech in Hindi.

Prime Minister Narendra Modi said that the budget would be developmental and in the interest of the people.