New Delhi: The Narendra Modi government unveiled its Budget for the fiscal year starting April 1 on Thursday, in what is being seen as a test for PM Modi to maintain fiscal discipline without stifling economic growth ahead of general elections next year.
Here are the highlights of Finance Minister Arun Jaitley’s budget for the 2018-19 fiscal year.
Estimates 7.2 to 7.5 percent GDP growth in second half of current fiscal year. The Finance Minister says, “firmly on path to achieve 8 percent plus growth soon.”
To spend Rs 14.34 trillion ($225.50 billion) on rural infrastructure.
FM Jaitley says will focus on strengthening rural, agriculture economy.
Sets Rs 10 lakh crore to Rs 11 lakh crore credit for “agricultural activities”.
Minimum Support Price of all crops to be increased to at least 1.5 times of production cost.
Export of agriculture commodities to be liberalised.
To provide Rs 5 lakh per family annually for medical reimbursement under ‘National Health Protection Scheme’. Jaitley says the plan will protect 10 crore poor families and will be world`s largest health protection scheme.
Air Pollution in Delhi-NCR is a cause for concern, the special scheme will be implemented to support Govts of Haryana, Punjab, UP and Delhi NCT to address.
Removal of crop residue to be subsidized in order to tackle the problem of pollution due to the burning of crop residue.