New Delhi: Finance Minister Arun Jaitley today presented the budget for 2018-19 on expected lines it being the election year.
The pro-senior citizen budget significantly proposes health insurance for half a billion people.
Under the new Budget, corporate tax will come down for majority of companies. jaitley also announced the ambitious goal of bringing down fiscal deficit to 3.5 per cent.
Balance in long term capital gains tax over Rs 1 lakh to be taxed at the rate of 10 %
The Budget also promises popular measures for farmers and senior citizens.
It will also lead to ease of doing business with making of e-assessment more broad based and everything going online leading to less interface between officers and people. Connected with this is however the fact that the community is not ready with assessment and will require lot of training.
Jaitle ha s proposed relief for salaried tax payer
Standard deduction to benefit 2.5 crore
There are also two major announcements under Ayushman Bharat programme:
- 1200 crore for health and wellness centres
National health protection scheme to help 50 crore people
Twenty-four new government medical colleges and hospitals have been announced and Rs 5 lakh per family for health care for poor and vulnerable.
There is also focus on science, technology and research. There is a huge outlay of 1 lakh crore towards research.
Budget presented by Jaitley today also lays special emphasis on artificial intelligence, especially in the area of applications, and this is a major policy announcement.
Main Opposition Congres has lashed out saying this budget is nothing more than the BJP manifesto as it amounts to saying a lot but delivering nothing. Hitting hard the Congress has pointed out they have led down the middle class and proposed nothing about job creation- an area where the Modi Government has drawn a blank so far.