Monday, 24 September, 2018

Budget 2018: An attempt to help the farmer, common man and smes

Union finance minister Arun Jaitley gave final touches to the Union Budget 2018 at his office at North Block in New Delhi on Wednesday Budget 2018: An attempt to help the farmer, common man and smes
Melissa Porter | 06 February, 2018, 18:36

A previously buoyant share market also retreated following the imposition of a new tax on long term gains from stocks, though healthcare shares rose thanks to the new health insurance program. "Rural infrastructure and livelihood expenditure will be Rs 14.34 lakh cr in 2018-19". So far, Rs 2,000 crore have been sanctioned.

The National Health Protection Scheme (NHPS) announced by Jaitley in the budget aims to cover over 10 crore poor and vulnerable families in the country. But Jaitley did not explain how the program would be funded or organized in a country with a desperately underfunded and chaotic public health system.

Commenting on the healthcare budget and the allocation of Rs 1200 crore towards Health and Wellness Centres that will provide comprehensive health care, including for non-communicable diseases, Abhishek Shah, Co-Founder of Wellthy Therapeutics said, "This step will significantly help in combatting one of the biggest challenges in healthcare in India today, which is the rising burden of Non-communicable diseases (NCDs)".

But to fund these, he let go of the fiscal consolidation roadmap. The government has also in recent years capped prices of critical drugs and medical devices and increased health funding. The target he had set for 2018-19 previous year was 3 per cent.

Union Minister for Finance and Corporate Affairs Arun Jaitley has proposed a reduced rate of 25% to companies that have reported turnover up to Rs 250 crores in the financial year 2016-17.

Jaitley is presenting his fifth annual budget to lawmakers in New Delhi.

While deficit goals will be missed, Jaitley said these measures are aimed to put India firmly on the track to achieve an economic growth rate of 8% in the near future, the CNBC report says.

Cumulatively, exports during April-December 2017-18 grew by 12.05 per cent to $223.51 billion.

Singh told ET that some states had failed to procure the entire produce from farmers in the past, which led to rural distress despite the government fixing the support price at 1.5 times the input cost for rabi, or winter-sown, crops.

Commenting on the important issues Kishore Bhatija, Managing Director, Real Estate Development- K Raheja Corp said, "The Real Estate industry was seeking some very important amendments like the industry status, streamlining of taxation norms for REITs, rationalisation of GST, and extension of tax SOPs for SEZ units, which we hope will be addressed soon".

Jaitley said India needed to invest more than Rs. 50 trillion in infrastructure to increase its GDP growth and improve connectivity through roads, railways, ports and airports.

"It will give pace to the development of the country.The government is focused not just on "ease of doing business" but also on "ease of living", he said.

Package worth Rs 7100 crore for the textile sector.

Detailing the various schemes of his Government, including the construction of toilets and initiatives in the areas of housing, power and health for all, the Prime Minister emphasised that the Budget devotes attention to all sectors, ranging from agriculture to infrastructure.

Rs 56,000 crore for SCs and Rs 39,000 crore for STs.