Mid-Noon Hours Update: In Union Budget 2018, FM Arun Jaitley focuses to enhance govt’s commitment to the benefit of farmers, and achieves the goal of doubling farmer income by the year 2022.
- Fiscal deficit for 2017-18 is revised at Rs 5.95 lakh crore.
- Govt offers Rs 5.00 lakh medical cover per annum to 10 crore families.
- The government doesn’t consider Crypto-currency as legal tender
- Higher credit off-take from the banking sector.
- Sebi will mull over mandating large corporates to meet 25 percent of debt needs from the market.
- The RBI will push companies to access bond markets for fund-raising.
FM allocated of Rs 11,000 cr, for Mumbai rail network & Rs 17,000 cr for Bengaluru Metro Network.
Ahmadabad- Mumbai Bullet train project and regional air connectivity initiatives are being considered.
- Finance Minister said that the govt will complete constructing 9,000 kilo meter of national highways by the end of 2019 fiscal. Railways Capital expenditures for 2019 fiscal will be at Rs 1.48 lakh crore
- The FM further proposed to twofold allocation for food processing sector to Rs. 1400 crore from Rs 715 crore. State of the art facilities will be established in 42 mega food parks
- Finance Minister said, Agri market and infrastructure fund of Rs 2,000 crore will be set up to reinforce the market connectivity.
- The Finance minister also announced various steps to generate higher income, produce more from same land, and realize higher price, and measures focussed on farm and non-farm income.
FM says, India’s economy is now seventh largest in the world and we hope to grow at 7.2% to 7.5% in second half.