Union Budget 2018 LIVE updates
12.15 pm: Fiscal deficit: Govt revised fiscal deficit for 2017-18 was Rs 5.95 lakh crore or 3.5% of GDP. Jaitley projects deficit of 3.3% of GDP next fiscal.
12.14 pm: Jaitley says the government has identified 372 specific business reform actions to improve ease of doing business. The evaluation of performance under this programme to be based on user feedback, he adds.
12.11 pm: On Aadhaar, he says, it has given every citizen a unique ID. Soon, individual enterprises to have Unique ID too.
12.07 pm: Since the NDA govt assumed office, the government has modernised the Armed Forces, says Jaitley, including making the nation self-reliant under Make in India. The govt has opened the sector for FDI, he adds. The govt will bring out a new industry-friendly policy to boost domestic defence production.
12.04 pm: Govt proposes to set up 5 lakh WiFi hotspots; allocates Rs 10,000 crore for this under telecom infrastructure. Meanwhile, govt does not consider cryptocurrency as legal tender, says Jaitley. He adds that the govt will promote the use of Blockchain technology in various government activities.
Cryptocurrency is being used to fund illegitimate transactions
Express Explained | What is cryptocurrency?
12.00 pm: Under UDAN connectivity scheme, launched last year, operations have started at 16 airports across the country and will include many more in the upcoming year. The Airport Authority of India (AAI) has 154 airports now, and the government proposes increasing standards to accommodate 1 billion flights a year. Further, 56 unserved airports and 31 unserved helipads will be covered for usage by civilians soon.
People wearing Hawai Chappal will also be able to use Hawai Jahaj.
11.58 am: For Indian Railways, the government allocates capital expenditure of Rs 1,48,528 crore for 2018-19, announces Jaitley. All trains will soon have state-of-the-art facilities such as WiFi and CCTVs for instance.
11.53 am: Govt to develop 10 tourist destinations to attract more people to the country. Amenities will be enhanced under the Amrut programme, he says.
11.47 am: Jobs and employment: Jaitley lists what the government has done in the previous year. Govt to contribute 12% of EPF contribution for new employees in all sectors for three years, says Jaitley. He adds that contributions from women employees will be brought down from 12% to 8%.
11.45 am: The govt allocates Rs 3 lakh crore for lending under Mudra loans in the 2018-19. He says there were 10.38 crore Mudra loans given out in this fiscal, 70% of which went to women. Meanwhile, the government announces a programme to focus on water supply to all households in 500 cities. Contracts for 494 projects worth Rs 19,428 core will be awarded, says Jaitley.
11.42 am: Introduction of GST and demonetisation has created a large database on MSME’s, says Jaitley. Govt will soon announce measures to tackle non-performing assets (NPAs), adds Jaitley.
11.40 am: Govt sanctions over 180 projects for the cleaning of Ganga. The government has identified 115 districts along the Ganga to develop and aims at improving quality of life in these districts. The govt expects these to become a model of development.
11.35 am: For the healthcare sector, the government launches National Health Protection Scheme to cover 10 crore poor and vulnerable families, says Jaitley. This translates to 50 crore beneficiaries. The govt will provide upto Rs 5 lakh per family per year for secondary and tertiary care hospital. “Govt is progressing towards goal of universal health coverage,” adds Jaitley.
This will be the world’s largest health-protection scheme
11.30 am: For the education sector, the government proposes revitalising infrastructure, opening schools for the ST populations as well as promoting programmes for teachers, in order to improve quality education for students, says Jaitley.
11.27 am: The government will provide eight crore free gas connections to women under its Ujjwala scheme, and 4 crore electricity connections to the poor under Saubhagya Yojana, says Jaitley. The govt will also build 2 crore more toilets under Swachh Bharat Mission.
11.22 am: The govt will aid the governments of Delhi, Haryana, Punjab to curb air pollution, says Jaitley. The government will also subsidise removal of crop residue to tackle the problem of pollution due to crop burning in these states.
11.21 am: Meanwhile, here are some pictures of Congress leaders following the Budget announcements.
11.20 am: The government allocates Rs 10,000 crore to set up a fund for Fishery and Aquaculture Infrastructure Development and Animal Husbandry Infrastructure.
11.17 am: Govt allocates Rs 500 crore for ‘Operation green,’ which will promote processing facilities, professional management among other things. The govt will set up state of the art facilities in 42 mega food parks, says Jaitley. Further, the government will allocate Rs 1,290 crore for a National Bamboo Mission, to promote the bamboo sector in a holistic manner.
11.15 am: The Agriculture Ministry will reorient its schemes, and focus on promoting cluster-based approach to be adopted for agricultural production. He adds that the government is allocating Rs 200 crore for cultivation and associated industry.
11.12 am: The Minimum Support Price (MSP) of all crops shall increase to at least 1.5 times that of the production cost, says Jaitley. The government will set up a fund of Rs 2,000 crore for developing agricultural markets.
11.11 am: Our focus is on productive and gainful on-farm and non-farm employment for farmers and landless families, says Jaitley, adding that agricultural produce has improved remarkably in the last year because of the hard work and tireless efforts of farmers in the country.
11.10 am: On agriculture and rural economy: Jaitley says his government is committed to the welfare of farmers. He reiterates the government’s clarion call to double farmers’ income by 2022.
11.08 am: The government will now move forward from Ease of Doing Business and focus on ‘ease of living’ for the common people, says Jaitley.
11.05 am: There’s a “premium of honesty” in the country now, says Jaitley, adding that the government is allocating resources in a more transparent manner. He says the Budget will focus on agriculture and the rural economy, health, infrastructure and senior citizens.
There’s a “premium of honesty” in the country now
11.03 am: Jaitley says India is a 2.5 trillion economy and is expected to become the 5th largest economy very soon. He reiterates that India will grow at 7.2-7.5% in the second half of the 2017-18. “We are firmly on the path to achieve 8 per cent growth,” he adds.
Firmly on the path to achieve 8% growth, says Jaitley
11.00 am: Jaitley rises to present the Budget 2018-19. He says the government has implemented a series of fundamental structural reforms to help the economy.
10.58 am: The Session begins. Lok Sabha Speaker Sumitra Mahajan speaks. Finance Minister Arun Jaitley will present the Budget shortly.
10.52 am: The Budget Session of Parliament commenced on January 29, and will be held in two parts this year. T
