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WORLD Highlights of India Budget 2018

Highlights of India Budget 2018

05 02 2018 Monday
Know
The News

On Feb 1, 2018, Mr Arun Jaitley, the current Finance Minister of India , proposed the country's Budget in the Parliament. While presenting the Budget he said that this year's budget'>budget was made to support those sectors, which actually required funds for improvement. This budget provides some major benefits to common people like free health insurance for 50 Crore Indian citizens, lesser tax for farmers and small businesses. The opposition parties claim that the ruling party has made some provisions in the budget just to get votes in the general elections in 2019.

Understand
behind the news


Just like every family has a budget, every country also has a budget, which includes a list of all the sources of earnings like income tax and corporate tax etc. and the plan to spend on various areas like education, agriculture, healthcare and security for the betterment of the country. The budget is presented annually once. Let's understand what are possibly the most important effects of this year's budget for India. More Airports- As per this budget India will be building 5 times as many airports as it has in India. More Doctors- 24 new medical colleges and 2 School of Planning and Architecture will be built. More Scientists-Under the new PM research fellow scheme, 1000 Engineers every year will be given the scholarship to study PHD in leading colleges like the IIT's. Happy Farmers-Farmers will get 50% better prices for the food grains they produce. 8 Crore rural households will get cooking gas connection, which means they will not be burning fossil fuels like wood and coal etc. Healthy Citizens- 50 Crore Indian citizens will be given free health insurance by the government. Richer Grandparents- Special tax reliefs provided to senior citizens (that is people above the age of 60 years) so that they can save more money and plan for their old age.

think
beyond the news


This year's budget seems to be focused more on poor, farmers, unemployed, youth, and rural women. A former Indian Prime Minister once said that for every 1 Rupee that the Indian government plans to spend on any citizen, only 15 paise reaches the common man. Worth thinking what happens to the rest of the money? The government has to make sure that budget is not just a plan on paper but a plan to reach the money as planned and on time to the needy people of the country.




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