The Union Budget 2018 presented by Finance Minister Arun Jaitley today is the first Annual Budget since the rollout of the Goods and Services Tax (GST) in July 2017.
Finance Minister Arun Jaitley has begun the fifth Union Budget 2018-19. This year the budget mainly focuses on the upliftment of agricultural sector along with healthcare and education sector. He said that the structural reforms will help the Indian economy become the 5th largest in the world very soon.
According to Arun Jaitley, this year technology will be the key driver in improving education.
Highlights of the budget:
- The fiscal deficit is 3.5% of GDP at INR 5.95 lakh crore in 2017-18. Projecting fiscal deficit to be 3.3% of GDP in the next fiscal
- GST revenue will be received only for 11 months instead of 12 months, that will have an effect on balance sheets
- INR 21.57 lakh crores transferred as net GST to states as against projection of INR 21.47 lakh crores
- Govt. to increase digital intensity in education. Technology to be the biggest driver in improving quality of education
- By 2022, every block with more than 50% ST population will have Ekalvya schools at par with Navodaya Vidyalayas
- Aims to move from the blackboard to digital board schools by 2022.
- 1,000 best BTech students to be made PM research fellows — to do PhDs in IITs and IISc. They will spend few hours every week teaching in technical institutions.
- 18 new schools of planning and architecture will be set up and the proposed railway university in Vodadara.
- Government to launch ‘Revitalising Infrastructure and Systems in Education by 2022 and has allocated INR1 Lakh crore.
- Integrated B.ed programme to be initiated for teachers, to improve quality of teachers.
- Govt will contribute 12% of the wages of new employees in EPF in all sectors for next 3 years
- Allocation to Digital India scheme doubled to INR 3073 crore.
- 5 lakh WiFi HotSpots to provide Broadband access to 5 crore rural citizens, at the cost of INR 10,000 Cr.
- The government says that cryptocurrency is illegal and will take e measures to stop cryptocurrency circulation.
- The government will explore the usage of Blockchain technology, AI, and Machine learning.
- Indian economy is on course to achieve high growth of 8%. Economy to grow at 7.2-7.5% in second half of 2018-19: FM Jaitley.
- India grew at an average of 7.5% in the first three years since 2014. It is now a $2.5 trillion economy
- Indian economy is now the seventh largest in the world, says finance minister Arun Jaitley.