Union Budget ‘2018’ and its analyses: A multi directional initiative by Modi Government.

Union Budget ‘2018’ and its analyses: A multi directional initiative by Modi Government.

Introduction:

As we all know, that the union budget of India plays a vital role in the lives of each and every individual as well as business provinces of our country. The government has been taking developmental steps in this field since last couples of years.As we all know, that the union budget of India plays a vital role in the development of it’s economy. Union Budget ‘2018’ and its analyses: A multi directional initiative by Modi Government.

But, the present budget is going to be a remarkable one as it has taken agriculture and its related processes in to consideration which is otherwise assumed to be the backbone of the Indian economy.

Thus let us discuss about the features of the present budget which will prove to be a mile stone in the history of Indian economy:

1. This budget is full of enormous good news and surprises for those people who are related to agricultural sector as the government is looking forward for creating a good field for the upcoming elections especially in the rural belt.
2. The budget also has planned different schemes such as, ‘Operation Green’ which is looking forward to allocate   Rs 500 crore in order to take care the price volatility of perishable article and products such as potatoes, onions etc. to benefit both producers and consumers. Besides this, Rs 200 crore has been proposed to be allocated to support the organized cultivation of highly specialized medicinal and aromatic plants as well as its associated industries.
3. Secondly, 22,000 Rural Haats are proposed to be developed and upgraded into Gramin Agricultural Markets (GRAMS) for the rural farmers to sell their products to the direct consumers and bulk purchasers.
4. Next to it, is the facility of Kisan credit card has been proposed to be extended to fisheries and animal’s husbandry farmers in order to make them capable of meeting their working capital needs.
5. For the road & transport sector, the budget has some different plans as well. As it has proposed to trigger the recently approved Bharatmala Pariyojana that aims to develop about 35,000 km of highways at a cost of Rs.5,35,000/- crore in Phase-I. The National Highways Authority of India (NHAI) in accordance to the aforesaid scheme, is looking forward to organize its road assets into SPVs (Special Purpose Vehicles). It will also look forward to use new & innovative monetizing structures such as Toll Operate and Transport (TOT) and Infrastructure Investment Funds (InvITs) for raising funds to match the requirements of the structural & systematic developments.
6. On the other hand, the finance world can also expect some good news out of the upcoming budget because the Finance Minister has declared that the exemption of interest income on deposits with banks and post offices will be increased from Rs. 10,000/- to Rs. 50,000/- and TDS will not be required to be deducted on such income, under section 194A. This benefit will also be available for interest from all fixed deposits schemes and recurring deposit schemes. The Finance Minister has also announced of raising the limit of deduction for health insurance premium and or medical expenditure from Rs 30,000 to Rs 50,000, under Section 80D.Union Budget ‘2018’ and its analyses: A multi directional initiative by Modi Government.Union Budget ‘2018’ and its analyses: A multi directional initiative by Modi Government.

Conclusion:

Thus, if we try to conclude the discussion; we certainly land on this outcome that the Union Budget of 2018-19 can prove to be a revolution in the history of Indian Economy. As its being taking care of each & every corner requirements related to all the sectors & segments of our Indian Economy which will certainly change our picture on the world map.Union Budget ‘2018’ and its analyses: A multi directional initiative by Modi Government.

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