Highlights of Budget 2018 over Education, Industry,Social protection etc...

Finance Minister Arun Jaitley on Thursday presented the National Democratic Alliance government's last Budget, which is the last before the General Elections.

Education:

• The government plans "to treat education holistically with integration of class 2 to class 12.
• An 'Integrated BEd' program will be started soon, with teachers training as the main focus.
• Tech to be biggest driver in education sector with increased digital intensity and a mission to move from Black board to digital boards.
• 1 lakh crore to be invested over the next 4 years for a new drive to boost Research and Development Government to set up special Railway University at Vadodara, Gujarat.
• By 2022, every block with over 20,000 tribals and over 50 per cent STs will have a special Eklavya school.
• Government to establish two new Schools of Planning and Infrastructure.
• To address brain drain issue in country, a new scheme to identify bright students studying B Tech in top engineering schools and allow them opportunity to study and do research in IITs and Indian Institute of Science.
• Selected students to get special fellowships and will be expected to teach in institutes of higher education, particularly in rural areas.

Social protection :

• Mudra Yojana lending target of Rs 3 lakh crore. Aim to bring 60 crore bank accounts under Jan Dhan Yojana. Integrated BEd programme for teachers proposed to train quality of teachers and education. Fund for social security and protection of widows and orphaned children.

Industry :

• Government reduced the income tax to 25% for small companies with annual turnover of up to Rs 250 crore.

Railways :

• Total capital expenditure for Indian Railways set at Rs 1,48,528 crore Special railway university to be set up in Vadodara, Gujarat. Focus will be on safety, maintenance of railway tracks, increase in use of technology and fog safety devices.

Taxation :

• The government proposes no change in personal income tax rates for salaried class.
• There's been a 12.6% growth in direct taxes in 2017-18; 18.7% growth in indirect taxes in 2017-18
• 51 lakh new taxpayers filed returns in 2017-18, as against 66.26 lakhs in 2016-17. The number has increased from 6.47 crore in 2016-17 to 8.27 crore by end of 2017.
• Liberalised presumptive income schemes for small businesses with income below Rs 2 crore, similar schemes for professionals with income below Rs 50 lakh.
• Rs 90,000 crore additional income tax collection in 2016-17 and 2017-18.
• Corporate tax reduced to 25 per cent for companies with turnover up to Rs 250 crore, move to boost MSME sector.

Airways :

• The Budget proposes to expand the airport capacity more than five times to handle a billion trips a year under a new initiative - NABH Nirman. Under the Regional connectivity scheme of UDAN (Ude Desh ka Aam Nagrik) initiated by the Government last year, 56 unserved airports and 31 unserved helipads would be connected.