Current Affairs

Union Budget 2018 : GK Notes for Banking & SSC [Updated]

Key Highlights of Union Budget 2018 – GK Notes for Banking & SSC in PDF

Union Budget 2018 – GK Notes

Union Budget 2018 – GK Notes

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GST in Union Budget 2018

  • GST revenue will be collected for 11 months.
  • Rs 21.57 lakh croretransferred in the form of net GST against the predicted Rs 21.47 lakh.

 

Railways in Union Budget 2018

  • Totalcapital expenditure for Indian Railways set at Rs 1,48,528 crores.
  • Special Railway Universitywill also be set up in Vadodara, Gujarat.
  • In order to cut travel times and delays, the FM proposed cutting 4,267 unmanned railway crossings.
  • In a bid to overhaul the railway stations’ infrastructure, all station that have a footfall of 25,000 passengers will now have escalators.
  • To provide connectivity on the go, all trains will soon be equipped with CCTVs and Wi-Fi.
  • Allocations for Mumbai rail networkwas pegged at Rs 11,000 crore and for Bengaluru Metro, Rs 17,000 crore was allocated.

 

Economic and Fiscal Situation

  • Indian economy is now 2.5 trillion dollar economy making it the seventh largest in the world. India is expected to become the fifth largest economywith growth rate of 8 percent very soon.
  • India’s GDP is expected to grow at 7.2% to 7.5% in the second half of 2017-18.
  • International Monetary Fund (IMF), in its latest update, has forecasted that India will grow at 4%next year.
  • Total expenditureduring 2018-19 is estimated to be over  24.42 lakh crore.
  • Fiscal Deficitpegged at 3.5 % of GDP at Rs 5.95 lakh crore for 2017-18, projected at 3 % for 2018-19.
  • Rs 21.57 lakh crorestransferred as net GST compensation to states against a projection of Rs 21.47 lakh crores.

 

Union Budget 2018-19: Key Highlights [Current Affairs 2018]

 

Employment in Union Budget 2018

  • Government pledges contribution of 12 per cent in wages of new employees in all sectors for the upcoming 3 years underEPF
  • Women contribution to EPF slashedfor initial three years to 8 per cent.

 

Agricultural Sector

  • Agri-Market Infrastructure Fundto be set up with a corpus of Rs 2000 crore for developing and upgrading rural agriculture market infrastucture.
  • Allocation for Ministry of Food Processingdoubled from Rs 715 crore in RE 2017-18 to Rs 1400 crore in BE 2018-19.
  • Rs 500 croreallocated to “Operation Greens” to address price fluctuations in potato, tomato and onion.
  • Restructured National Bamboo Missionto be launched at a cost of Rs 1,290 crore to promote bamboo sector.
  • Fishery and Aquaculture Infrastructure Development Fund (FAIDF) and Animal Husbandry Infrastructure Development Fund (AHIDF)to be set up with total corpus of Rs 10,000 crore.
  • Institutional Credit for agriculture sectorincreased from Rs 8.5 lakh crore in 2014-15 to Rs 10 lakh crore in 2017-18 and further to Rs 11 lakh crore for 2018-19.

 

Rural Development

  • Rs 14.34 lakh croreto be spent by the Ministries in 2018-19 for creation of livelihood and infrastructure in rural areas.
  • Proposed 8 crore free LPG gas connectionsto women under UJJWALA Scheme and 4 crore free electricity connections to the poor under Saubhagya Yojana. Rs 16000 crore allocated for the scheme.
  • Loans to Women Self Help Groupsto increase to 75,000 crore by March 2019 from 42,500 crore last year.
  • Allocation under National Rural Livelihood Missionincreased to Rs 5750 crore in 2018-19.
  • Ground water irrigation schemeunder Prime Minister Krishi Sinchai Yojna-Har Khet ko Pani allocated Rs 2600 crore.

 

Health, Education and Social Protection

  • Government’s estimated schematic budgetary expenditure on health, education and social protectionfor 2018-19 is Rs 1.38 lakh crore.
  • Ayushman Bharat programmeallocated Rs 1,200 crore under which 1.5 lakh centres will be set up to provide health facilities closer to home.
  • Additional Rs 600 croreallocated to provide nutritional support to all TB patients at the rate of Rs 500 per month for the duration of their treatment.
  • Right to Education Act to be amended to enable training of more than 13 lakh untrained teachers; Integrated B. Ed programme to be initiated to improve quality of teachers.
  • Aims to move from black board to digital board schools by 2022.
  • Eklavya schoolsto be started for Scheduled Tribe population. Every block with more than 50 percent ST population and at least 20,000 tribal people will have Ekalvya schools at par with Navodaya Vidyalayas by 2022.
  • Initiative named ‘‘Revitalising Infrastructure and Systems in Education (RISE) by 2022’’to be launched with a total investment of Rs 1,00,000 crore in next 4 years.
  • Set up two new full-fledged Schools of Planning and Architecture (SPA)selected on challenge mode.
  • 18 new SPAs would be established in the IITs and NITs as autonomous Schools on challenge mode.
  • Prime Minister’s Research Fellows (PMRF) Schemeto be launched which would identify 1,000 best B.Tech students each year from premier institutions and provide them facilities to do Ph.D in IITs and IISc.
  • Rs 9975 crore allocated to National Social Assistance Programme.
  • Allocation for Scheduled Castes (SCs)- Rs 56,619 crorein BE 2018-19.
  • Allocation for Scheduled Tribes (STs)- Rs 39,135 crorein BE 2018-19.
  • Govt will expand PM Jan Dhan Yojanato bring all 16 crore accounts under micro insurance and pension schemes.

 

Technology and IT Sector 2018

  • An allocation of Rs 3,073 crore was done for Digital India scheme.
  • As many as5 lakh Wi-Fi hotspots will be installed to give access of broadband services to 5 crore rural citizens. An allocation of Rs 10,000 crore was proposed for the same.
  • Government will now explore the usage of Blockchain technologybut it will also take steps to prohibit circulation of Crypto Currencies as they are not classified as legal tenders as of now.

 

Infrastructure Sectors

  • India needs investment in excess of Rs 50 lakh crore in the infrastructure sector.
  • Estimated budgetary and extra budgetary expenditure on infrastructurefor 2018-19 increased to Rs 5.97 lakh croreagainst estimated expenditure of Rs 4.94 lakh crore in 2017-18.
  • Ambitious Bharatmala Pariyojanato be launched at an estimated cost of Rs 5,35,000 crore; develop about 35000 kms in Phase-I to provide seamless connectivity of interior and backward areas and borders of the country.
  • Under Prime Minister Awas Scheme (Rural), 51 lakhs houses in year 2017-18 and 51 lakh houses during 2018-19 will be constructed exclusively in rural areas.
  • Construction of 37 lakh houses sanctioned under Prime Minister Awas Scheme (Urban).

 

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