How long can India ignore Bitcoin?

National News

In his 110 minute long address to the Parliament, one quote made by Indian Finance Minister Arun Jaitley on February 1st, during the Union Budget session made international headlines. A quote powerful enough to send markets tumbling.

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HIGHLIGHTS OF INDIAN BUDGET 2018

National News

WITH LESS THAN AN YEAR TO GO TO THE GENERAL ELECTIONS, FINANCE MINISTER ARUN JAITLEY PRESENTED HIS LAST FULL BUDGET IN THE LOWER HOUSE ON FEB 1ST. THE BUDGET WAS WIDELY SEEN AS A POPULIST ONE. FINANCE MINISTER PREDICTED 7.2% – 7.5% GROWTH RATE FOR SECOND HALF OF 2017-18. THE HIGHLIGHT OF THE SPEECH WAS THE INTRODUCTION OF NATIONAL HEALTH PROTECTION SCHEME AND THE RE-INTRODUCTION OF LONG TERM CAPITAL GAIN TAX, HERE ARE THE TAKEAWAYS FROM THE FINANCE MINISTER’S SPEECH:

AGRICULTURE SECTOR

agriculture 2

  • MINIMUM SUPPORT PRICE INCREASED TO 1.5 TIMES PRODUCTION COST
  • 470 APMCs CONNECTED TO eNAM NETWORK
  • Rs 2000 Cr CORPUS FOR AGRI-MARKET DEVELOPMENT FUND
  • CLUSTER-MODEL APPROACH FOR HORTICULTURAL PRODUCE
  • Rs 500 Cr FUNDING FOR OPERATION GREEN
  • NATIONAL BAMBOO MISSION RESTRUCTURED
  • Rs 10,000 CR FOR FISHERY AND AQUACULTURE INFRASTRUCTURE DEVELOPMENT FUND & ANIMAL HUSBANDRY INFRASTRUCTURE FUND
  • INSTITUTIONAL CREDIT FOR AGRICULTURE TO RS 11 LAKH CRORE FOR 2018-19
  • ALLOCATION FOR FOOD PROCESSING UNITS: Rs 1400 Cr
  • 42 MEGA FOOD PARKS TO BE SET UP

ELECTRICITY SECTOR

electricity

  • 8 CRORE FREE GAS CONNECTIONS TO WOMEN UNDER UJJWALA SCHEME
  • 4 CRORE ELECTRICITY CONNECTIONS TO THE POOR UNDER SAUBHAGYA YOJANA

INFRASTRUCTURE DEVELOPMENT

rise

  • RS 14.34 LAKH CR FOR RURAL INFRASTRUCTURE:
  • RISE – REVITALIZING INFRASTRUCTURE IN SCHOOL EDUCATION ALLOCATION OF 1 LAKH CRORE RUPEES
  • GOVT PLANS TO CONSTRUCT 2 CRORE MORE TOILETS

SOCIAL JUSTICE

st sc

  • EKLAVYA SCHOOLS FOR SCHEDULED TRIBE POPULATION
  • ‘EKALAVYA’ SCHOOL TO BE AT PAR WITH NAVODAYA VIDYALAS
  • ALLOCATION FOR SC WELFARE – RS. 56,619 CR
  • ALLOCATION FOR ST WELFARE- RS. 39,135 CR
  • NATIONAL LIVELIHOOD MISSION ALLOCATED RS. 5,750 CR

PROVIDENT FUND

  • GOVT. TO CONTRIBUTE 12% OF EPF CONTRIBUTION FOR NEW EMPLOYEES IN ALL SECTORS

HEALTHCARE SECTOR

health

  • Rs 1200 CR ALLOCATED TO HEALTH WELLNESS CENTRE
  • 600 cr FOR NUTRITIONAL SUPPORT OF TB PATIENTS
  • 24 NEW HOSPITALS TO BE SET UP
  • 1 MEDICAL COLLEGE PER 3 PARL CONSTITUENCIES
  • NATIONAL HEALTH PROTECTION SCHEME:
  1. WORLD’S LARGEST GOVT. FUNDED HEALTH PROGRAMME
  2. ANNUAL COVER OF RS. 5 LAKH
  3. TO COVER: 10 CRORE POOR FAMILIES

RAILWAYS

railways

  • CAPITAL EXPENDITURE: ₹1,48,528 crore
  • TRAINS TO HAVE WiFI, CCTV
  • 4267 UNMANNED RAILWAY CROSSING TO BE ELIMINATED
  • REDEVELOPMENT OF 600 MAJOR RAILWAY STATIONS
  • MUMBAI TRANSPORT SYSTEM TO EXPAND
  • SUBURBAN NETWORK FOR BENGALURU

DIGITAL INDIA

digital indi a

  • 5 LAKH WIFI HOTSPOTS TO BE SET UP IN RURAL AREAS
  • NITI AYOG TO FORM NATIONAL PROGRAMME FOR #ArtificialIntelligence
  • GOVERNMENT TO ELIMINATE USE OF CRYPTOCURRENCIES

COMMERCE

nlp

  • SINGLE ONLINE WINDOW TO LINK ALL STAKEHOLDERS UNDER NATIONAL
    LOGISTICS PORTAL

INSURANCE

  • GOVERNMENT INSURANCE COMPANIES TO BE MERGED INTO A SINGLE ENTITY

TAXES

  • TAXES
    12.6% GROWTH IN DIRECT TAXES IN 2017-18
  • 18.7% GROWTH IN INDIRECT TAXES IN 2017-18
  • REVISED FISCAL DEFICIT ESTIMATE FOR 2017-18 IS 3.5% OF GDP
  • FISCAL DEFICIT OF 3.3% EXPECTED FOR 2018-19
  • 100% TAX REBATE FOR FARMER PRODUCER COMPANIES HAVING A TURNOVER OF RS. 100 CR
  • COMPANIES WITH TURNOVER OF UPTO RS. 250 CR TO BE TAXED AT 25%
  • PERSONAL INCOME TAX RATES UNCHANGED
  • RS. 40K STANDARD DEDUCTION IN LIEU OF PRESENT EXEMPTION
  • LONG-TERM CAPITAL GAINS EXCEEDING RS. 1 LAKH TO BE TAXED AT THE RATE OF 10%
  • ALL SENIOR CITIZENS CAN CLAIM BENEFIT OF REDUCTION RS. 50,000/ YEAR
  • EDUCATION AND HEALTH CESS TO BE INCREASED FROM 3% TO 4%

What India Expects from Budget 2018

National News

Finance Minister Arun Jaitley is all set to present his last full budget tommorow in Parliament.

Here is a list of what India expects

Taxation

Raise in upper limit of income tax ceiling

Tax relief for senior citizens

Further reduction of taxes in GST

Exemption of taxation on essential commodities like sanitary napkin, medicines and food

Reduction in corporate tax rates & Minimum Alternative Tax

Remove tax on angel investors

Remove tax on digital services

Agriculture

Encourage micro-credit for farmers

Reduce waivers on fertilizers & allied products

Investment in micro-irrigation projects

Waive off loans on farmers

Invest in ‘in-situ’ processing units to reduce dependency on transport

Invest in cold storage plants

Banks

Revive banks with non-performing assests

Simplify procedures for insolvency

Incentives for digital monetary transactions

Encourage long term investments

Infrastructure

Increase investment into infrastructure projects

Increase investment in waterways

Focus on Railway Infrastructure & safety

Auto sector

Reduce import tax on raw material

Lower GST rates on electric vehicles

Real estate sector

single-window clearance for all real estate projects

Reduce taxes on under-construction projects

Focus on sustainable, cheap housing projects

Energy sector

Focus on clean energy sector

Provide incentives for alternate & clean fuel

Incentives for solar projects

Reduce cess on oil and gas exploration and production

Metals and mining sector

Decrease customs duty on coking coal

Decrease in export duty on iron ore