Indian Budget 2018-19 Online Test
Give Indian Budget test of 2018-19. Free Online Examination of Indian Budget. The Union Budget of India for the money related year 2018-19 was displayed to the Parliament on 1 February 2018 by Finance Minister Arun Jaitley. The 2018 spending plan is viewed as a crucial one as it the first since the rollout of Goods and Service Tax (GST) system in India. The current year's Budget will especially concentrate on reinforcing horticulture, rural advancement, health, senior citizens,education, work, MSME and framework parts.
- Total number of questions : 10.
- Time alloted : 10 minutes.
- Each question carry 1 mark.
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What You Will Learn in
Highlights of the Union Budget 2018-19:
Economic and Fiscal Situation:
- Indian economy is currently 2.5 trillion dollar economy making it the seventh biggest on the planet. India is relied upon to turn into the fifth biggest economy with development rate of 8 percent very soon.
- India's GDP is relied upon to develop at 7.2% to 7.5% in the second 50% of 2017-18.
- International Monetary Fund (IMF), in its most recent update, has estimated that India will develop at 7.4% one year from now.
- Total use during 2018-19 is evaluated to be over Rs. 24.42 lakh crore.
- Fiscal Deficit pegged at 3.5 % of GDP at Rs 5.95 lakh crore for 2017-18, anticipated at 3.3 % for 2018-19.
- Rs 21.57 lakh crores moved as net GST pay to states against a projection of Rs 21.47 lakh crores.
- Government has pronounced Minimum help value (MSP) for most of rabi crops at any rate at 1.5 occasions the expense included and MSP for the every single unannounced yield of kharif in any event at 1.5 times of their generation cost.
- 470 Agricultural Produce Market Committees (APMC) out of 585 APMCs have been associated with e-NAM organize what's more, rest will be associated by March 2018.
- Existing 22,000 rural Haats to be changed into Gramin Agricultural Markets (GrAMs) to secure the premiums of 86% little and minimal farmers.
- Specialized agro-handling and budgetary organizations in Food Processing Sector to be advanced.
- Special plan with the expectation of complimentary dialysis of poor have been started.
- Facility of Kisan Credit Cards to be stretched out to fisheries and creature cultivation farmers.
- Around 2 crore more toilets to be built under Swachh Bharat Mission.
- Special plan will be actualized to help Haryana, Punjab, Uttar Pradesh and Delhi NCT to address air pollution and finance hardware for the executives of crop residue.
- 24 new Government Medical Colleges and Hospitals to be set up to guarantee at any rate 1 Medical College for each 3 Parliamentary Constituencies and at any rate 1 Government Medical College in each State of the nation.
- World's biggest Health Protection Scheme covering more than 10 crore poor and defenseless families propelled with inclusion upto Rs 5 lakh for every family for optional and tertiary treatment.
- Scheme called Galvanizing Organic Bio-Agro Resources Dhan (GOBAR-DHAN) to be propelled for transformation of cows manure and strong waste in ranches to compost, compost, bio-gas and bio-CNG.
- Proposed to take up development of passage under Sela Pass.
- Develop 10 conspicuous visitor locales into Iconic Tourism goals.
- Dedicated Affordable Housing Fund (AHF) to be built up in National Housing Bank (NHB).
- Develop two Defense Industrial Production Corridors in the nation.
- Defense Production Policy 2018 to be taken off to advance local generation.
- Launch Scheme to dole out an extraordinary ID to each individual venture in India.
- Agri-Market Infrastructure Fund to be set up with a corpus of Rs 2000 crore for creating and redesigning provincial farming business sector infrastucture.
- Allocation for Ministry of Food Processing multiplied from Rs 715 crore in RE 2017-18 to Rs 1400 crore in BE 2018-19.
- Rs 500 crore distributed to ?Operation Greens? to address value fluctuations in potato, tomato and onion.
- Restructured National Bamboo Mission to be propelled at an expense of Rs 1,290 crore to advance bamboo area.
- Fishery and Aquaculture Infrastructure Development Fund (FAIDF) and Animal Husbandry Infrastructure Development Fund (AHIDF) to be set up with absolute corpus of Rs 10,000 crore.
- Institutional Credit for agribusiness division expanded 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 crore to be spent by the Ministries in 2018-19 for formation of business and foundation in country zones.
- Proposed 8 crore free LPG gas associations with ladies under UJJWALA Scheme and 4 crore free power associations with the poor under Saubhagya Yojana. Rs 16000 crore assigned for the plan.
- Loans to Women Self Help Groups to increment to Rs.75,000 crore by March 2019 from 42,500 crore a year ago.
- Allocation under National Rural Livelihood Mission expanded to Rs 5750 crore in 2018-19.
- Ground water system scheme under Prime Minister Krishi Sinchai Yojna-Har Khet ko Pani designated Rs 2600 crore.
Health, Education and Social Protection:
- Government's assessed schematic budgetary consumption on health, education and social security for 2018-19 is Rs 1.38 lakh crore.
- Ayushman Bharat program distributed Rs 1,200 crore under which 1.5 lakh focuses will be set up to give health offices closer to home.
- Additional Rs 600 crore distributed to give nourishing help to all TB patients at the rate of Rs 500 every month for the span of their treatment.
- Right to Education Act to be changed to empower preparing of in excess of 13 lakh untrained instructors; Integrated B. Ed program to be started to improve nature of instructors.
- Aims to move from slate to advanced board schools by 2022.
- Eklavya schools to be begun for Scheduled Tribe populace. Each square with in excess of 50 percent ST populace and in any event 20,000 ancestral individuals will have Ekalvya schools at standard with Navodaya Vidyalayas by 2022.
- Initiative named ??Revitalising Infrastructure and Systems in Education (RISE) by 2022?? to be propelled with an absolute speculation of Rs 1,00,000 crore in next 4 years.
- Set up two new undeniable Schools of Planning and Architecture (SPA) chose on test mode.
- 18 new SPAs would be set up in the IITs and NITs as independent Schools on test mode.
- Prime Minister?s Research Fellows (PMRF) Scheme to be launched which would recognize 1,000 best B.Tech understudies every year from chief foundations and give them offices to do Ph.D in IITs and IISc.
- Rs 9975 crore designated to National Social Assistance Program.
- Allocation for Scheduled Castes (SCs)- Rs 56,619 crore in BE 2018-19.
- Allocation for Scheduled Tribes (STs)- Rs 39,135 crore in BE 2018-19.
- Govt will extend PM Jan Dhan Yojana to bring each of the 16 crore records under miniaturized scale protection and benefits plans.
- Rs 3794 crore designated to MSME Sector.
- Rs 7,148 crore cost for material part in 2018-19.
- Set objective of Rs 3 lakh crore for loaning under MUDRA for 2018-19.
- Government to contribute 12% of the wages of the new workers in the EPF for every one of the parts for next 3 years
- Amend Employees Provident Fund and Miscellaneous Provisions Act, 1952 to lessen ladies representatives' commitment to 8% for initial 3 years of their work against existing rate of 12% or 10% with no adjustment in bosses' commitment.
- India needs interest in overabundance of Rs 50 lakh crore in the infrastructure area.
- Estimated budgetary and extra budgetary consumption on infrastructure for 2018-19 expanded to Rs 5.97 lakh crore against assessed use of Rs 4.94 lakh crore in 2017-18.
- Ambitious Bharatmala Pariyojana to be propelled at an expected expense of Rs 5,35,000 crore; create around 35000 kms in Phase-I to give consistent availability of inside and in reverse territories and outskirts of the nation.
- Under Prime Minister Awas Scheme (Rural), 51 lakhs houses in year 2017-18 and 51 lakh houses during 2018-19 will be built solely in provincial territories.
- Construction of 37 lakh houses authorized under Prime Minister Awas Scheme (Urban).
Railways & Aviation Sector:
- Capital Expenditure in Railway Sector for the year 2018-19 has been pegged at Rs 1,48,528 crore.
- Government to take out 4267 unmanned level intersections in the wide check arrange in the following 2 years.
- All stations with in excess of 25000 footfalls will have lifts.
- All trains to be continuously given Wi-Fi, CCTV and other best in class enhancements.
- Specialized Railways University to be set up at Vadodara to prepare labor required for rapid rail ventures.
- NABH Nirman activity reported with portion of Rs 60 crores to grow air terminal limit.
- Provision for securing of 12,000 wagons, 5,160 mentors and roughly 700 trains during 2018-19.
- Rs 51,000 crore distributed to include 90 kilometers of twofold line tracks and 150 km extra rural system in Mumbai .
- Rs 17,000 crore designated to include 160 km of rural system in Bengaluru.
- Airport Authority of India (AAI) has 124 airplane terminals; Under NABH Nirman propose to extend air terminal limit by in excess of multiple times to deal with 1 billion treks per year.
- UDAN (Ude Desh ka Aam Naagrik) plan will interface 56 unserved airplane terminals and 31 unserved helipads.
Digital Economy :
- NITI Aayog to start a national program in the zone of Artificial Intelligence(AI); Centers of brilliance to be set up on mechanical technology, AI, Internet of things and so on.
- Allocation on Digital India program multiplied to Rs 3073 crore in 2018-19.
- Rs 10,000 crore distributed to set up 5 lakh wi-fi hotspots to give broadband access to five crore country residents.
- Department of Telecom will set up indigenous 5G Test Bed at IIT, Chennai.
- Government does not consider digital currencies as lawful delicate/coin and will take measures to wipe out utilization of these crypto resources in financing ill-conceived exercises.
- Propose strategy to present toll framework on pay as you use premise.
- Disinvestment crossed objective of Rs 72,500 crore and prone to achieve Rs 1,00,000 crore in 2017-18. Disinvestment focus of Rs 80,000 crore set for 2018-19.
- Approved posting of 14 Central Public Sector Enterprises (CPSEs), including two insurance agencies, on the stock trades.
- Three Public Sector Insurance organizations National Insurance Co. Ltd., United India Assurance Co. Ltd., and Oriental India protection Co. Ltd. to be converged into a solitary element, and accordingly recorded in the stock trade, as a major aspect of the disinvestment program.
- Emoluments of the President modified to Rs 5 lakh; Vice President to Rs 4 lakh; and Governors to Rs 3.5 lakh every month.
- Proposed fundamental changes to refix remittances of Member of Parliaments (MPs) with impact from April 1, 2018; programmed amendment of payments like clockwork, ordered to swelling.
- A National Committee, led by the Prime Minister, which incorporates Chief Ministers of the considerable number of States, agents from over the political range, Gandhians, scholars and prominent people from varying backgrounds, has been established to plan a Commemoration Program.
- Commemorate 150th birth commemoration of Mahatma Gandhi, Father of the Nation, from second October, 2019 to second October 2020.
- Rs 150 crore reserved for the year 2018-19 for the exercises prompting the Commemoration.
- No adjustments in the structure of income tax pieces proposed.
- 51 lakhs new citizens recorded their profits of salary in monetary year 2016-17, as against 66.26 lakhs in the quickly going before year.
- Growth in direct taxes up to fifteenth January, 2018 is 18.7%.
- 100 percent tax deduction for the initial 5 years to organizations enrolled as Farmer Producer Companies (FPC) with a turnover of Rs 100 crore or more.
- Extend the advantage of diminished corporate duty rate of 25 percent at present accessible for organizations with turnover of under 50 crore (in Financial Year 2015-16), to organizations revealing turnover up to Rs. 250 crore in Financial Year 2016-17, to profit MSMEs.
- Deduction of 30 percent on remittances paid to new workers Under Section 80-JJAA of the Income-charge Act to be loose to 150 days for footwear and cowhide industry, to make greater business.
- Standard Deduction of Rs. 40,000 instead of present exclusion for vehicle remittance and repayment of different medicinal costs to profit salaried representatives and retired people.
- Payments surpassing Rs. 10,000 in real money made by trusts and establishments to be refused and would be liable to impose.
- Tax on Long Term Capital Gains surpassing Rs 1 lakh proposed at the rate of 10%. In any case, all increases up to 31st January, 2018 will be exempted from expense.
- Propose to present a duty on dispersed pay by value situated shared reserve at the rate of 10%.
- Existing 3 percent instruction cess to be supplanted by a 4 percent ?Health and Education Cess? to gather an expected extra measure of Rs 11,000 crores.
- GST accumulations projection pegged at Rs 7.43 lakh crore in entire year 2018-19 as against Rs 4.44 lakh crore in 9 months of current financial.
- Govt makes PAN compulsory for any element going into a money related exchange of Rs 2.5 lakh or more.
- E-Assessment of Income Tax to be taken off the nation over to change age old evaluation technique.
- Changes proposed to the Custom Act to improve Ease of Doing Business.
- To boost 'Make in India', custom obligation expanded on cell phones and TV parts.
Incentives for Senior Citizens:
- Raised the deduction of interest salary on senior citizen?s bank and mail station stores from Rs. 10,000 to Rs. 50,000.
- Deduction limit for health care coverage premium/medicinal use raised from Rs. 30,000 to Rs. 50,000 under segment 80D.
- Increased derivation limit for therapeutic use for certain basic disease from Rs. 60,000 (if there should arise an occurrence of senior residents) and from Rs. 80,000 (if there should be an occurrence of senior natives) to Rs. 1 lakh for every single senior resident, under segment 80DDB.
- Propose to expand the Pradhan Mantri Vaya Vandana Yojana up to March, 2020.
- Existing point of confinement on speculation of Rs 7.5 lakh per senior resident under Pradhan Mantri Vaya Vandana Yojana expanded to Rs 15 lakh.