20 Points: Understand Budget 2018 in just 20 simple points

New Delhi, Feb 1: As the presentation of the Union Budget 2018-19 culminates, here are some key takeaways from this year's allocation:

-Minimum support price for kharif crops will now be 1.5 times the production cost

-The government plans to set up an agricultural market fund with corpus of Rs 2,000 crore

-Government proposes to launch Operation Green for which a sum of Rs 500 crore will be allocated

-Proposed spending on rural infra is Rs 14.34 lakh crore

-In the next 2 years, additional 2 crore toilets will be built under the Swachh Bharat Mission

-The government announced an unprecedented Rs 5 lakh medical insurance cover per year for 10 crore families across the country

-The government will contribute 12 percent EPF in wages of new employees in all sectors

-The government intends to multiply India's 124 airports by five times

-SEBI will consider mandating large corporates to meet 25 percent of debt needs from the market

-For senior citizens, exemption of interest income on bank deposits raised to Rs 50,000

-For 2018-19, the disinvestment target is set at Rs 80,000 crore

-Custom duty on mobile phones increased from 15 to 20 percent

-Jaitley proposed to revise the emoluments of President to Rs 5 lakh per month, Rs 4 lakh for Vice President, Rs 3.5 lakh for Governor and inflation-linked revision of salary of MPs.

-Revised fiscal deficit for 2017-18 is at Rs 5.95 lakh crore or 3.5 percent of GDP. Fiscal deficit at 3.3 percent of GDP for 2018-19

-Corporate tax for 2018-19 has been cut to 25 percent for companies with revenue up to Rs 250 crore

-The government decided to allow a standard deduction of Rs 40,000 for salaried taxpayers

-Government proposes to increase the target of providing free LPG connections to 8 crore to poor women

-Capital gains exceeding Rs 1 lakh to be taxed 10 percent without indexation benefit with certain cautions

-Equity Oriented Mutual Funds will now face a dividend distribution tax of 10 percent

News24Bureau with Agencies