Give a intro on Industries-Budget based on 2019.Explain briefly?
Answers
The Union Budget for 2018-19 has been announced by Mr Arun Jaitley, Union Minister for Finance, Government of India, in Parliament on February 1, 2018. It focuses on uplifting the rural economy and strengthening of the agriculture sector, healthcare for the economically less privileged, infrastructure creation and improvement in the quality of education of the country.
Highlights of Union Budget 2018-19
Overview of the economy
The GDP grew at 6.3 per cent in the second quarter of 2017-18 and is expected to grow at 7.2-7.5 per cent in the second half of 2017-18.
Growth for 2018-19 is forecasted at 7.4 per cent by the International Monetary Fund (IMF).
Exports are expected to grow at 15 per cent in 2017-18.
Fiscal deficit target for 2018-19 is set at 3.3 per cent of the GDP.
Fiscal deficit for 2017-18 is revised to Rs 5.95 lakh crore (US$ 93.54 billion) at 3.5 per cent of the GDP.
Agriculture and Rural Economy
The government is committed towards doubling the farmers’ income by 2022.
A total of Rs 14.34 lakh crore (US$ 225.43 billion) will be spent for creation of livelihood and infrastructure in rural areas.
Minimum Support Price (MSP) for all announced kharif crops will be at least one and half times of their production