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Highlights of the Union Budget for 2018-19 (Apr-Mar), presented by Finance Minister Arun Jaitley in Parliament

MACROECONOMY MATTERS

* Govt has implemented fundamental structural reforms

* India stands out as the fastest growing economy in world

* Promised to reduce poverty, build strong India

* Direct transfer mechanism is a global success story

* Will focus on health, infrastructure, senior citizens

* Focus on 'ease of living' for common man

* To move ahead on ease-of-doing business

* This Budget to consolidate gains of last 4 years' budgets

* Demonetisation has reduced cash in circulation

* Recapitalised banks have better capacity to support growth

* Indirect tax system made simpler with GST

* FDI increased due to govt actions

* Manufacturing sector back on growth path

* There's a premium on honesty because of govt's reforms

* Firmly on course to achieve 8% plus growth

* India to become fifth largest economy very soon

* India a $2.5-trln economy now

* Achieved average 7.5% growth in first 3 years of govt

 

AGRICULTURE

* FY19 Budget aims to strengthen agri, rural economy

* Seek paradigm shift to double farmers' income by 2022

* Govt committed to welfare of farmers

* Govt to create mechanism for post harvest facilities

* MSP hikes not enough, farmers must be able to get benefits

* Next kharif crop MSP to be at least 1.5 times of cost

* Emphasis on generating gainful farm, non-farm jobs

* Focus on low-cost farming, higher selling price

* Institutional system for farm goods price, demand forecast

* NITI Aayog to make robust system for fair price to farmers

* Export of farm commodities to be liberalised

* Agri export potential $100 bln

* To launch Operation Green in line with Operation Flood

* Allocate 5 bln rupees for Operation Green

* Allocation for food processing sector 14 bln rupees FY19

* Allocate 2 bln rupees for medicinal, aromatic crops

* To encourage women self-help groups for organic farming

* Cluster-based models to be developed for horticulture crops

* e-NAM to be exempt from APMC regulations

* To develop, upgrade 22,000 rural haats to agricultural mkts

* To allocate 20 bln rupees for farm development fund

* Favourable tax treatment for farm mfg organisations

* Agri credit target at 11 trln rupees for FY19

* Kisan credit card benefit also to animal husbandry, fishing

* To launch bamboo mission for 12.9 bln rupees

* 470 APMCs connected to e-NAM, rest to be connected by Mar

* To set up 42 mega food parks for farm exports