Highlights of Union Budget 2018-19

Jaitley

Accepting the demand of MPs, Finance Minister Arun Jaitley on Thursday said that their salaries will be automatically revised every five years indexed to inflation. In the General Budget 2018-19 presented in Parliament here today, Shri Jaitley acknowledged there is substantial potential for domestic value addition in certain sectors, like food processing, electronics, auto components, footwear and furniture.

In his budget speech, Finance Minister Arun Jaitley appreciated the role played by the armed forces in meeting challenges on the country's borders as well as in managing the internal security environment, both in Jammu and Kashmir and the Northeast. "Crore" was used 111 times, whereas the world India was used 96 times. An estimated Rs 7,000 crore revenue will be lost to the Government on account of this tax reduction.

"To secure India's defence, we are developing connectivity infrastructure in the border areas", he said, adding that Rohtang tunnel will provide all-weather connectivity while contract for the construction of the Zojila pass tunnel of more than 14 km is progressing well.

"To help the cashew processing industry, I propose to reduce customs duty on raw cashew from 5 per cent to 2.5 per cent", he said while presenting the Union Budget.

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"Ninety-nine cities have been selected at an outlay of Rs 2.04 lakh crore".

The minister said private investment in defence production had been opened up, including liberalising foreign direct investment.

He also said the government will develop 10 tourist destinations to attract more visitors.

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