Finance Minister Arun Jaitley said that NITI Aayog will initiate a national programme to direct efforts in AI and the Department of Science and Technology will launch a Mission on Cyber Physical Systems.
"Railways capex for 2018-19 has been pegged at Rs 1,48,528 crore," Jaitley said in his Budget speech.
"In order to create employment and aid growth, government's estimated budgetary and extra budgetary expenditure on infrastructure for 2018-19 is being increased to Rs 5.97 lakh crore, Jaitley said.
Presenting Budget 2018-19 in the Lok Sabha, Finance Minister Arun Jaitley recalled that in his budget last year he had announced a similar reduction for companies with annual turnover of less than Rs 50 crore in fiscal 2015-16.
Gains from sale of stocks after one year were exempt from capital gains tax. Following the announcement, the benchmark BSE Sensex plunged over 400 points but recovered later.
In line with the government's plan "House for all by 2022", more than one crore houses were being built in rural areas in the current and next financial year under the Pradhan Mantri Awas Yojana.
The move to raise duty on mobile phones is likely to hurt players like Apple that import most of their phones from China, thereby compelling them to consider manufacturing higher number of models in india.
Reacting to the Budget, Prime Minister Narendra Modi hailed Arun Jaitley for presenting an all-friendly budget with a focus on agriculture, health and small businesses.
The move is expected to enhance standards of animal rearing in the country and production.
"Aadhaar has provided an identity to every Indian. Aadhaar has eased delivery of so many public services to our people. Every enterprise, major or small, also needs a unique identity," Jaitley said.
Union Finance Minister Arun Jaitley said two new planning and architecture schools to be set up in IITs.
Finance Minister Arun Jaitley said the government will develop two defence industrial production corridors and bring out an industry-friendly military production policy to promote the domestic defence industry.
Finance Minister Arun Jaitley said the government will set up a Rs 2,000 crore Agri-Market Development Fund.
Unveiling the Union Budget 2018-19, the Modi government today kept the personal income tax slabs unchanged, while allowing a standard deduction of Rs 40,000.
Finance Minister Arun Jaitley is expected to unveil provisions to make things move fast in positive direction and to continue the momentum to energise the lenders.
The defence expert opines that a decent defence allocation is as crucial as proper utilisation of funds allocated, among other factors.
The Centre may dole out incentives to promote electric vehicles in the country by considering lower GST and extending tax benefit for buyers in this week's Budget for 2018-19, say sources.
The UK is the largest G20 investor in India, with around USD 24 billion invested in the country.
The sector expects government to introduce sops relating to mutual fund pension products this budget.
I hope that the Finance Minister will give more priority to agri and infrastructure investments in the forthcoming budget, Nitin Gadkari said.
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