With national polls looming next year — and possibly as early as late 2018 — Finance Minister Arun Jaitley has rolled out a budget designed to help distressed farmers and rural areas while boosting growth, jobs and private investment.
Here are the highlights from the Union Budget for people of Jammu and Kashmir:
- No changes in personal income tax slabs.
- Salaried tax payers to get a standard deduction of Rs.40,000 in lieu of transport allowance and “other medical expenses”
- ₹2,000 crore fund for development of agri markets
- All senior citizens will now be able to claim benefit of a deduction of ₹50,000 for any medical insurance.
- For critical illnesses, the deduction has been increased to ₹1,00,000.
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- Free power connections to 4 crore homes under the Saubhagya Yojana
- 8 crore free gas connection for poor women through Ujjwala Yojana
- Govt. to implement Minimum Support Price for all crops; It is hiked to 1.5 times of production costs
- Govt to contribute 12% of wages of new employees for all sectors.
- New flagship National Health Protection Scheme, providing a health insurance cover of ₹5 lakh per family per year announced
- Railway capex for the year 2018-19 set at ₹1.48 lakh crore
- Disinvestment target for this year set at ₹80,000 crore
- Automatic revision of emoluments Parliamentarians every five years, pegged to inflation