Budget 2018: Govt is focusing on rural and agricultural economy, says Arun Jaitley

Union Finance Minister Arun Jaitley is presenting NDA government's last full-year budget ahead of the general elections next year.

Jaitley had earlier tabled the Economic Survey on Monday targeting a 7-7.5 per cent growth in 2018-19.

This year's budget session is crucial as it would be the first union budget to be presented under the Goods and Services Tax (GST) regime.

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All sectors and citizens of the country have high expectations from Jaitley.

Here are the key points of Finance Minister Arun Jaitley's speech:

No change has been proposed in personal Income Tax slab rates.

Standard deduction to the salaried class of INR 40,000 in place of Medical expense reimbursements and Transport allowance.

Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes doubled to Rs 15 lakh, senior citizens allowed Rs 50,000 deduction on health insurance premium paid in a year from earlier Rs 30,000. Rs 8,000 crore revenue lost due to the standard deduction allowed to salaried employees.

Rail Budget 2018

Finance Minister Arun Jaitley in his Union Budget 2018 speech announced a capital expenditure of Rs 1.48 lakh crore for Indian railways.

According to Jaitley most of this money will be spent on capacity expansion since that is the most important priority for railways right now. There is a target of doubling 18,000 km of lines and gauge conversion is underway to eliminate capacity constraints, FM Jaitley said for Railway Budget 2018.

Highlights of Rail Budget

Focus on safety first, maintenance of track infrastructure is being given special attention.

12,000 wagons, 5160 coaches and 700 locomotives being procured. There are significant achievements of physical targets by Railways.

All stations with more than 25,000 footfall will have escalators.

4267 unmanned railway crossing will be eliminated in next two years. All railway stations and trains will be provided WiFi and CCTVs progressively.

10 prominent tourist sites to be developed as iconic tourist spots.

Redevelopment of 600 major railway stations taken up; Mumbai transport system being expanded; the suburban network of 160 km planned for Bengaluru.

Foundation stone of the bullet train was laid in September 2017. An institute is coming up in Vadodara to train the manpower required for the high-speed railway projects.

Physical targets of Indian Railways is also improving. Work on dedicated freight corridors is on in full-swing – both east and west – announced FM Jaitley in the Railway Budget speech.

We have announced plans to set up a dedicated Railway University in Vadodara, said FM Arun Jaitley during his Union Budget 2018 speech.

Jaitley rises to present the Budget 2018-19.

The Session begins. Lok Sabha Speaker Sumitra Mahajan speaks. Finance Minister Arun Jaitley will present the Budget shortly.