Budget 2018 Expectations And Reactions To Economic Survey: Highlights

Budget 2018: The Economic Survey points out that India can be rated as among the best performing economies in the world. It says real GDP growth will rise to between 7.0 per cent and 7.5 per cent in the next financial year.

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Budget 2018 Expectations And Reactions To Economic Survey: Highlights

Budget 2018: Finance Minister Arun Jaitley will present the budget on Thursday. (File)

New Delhi:  A day after the government released the Economic Survey, reactions to the survey continue to come in. Shedding the impact of the GST and demonetisation, India's economy is "picking up quite nicely", and will expand by 7-7.5 per cent in 2018-19 to again become the world's fastest growing major economy, the Economic Survey said. PM Narendra Modi urged parties to rise above politics and contribute positively to the budget discussions in parliamentary committee meetings. The economic survey was tabled ahead of the presentation of the union budget. Finance Minister Arun Jaitley will present the budget for 2018-19 on Thursday.
 

Here are the highlights on expectations from Budget 2018 and reactions to the Economic Survey:


Jan 30, 2018
15:08 (IST)
Budget 2018: Standard Deduction For Salaried Employees May Make A Comeback
The government may bring in standard deduction in Budget 2018 to reduce the tax burden of salaried individuals, according to majority of respondents in a pre-Budget survey from tax advisory firm EY. Chambers of commerce have suggested reintroduction of the standard deduction for salaried employees of at least Rs 1 lakh. 
Jan 30, 2018
13:06 (IST)
Will Budget 2018 Reduce Your Income Tax? 10 Expectations From Arun Jaitley
In the last Budget, Finance Minister Arun Jaitley left the slabs unchanged but gave a marginal relief to the small taxpayer, in the form of reduction in the rate from 10 per cent to 5 per cent for individuals having annual income between Rs 2.5 lakh-Rs 5 lakh. The finance minister will present the Budget for financial year 2018-19 on February 1.
Jan 30, 2018
13:05 (IST)
BANKS
Allow full tax deduction for provisioning of non-performing assets at lenders
Raise the threshold for tax deduction on the interest paid on bank deposits from current Rs. 10,000
Reduce the tenure of tax-exempted retail term deposits to minimum of 3 years from current 5 years
Allow tax relief for proceedings under insolvency code
Jan 30, 2018
12:49 (IST)
AGRICULTURE
Establish fund to guarantee credit to encourage investment in agriculture sector
Allocate more funds for crop insurance schemes
Increase spending for dams and canals, micro irrigation systems
Provide subsidies for building cold storage to avoid wastage of perishable crops
Reduce fertiliser subsidies
Jan 30, 2018
12:49 (IST)
Expectations across markets and corporate sectors.

TAXES
Reduce corporate tax rate to 25% from 30%
Cut Minimum Alternative Tax to 15% from 18.5%
Enhance tax deductions, exemptions for individuals
May tax long-term capital gains in investments
Jan 30, 2018
12:48 (IST)
Reuters: The government is widely expected to increase spending to ensure growth recaptures momentum, but most investors expect it to be prudent as loosening fiscal deficit targets by too much would likely spark a sell-off in the bond market.
Jan 30, 2018
12:02 (IST)
Budget 2018: Corporate Tax Cuts May Have To Wait As PM Modi Faces Budget Squeeze
In his last full budget before 2019 elections, PM Modi is facing a revenue squeeze that may make it difficult to deliver on a promise to lower the basic corporate tax rate over time to 25 percent from 30 percent.
Jan 30, 2018
10:04 (IST)
WATCH: Arvind Subramanian Tells Prannoy Roy Why Economic Survey Sees GDP SurgeArvind Subramanian Tells Prannoy Roy Why Economic Survey Sees GDP Surge
 Chief Economic Adviser Arvind Subramanian talks to NDTV's Prannoy Roy about economic growth, the impact of demonetisation, Goods and Services Tax (GST) and much more. Follow the highlights of the conversation here.
Jan 30, 2018
10:02 (IST)
Union Minister Narendra Singh Tomar: We are hoping that the upcoming budget will going to be very focused, in-depth and beneficiary for the masses of India. We also expect that this budget will be very much helpful for entire country.
Jan 30, 2018
10:01 (IST)
Minister of State for Finance Shiv Pratap Shukla has reacted to Rahul Gandhi's swipe. "Rahul Gandhi keeps doing such tweets and statements. He is the president of Congress, he should be serious. Inflation is low according to six  year of equation. In fact, he should say inflation has lower down," he said.
Jan 30, 2018
09:55 (IST)
Senior Congress leader P Chidambaram, on Monday, said though the survey says growth rate for 2017-18 will be 6.75 per cent, implying a second half growth rate of 7.5 per cent, it offers little evidence in support of this claim: Press Trust of India 

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