In 2018-19, ministries will spend Rs 14.34 lakh crore, including extrabudgetary and non-budgetary resources of Rs 11.98 lakh crore, the finance minister said.
He put revised expenditure for 2017-18 at Rs 21.57 lakh crore and projected Rs 24.42 lakh crore expenditure in 2018-19. The Udan scheme is an air-connectivity initiative by the government of India. With this, smartphones imported from overseas in India will now be more expensive than ever before. Among the world's largest healthcare schemes, it will provide an insurance cover of Rs 5 lakh annually to each of the 10 crore poor families. Modi said it would "bring new opportunities for rural India", but that will depend on the government's dubious ability to implement what it has announced.
Measures to improve the livelihood of India's rural, low-income groups were also announced on Thursday.
Niti Aayog is expected to plan a layout for a national programme to direct the government's collective efforts into AI, research and development of related applications, to the benefit of the citizens. Among the contesting sectors of the economy and the macroeconomic targets, though none appeared to lose altogether, budget seemed to be focused on infrastructure, education and healthcare; and, it was most agreeable to agriculture.
With boosted spending on India's vast hinterland, fast-moving consumer goods companies such as Hindustan Unilever Ltd., Britannia Industries Ltd. and Marico Ltd. could benefit as day laborers get jobs and disposable income. Our baseline study indicated that economic prosperity and higher living standards go hand in hand with TV penetration and higher TV consumption. A recent World Bank report further claimed that over 30% of India's population aged between 15 and 29 years are not in education, employment or training (NEETs). As head of a tech-driven research company, I am also excited to see government's focus on machine learning, artificial intelligence and other such technologies of the future. "It's not on reimbursement model because too many complaints come on the reimbursement model", the minister said here.
Yesterday, Jaitley in the Budget speech had said, "We are all aware that lakhs of families in our country have to borrow or sell assets to receive indoor treatment in hospitals".
"All railway stations and trains will be progressively provided with wi-fi. We at nexGTv feel that all these steps are a definite plus for the significant growth of the digital businesses in the country".
On other points, Jaitley said the government "take all measures to eliminate use" of crypto-currencies such as Bitcoin, which it does not consider legal tender.
Bangalore Chamber of Industry and Commerce (BCIC) termed the Budget as an "Agriculture, Infrastructure and Rural Economy Boosting Budget" that would boost macroeconomics of the country despite stagnation in the global economy and overseas political uncertainties, with specific emphasis on the development of core sectors especially the infrastructure, agriculture, rural sectors for the next one year.