Sunday, June 10, 2018

IBPS (CRP RRBs VII) Recruitment of 10190 Officer, Office Assistant Posts

Institute of Banking Personnel Selection invites applications for Common Recruitment Process for Recruitment of Officers (Scale-I, II & III) and Office Assistant (Multipurpose) in Regional Rural Banks (RRBs) - CRP RRBs VII.

Post details:
1. Office Assistant (Multipurpose): 5249 Posts
Qualification: Bachelor’s degree in any discipline. Proficiency in local language as prescribed by the participating RRBs.

2. Officer Scale-I (Assistant Manager): 3312 Posts
Qualification: Bachelor’s degree in any discipline. Preference will be given to the candidates having degree in Agriculture, Horticulture, Forestry, Animal Husbandry, Veterinary Science, Agricultural Engineering, Pisciculture, Agricultural Marketing and Cooperation, Information Technology, Management, Law, Economics or Accountancy. Proficiency in local language as prescribed by the participating RRBs.

3. Officer Scale-II- General Banking Officer (Manager): 1208 Posts
Qualification: Bachelor’s degree in any discipline. Preference will be given to the candidates having degree in Banking, Finance, Marketing, Agriculture, Horticulture, Forestry, Animal Husbandry, Veterinary Science, Agricultural Engineering, Pisciculture, Agricultural Marketing and Cooperation, Information Technology, Management, Law, Economics and Accountancy with experience.

4. Officer Scale-II- Specialist Officers (Manager)
I. Information Technology Officer: 81 Posts
Qualification: Bachelor’s degree in Electronics/ Communication/ Computer Science/ Information Technology with experience.
II. Chartered Accountant: 21 Posts
Qualification: Certified Associate (CA) from Institute of Chartered Accountants of India with experience.
III. Law Officer: 32 Posts
Qualification: Degree in Law with experience.
IV. Treasury Manager: 17 Posts
Qualification: Chartered Accountant or MBA in Finance with experience.
V. Marketing Officer: 38 Posts
Qualification: MBA in Marketing with experience.
VI. Agricultural Officer: 72 Posts
Qualification: Bachelor’s degree in Agriculture/ Horticulture/ Dairy/ Animal Husbandry/ Forestry/ Veterinary Science/ Agricultural Engineering/ Pisciculture with experience.

5. Officer Scale-III (Senior Manager): 160 Posts
Qualification: Bachelor’s degree in any discipline. Preference will be given to the candidates having Degree/ Diploma in Banking, Finance, Marketing, Agriculture, Horticulture, Forestry, Animal Husbandry, Veterinary Science, Agricultural Engineering, Pisciculture, Agricultural Marketing and Co-operation, Information Technology, Management, Law, Economics and Accountancy with experience.

Total no. of posts: 10190
Age (As on 01.06.2018):
For Officer Scale- III (Senior Manager): 21 to 40 years.
For Officer Scale- II (Manager): 21 to 32 years.
For Officer Scale- I (Assistant Manager): 18 to 30 years.
For Office Assistant (Multipurpose): 18 to 28 years.

Selection Process: Based on Preliminary/ Main/ Single Exam and interview.

Fees/ Intimation Charges: Online payment from 08.06.2018 to 02.07.2018.

Online Examination – Preliminary: Officer Scale-I- 11.08.2018, 12.08.2018 and 18.08.2018. Office Assistant- 19.08.2018, 25.08.2018 & 01.09.2018.
Online Examination – Main/ Single Officers (I, II & III): 30.09.2018, Office Assistant: 07.10.2018.

Conduct of interview (For Officers Scale I, II and III): November 2018.

For Recruitment Notification Click Here


1. The world's No Tobacco day is observed on 31st May. This year the theme is:
1) "Tobacco and heart disease
2) "Tobacco and Cancer
3) "Tobacco and Lung Cancer
4) "Tobacco and health problems
5) "Tobacco and Life Risk

2. The Joint Military Exercise SURYA KIRAN-XIII, a biannual event started between which of the following two countries:
1) India and Nepal
2) India and Bangladesh
3) India and Pakistan
4) India and Bhutan
5) India and Myanmar

3. For the first time,which country is hosting Shanghai Cooperation Organisation-Regional AntiTerrorist Structure Legal Experts meeting 2018?
1) India
2) Pakistan
3) China
4) Nepal
5) Bhutan

4. Vikas Gowda announced his retirement. He is:
1) The chief secretary of RBI
2) The only Indian to win commonwealth games in Weightlifting
3) The only Indian to win Commonwealth Games medal in Discus throw
4) The Chief Election Commissioner
5) The Indian origin Srilankan cricketer .

5. The new Messaging App 'Kimbho' was launched by :
4) Patanjali
5) Ayush

6. Sangeeta Bahl is in the news recently. The reason is :
1) She has become the oldest Indian woman to scale the Mount Everest.
2) She is the youngest Indian woman to scale the Mount Everest.
3) She is the double amputee to climb Mt everest
4) She created world record by scaling 3 highest mountains in single climbing season.
5) She hails from Telangana state.

7. Which city is going to be NATO's 1st Latin American Global Partner?
1) Cuba
2) Colombia
3) Brazil
4) Peru
5) Argentina

8. Recently, Alicia Pucheta became the first interim woman President of which country ?
1) Paraguay
2) Poland
3) Finland
4) Ireland
5) cuba

9. Nepal is the first country in WHO's South-East Asia Region to defeat Trachoma. Trachoma is a : 1) Eye disease caused by infection
2) Liver disease
3) Pancreas disease caused by virus
4) Brain disease
5) Small and large intestine disease caused by viral infection

10. The United States has withdrawn to invite which country from Rim of the Pacific (RIMPAC) Exercise:
1) Russia
2) Pakistan
3) North Korea
4) India
5) China

11. Prime minister launched Eastern Peripheral Expressway recently. Which among the following are true about Expressway:
a) It has been launched in Bagpat, Uttar Pradesh.
b) Eastern Peripheral Expressway is 235 km long.
c) It is India's first highway to be lit by solar power .
1) Only a and b are true
2) Only b and c are true
3) All a, b and c are true
4) None of them are true
5) Only a and c are true

12. The International Day of UN Peacekeepers is observed every year on May 29 and this year the theme is:
1) "UN Peacekeepers: 70 Years of Service and Sacrifice".
2) "UN Peacekeepers: Many Years of Service and Sacrifice".
3) "UN Peacekeepers: Life for Service and Sacrifice".
4) "UN Peacekeepers: Service and Sacrifice".
5) "UN Peacekeepers: Change the lives for better future".

13. Which country has banned products from the United Arab Emirates, Saudi Arabia, Egypt and Bahrain, accusing it of supporting terrorism.?
1) US
2) Israel
3) Qatar
4) India
5) UK

14. India, United States and Japan will deploy 22nd Malabar exercise at Guam. Guam is a:
1) Guam is a US island territory in Micronesia, in the Western Pacific.
2) Guam is a Japan's island territory in Micronesia.
3) Guam is an Indian island territory near Indian ocean.
4) Guam is a Japan's island territory near Red Sea
5) Guam is a richest city in US.

15. In the fourth week of May, which country has passed a tougher anti-terror law?
1) Malaysia
2) Indonesia
3) India
4) Myanmar
5) France

16. Gaj Yatra launched in Garo Hills recently. In which state it is:
1) Nagaland
2) Tripura
3) Meghalaya
4) Manipur
5) Odisha

17. Which state Government Launches Reuse Of Treated Waste Water Policy ?
1) Telangana
2) Andhra Pradesh
3) Goa
4) Gujarath
5) Manipur

18. Prime minister inaugurated India's first 14-lane highway. It is between:
1) Delhi-Meerut
2) Delhi-jaitser
3) Delhi-sirpur
4) Meerut-dispur
5) Chennai-meerut

19. Name the Indian cartoonist who has won award in the best caricature category at the 2018 World Press Cartoon awards:
1) Srikumar saran
2) Thomas antony
3) Madhukar gupta
4) Sreedhar
5) Sraswathi narasimha rao

20. The US Capitol ,for the first time will host which among the following gathering of community: 1) African-americans
2) Muslims
3) Indian-Americans
4) Muslim-Americans
5) immigrants

21. Name the former World Shooting Champion who won the gold in the Grand Prix in Munich, Germany:
1) Heena sidhu
2) Rajwant singh
3) Tejaswini sawant
4) Surya kanthi
5) Anju mudgal

22. Choose the correct answer?
a) India will be the host country for celebrations of World Environment Day 2018
b) The theme for this year is 'Beat Plastic Pollution'
c) World environment day is celebrated on 5th June.
d) Cuba was the host country for the world environment day 2017.
1) Only a and b are true
2) Only b and c are true
3) Only a and c are true
4) Only c and d are true
5) Only a, b and c are true

23. The ASEAN India Film Festival has started in New Delhi. The Headquarters of ASEAN are at : 1) Jakarta, Indonesia
2) New Delhi, India
3) Beijing, China
4) Canberra, Australia
5) Kaulalumpur, Malaysia

24. The second stage of Archery World Cup 2018 has been started in Antalya. Antalya is in:
1) Malaysia
2) Finland
3) Turkey
4) Bhutan
5) Nepal

25. Dr. Kamaljit S. Bawa has been conferred with the prestigious Linnean Medal. Which of the statements are true about this:
a) The Linnean Medal is awarded to a biologist every year by the Linnean Society of London
b) He became the first Indian to win this award
c) Dr. Bawa is Botanist and the President of ICRISAT d) He is the Indian Botanist and President of ATREE
1) Only a and c are true
2) Only b and c are true
3) Only c and D are true
4) Only a and d are true
5) Only a,b and d are true

26. Which Indian airport has been recognized as the world's first fully solar energy-powered airport by United Nations Environment Programme?
1) Cochin international Airport
2) Goa International Airport
3) Indira Gandhi International Airport
4) Rajiv Gandhi International airport
5) Sardar Vallabhbhai Patel International Airport

27. The BCCI and UN Environment has signed an agreement to promote 'green' Cricket in India. the main aim is to:
1) Focus on phasing out singleuse plastic across stadiums in the country, highlighting hazards of plastic pollution .
2) Focus on planting trees around the stadiums
3) Focus on Non-smoking across stadiums. Highlighting hazards of smoking pollution
4) Focusing on hazards of drunk and drive cases, and avoidance of accidents
5) Focusing on eradicating air pollution

28. Who launched the twin pit toilet technology ad campaign for the Swachh Bharat Mission (Grameen) ?
1) Aamir khan
2) Akshay kumar
3) Anil kapoor
4) Rishi kapoor
5) Jackie shroff

29. As per Lancet's latest study, India's rank in terms of Healthcare Access and Quality (HAQ) Index is :
1) 125
2) 134
3) 145
4) 167
5) 150

30. On 25th May 2018, which International union has brought in to effect the General Data Protection Regulation (GDPR) rule?
4) EU

31. Choose the correct one:
a) India was ranked 44th in terms of competitiveness for year 2018
b)The US became the most competitive economy country
c) Malaysia and UK are in the second and third place
1) Only a is true
2) Only b and c are true
3) Only a and c are true
4) Only c is true
5) Only a and b are true

32. The 5th India-CLMV Business Conclave 2018 was held in which country?
1) Cambodia
2) Myanmar
3) Vietnam
4) Laos
5) India

33. Name the actor/actress who has been collaborated with NITI Aayog for the promotion of Women Entrepreneurship Platform (WEP) launched by the Central government:
1) Shraddha kapoor
2) Ranbir kapoor
3) Sushant singh rajput
4) Hrithik roshan
5) Jai hemant shroff

34. Which UN organization has launched a data visualisation application recently?
1) UNO

1) 1 2) 1 3) 2 4) 3 5) 4 6) 1 7) 2 8) 1 9) 1 10) 5
11) 5 12) 1 13) 3 14) 1 15) 2 16) 3 17) 4 18) 1 19) 2 20) 3
21) 3 22) 5 23) 1 24) 3 25) 5 26) 1 27) 1 28) 2 29) 3 30) 4 31) 5 32) 1 33) 3 34) 5

Tuesday, February 20, 2018

Economic Survey Draws Attention to 10 New Economic Facts on Indian Economy

The Economic Survey presented by the Union Finance Minister Shri Arun Jaitley in Parliament on 29th January has relied upon analysis of the new data to highlight ten new economic facts:

1.      Goods and Services Tax (GST) has given a new perceptive of the Indian economy and new data has emerged.  There has been a fifty percent increase in the number of indirect taxpayers. There has also been a large increase in voluntary registrations, especially by small enterprises that buy from large enterprises wanting to avail themselves of input tax credits.

The Survey also stated that fears of major producing states that the shift to the new system would undermine their tax collections have been allayed as the distribution of the GST base among the states got closely linked to the size of their economies.

Similarly, there has been an addition of about 18 lakh in individual income tax filers since November 2016. 

2.      India’s formal sector, especially formal non-farm payroll, is substantially greater than what it currently is believed to be. It became evident that when “formality” was defined in terms of social security provisions like EPFO/ESIC the formal sector payroll was found to be about 31 percent of the non-agricultural work force. When “formality” was defined in terms of being part of the GST net, such formal sector payroll share was found to be 53 percent.

3.      For the first time in India’s history, data on the international exports of states has been  dwelt in the Economic Survey.  Such data indicates a strong correlation between export performance and states’ standard of living.  States that export internationally and trade with other states were found to be richer.  Such correlation is stronger between prosperity and international trade. 

4.      India’s exports are unusual in that the largest firms account for a much smaller share of exports than in other comparable countries. Top one percent of Indian firms account only for 38% of exports unlike in other countries where they account for substantially greater share – (72, 68, 67 and 55 percent in Brazil, Germany, Mexico and USA respectively).  Such tendencies were also found to be true for the top five or ten per cent of the Indian companies.

5.      It was pointed out that the Rebate of State Levies (ROSL) has increased exports of ready-made garments (man-made fibers) by about 16 per cent but not of others. 

6.      The data highlighted another seemingly known fact that Indian society exhibits a strong desire for a male child.  It pointed out that most parents continued to have children until they get number of sons.  The survey gave details of various scenarios leading to skewed sex ratios and also gave a comparison on sex ratio by birth between India and Indonesia.


7.      The survey pointed out that tax departments in India have gone in for contesting against in several tax disputes but also with a low success rate which is below 30 per cent. About 66 per cent of pending cases accounted for only 1.8 per cent of value at stake.   It further stated that 0.2 per cent of cases accounted for 56 per cent of the value at stake.

8.       Extrapolating the data the survey indicated that growth in savings did not bring economic growth but the growth in investment did. 

9.      The survey mentions that collections of direct taxes by Indian states and other local governments, where they have powers to collect them is significantly lower than their counterparts in other federal countries. A comparison has been given between ratios of direct tax to total revenues of local governments in India, Brazil and Germany.

10.  The survey captures the footprints of climate change on the Indian territory and consequent adverse impact on agricultural yields.  Extreme temperature increases and deficiency in rainfall have been captured on the Indian map and the graphical changes in agricultural yields are brought out from such data.  The impact was found to be twice as large in un-irrigated areas as in irrigated ones.        

Economic Survey 2017-18 Highlights

Following are the highlights of the Economic Survey 2017-18 tabled by Finance Minister Arun Jaitley in the Lok Sabha on January 29, 2018.
  • GDP to grow 7-7.5% in FY19; India to regain fastest growing major economy tag
  • GDP growth to be 6.75% in FY2017-18
  • Policy vigilance required next fiscal if high oil prices persist or stock prices correct sharply
  • Policy agenda for next year -- support agriculture, privatise Air India, finish bank recapitalisation
  • GST data shows 50% rise in number of indirect taxpayers
  • Tax collection by states, local governments significantly lower than those in other federal countries
  • Demonetisation has encouraged financial savings
  • Insolvency Code being actively used to resolve NPA woes
  • Retail inflation averaged 3.3% in 2017-18, lowest in last 6 fiscals
  • India needs to address pendency, delays and backlogs in the appellate and judicial arenas
  • Urban migration leading to feminisation of farm sector
  • Rs 20,339 cr approved for interest subvention for farmers in current fiscal
  • FDI in services sector rises 15% in 2017-18 on reforms
  • Fiscal federalism, accountability to help avoid low equilibrium trap
  • India’s external sector to remain strong on likely improvement in global trade
  • Technology should be used for better enforcement of labour laws
  • Swachh Bharat initiative improved sanitation coverage in rural areas from 39% in 2014 to 76% in January 2018
  • Priority to social infrastructure like education, health to promote inclusive growth
  • Centre, states should enhance cooperation to deal with severe air pollution
  • Suvey 2017-18 in pink colour to highlight gender issues
  • Indian parents often continue to have children till they have the desired number of sons

Summary of Budget 2018-19

Government says that it is firmly on course to achieve high growth of 8% plus as manufacturing, services and exports are back on good growth path. While GDP growth at 6.3% in the second quarter of 2017-18 signalled turnaround of the economy, growth in the second half is likely to remain between 7.2% to 7.5%.  The Union Minister for Finance and Corporate Affairs Shri Arun Jaitley while presenting the General Budget 2018-19 in Parliament today said that Indian society, polity and economy had shown remarkable resilience in adjusting with the structural reforms. IMF, in its latest Update, has forecast that India will grow at 7.4% next year in the backdrop of services resuming high growth rates of 8% plus, exports expected to grow at 15% in 2017-18 and manufacturing back on good growth path.

            Reiterating the pledge given to the people of India four years ago to give this nation an honest, clean and transparent Government and to build a strong, confident and a New India, Shri Jaitley said, the Government led by Prime Minister, Shri Narendra Modi, has successfully implemented a series of fundamental structural reforms to propel India among the fastest growing economies of the world.

            The Finance Minister said that Government has taken up programmes to direct the benefits of structural changes and good growth to reach farmers, poor and other vulnerable sections of our society and to uplift the under-developed regions. He said, this year’s Budget will consolidate these gains and particularly focus on strengthening agriculture and rural economy, provision of good health care to economically less privileged, taking care of senior citizens, infrastructure creation and working with the States to provide more resources for improving the quality of education in the country. He said, the Government has ensured that benefits reach eligible beneficiaries and are delivered to them directly and said that Direct Benefit Transfer mechanism of India is the biggest such exercise in the world and is a global success story.

Agriculture and Rural Economy

            Referring to the Government’s commitment to the welfare of farmers and doubling farmers’ income by 2022, the Finance Minister announced a slew of new schemes and measures.
He said ,that government has decided to keep MSP for all unannounced kharif crops atleast one and half times of their production cost after declaring the same for the majority of rabi cops. He said,the volume of institutional credit for agriculture sector from year-to-year increased from Rs.8.5 lakh crore in 2014-15 to Rs.10 lakh crore in 2017-18 and he proposed to raise this to Rs.11 lakh crore for the year 2018-19.  After the establishment of Dairy Infrastructure Fund, Shri Jaitley announced setting up a Fisheries and Aqua culture Infrastructure Development Fund (FAIDF) for fisheries sector and an Animal Husbandry Infrastructure Development Fund (AHIDF) for financing infrastructure requirement of animal husbandry sector with a total corpus of  Rs.10,000 crore for the two new funds.  On the lines of ‘‘Operation Flood’’ a new Scheme ‘‘Operation Greens’’ was announced with an outlay of Rs 500 Crore to address the challenge of price volatility of perishable commodities like tomato, onion and potato with the satisfaction of both the farmers and consumers. He also announced to develop and upgrade existing 22,000 rural haats into Gramin Agricultural Markets (GrAMs) to take care of the interests of more  than 86% small and marginal farmers. These GrAMs, electronically linked to e-NAM and exempted from regulations of APMCs, will provide farmers facility to make direct sale to consumers and bulk purchasers. Moreover, an Agri-Market Infrastructure Fund with a corpus of Rs.2000 crore will be setup for developing and upgrading agricultural marketing infrastructure in the 22000 Grameen Agricultural Markets (GrAMs) and 585APMCs. He said, so far 470 APMCs have been connected to e-NAM network and rest will be connected by March, 2018. Shri Jaitley announced Rs 200 crore  for organized cultivation of  highly specialized medicinal and aromatic plants and said that the organic farming by Farmer Producer Organizations (FPOs) and Village Producers’ Organizations (VPOs) in large clusters, preferably of 1000 hectares each will be encouraged. Similarly, allocation of Ministry of Food Processing has been doubled from Rs.715 crore in 2017-18 to Rs.1400 crore in 2018-19. Terming Bamboo as ‘Green Gold’, the Finance Minister announced a Re-structured National Bamboo Mission with an outlay of Rs.1290 crore to promote bamboo sector in a holistic manner. Under  Prime Minister Krishi Sinchai Yojna-Har Khet ko Pani, 96 deprived irrigation districts will be taken up with an allocation of Rs 2600 crore. The Centre will work with the state governments to facilitate farmers for installing solar water pumps to irrigate their fields. He also proposed to extend the facility of Kisan Credit Cards to fisheries and animal husbandry farmers to help them meet their working capital needs. Shri Jaitley said India’s agri-exports potential is as high as US $100 billion against current exports of US $30 billion and to realize this potential, export of agri-commodities will be liberalized. He also proposed to set up state-of-the-art testing facilities in all the forty two Mega Food Parks. He also announced a special Scheme to support the efforts of the governments of Haryana, Punjab, Uttar Pradesh and the NCT of Delhi to address air pollution  in the Delhi-NCR region by  subsidizing machinery required for in-situ management of crop residue.

Budget 2018_M1 Agriculture

            On the loans to Self Help Groups of women, the Finance Minister said it increased to about Rupees 42,500 crore in 2016-17, growing 37% over previous year and expressed confidence that  loans to SHGs will increase to Rs.75,000 crore by March, 2019. He also substantially increased allocation of National Rural Livelihood Mission to Rs 5750 crore in 2018-19.

            Referring to the measures taken for the benefit of lower and middle class, the Finance Minister said, under Ujjwala Scheme distribution of free LPG connections will be given to 8 crore poor women instead of the previous target of  5 crore women. Under Saubahagya Yojana, 4 crore poor households are being provided with electricity connection with an outlay of Rs.16,000 crore. To fulfil target of housing for All by 2022 ,more than one crore houses will be built by 2019 in rural areas, besides already constructed 6 crore toilets under Swachh Bharat Mission.    

            Shri Jaitley stressed that the focus of the Government next year will be on providing maximum livelihood opportunities in the rural areas by spending more on livelihood, agriculture and allied activities and construction of rural infrastructure. He said, in the year 2018-19, for creation of livelihood and infrastructure in rural areas, total amount to be spent by the Ministries will be Rs.14.34 lakh crore, including extra-budgetary and non-budgetary resources of Rs.11.98 lakh crore.  Apart from employment due to farming activities and self employment, this expenditure will create employment of 321 crore person days, 3.17 lakh kilometers of rural roads, 51 lakh new rural houses, 1.88 crore toilets, and provide 1.75 crore new household electric connections besides boosting agricultural growth.

 Education, Health and Social Protection

            The Finance Minister said that estimated budgetary expenditure on health, education and social protection for 2018-19 is Rs.1.38 lakh crore against estimated expenditure of Rs.1.22 lakh crore in  2017-18 .
            On education front, Shri Jaitley announced setting up of Ekalavya Model Residential School on par with Navodaya Vidyalayas to provide the best quality education to the tribal children in their own environment by 2022 in every block with more than 50% ST population and at least 20,000 tribal persons with special facilities for preserving local art and culture besides providing training in sports and skill development. To step up investments in research and related infrastructure in premier educational institutions, including health institutions, a major initiative named ‘‘Revitalising Infrastructure and Systems in Education (RISE) by 2022’’ with a total investment of Rs.1,00,000 crore in next four years was announced . He said that a survey of more than 20 lakh children has been conducted to assess the status on the ground, which will help in devising a district-wise strategy for improving quality of education. To improve the quality of teachers an integrated B.Ed. programme for teachers will be initiated. Shri Jaitley said, the Government would launch the ‘‘Prime Minister’s Research Fellows (PMRF)’’ Scheme this year. Under this,  1,000 best B.Tech students will be identified each year from premier institutions and provide them facilities to do Ph.D in IITs and IISc, with a handsome fellowship. Allocation on National Social Assistance Programme this year has been kept at Rs. 9975 crore.

            The Finance Minister announced the world’s largest government funded health care programme titled National Health Protection Scheme to cover over 10 crore poor and vulnerable families (approximately 50 crore beneficiaries) providing coverage upto 5 lakh rupees per family per year for secondary and tertiary care hospitalization.   He also committed Rs 1200 crore for the National Health Policy, 2017, which with 1.5 lakh  Health and Wellness Centres will bring health care system closer to the homes of people. The Government also decided to allocate additional Rs.600 crore to provide nutritional support to all TB patients at the rate of Rs.500 per month for the duration of their treatment. Shri Jaitley said, the government will be setting up 24 new Government Medical Colleges and Hospitals by upgrading existing district hospitals in the country.
Budget 2018_M4 Health
            On cleaning the Ganga, the Finance Minister said, a total of 187 projects have been sanctioned under the Namami Gange programme for infrastructure development, river surface cleaning, rural sanitation and other interventions at a cost of Rs.16,713 crore.  47 projects have been completed and remaining projects are at various stages of execution.   All 4465 Ganga Grams – villages on the bank of river - have been declared open defecation free. He said, the government has identified 115 aspirational districts taking various indices of development in consideration for making them model districts of development.

Medium, Small and Micro Enterprises (MSMEs) and Employment
            The Budget has given a big thrust to Medium, Small and Micro Enterprises (MSMEs) to boost employment and economic growth.  A sum of Rs. 3794 crore has been provided for giving credit support, capital and interest subsidy and for innovations.   MUDRA Yojana launched in April, 2015 has led to sanction of Rs.4.6 lakh crore in credit from 10.38 crore MUDRA loans. 76% of loan accounts are of women and more than 50% belong to SCs, STs and OBCs.  It is proposed to set a target of Rs.3 lakh crore for lending under MUDRA for 2018-19 after having successfully exceeded the targets in all previous years.    
Budget 2018_M3 MSME
Employment Generation
            Reiterating that creating job opportunities is at the core of Government policies, Finance Minister cited an independent study as showing that 70 lakh formal jobs will be created this year.  To carry forward the momentum created by the measures taken during the last 3 years to boost employment generation, Shri Jaitley announced that the Government will contribute 12% of the wages of the new employees in the EPF for all the sectors for next three years.   He proposed  to make amendments in the Employees Provident Fund and Miscellaneous Provisions Act, 1952 to reduce women employees' contribution to 8% for first three years of their employment against existing rate of 12% or 10% with no change in employers' contribution.
            The Budget proposed an outlay of Rs.7148 crore for the textile sector in 2018-19 as against Rs.6,000 Crore in 2016.
Infrastructure and Financial Sector Development
            Emphasising that infrastructure is the growth driver of economy, the Finance Minister estimated that investment in excess of Rs.50 lakh crore is needed to increase growth of GDP and connect the nation with a network of roads, airports, railways, ports and inland waterways. He announced increase of budgetary allocation on infrastructure for 2018-19 to Rs.5.97 lakh crore against estimated expenditure of Rs.4.94 lakh crore in 2017-18.
            The Government has made an all-time high allocation to rail and road sectors and is committed to further enhance public investment. The Prime Minister personally reviews the targets and achievements in infrastructure sectors on a regular basis.  Using online monitoring system of PRAGATI alone, projects worth 9.46 lakh crore have been facilitated and fast tracked.
            To further boost tourism, the Budget proposes to develop ten prominent tourist sites into Iconic Tourism destinations by following a holistic approach involving infrastructure and skill development, development of technology, attracting private investment, branding and marketing. 
            Under the Bharatmala Pariyojana,  about 35000 kms road construction  in Phase-I at an estimated cost of Rs.5,35,000 crore  has been approved.
            Railways Capital Expenditure for the year 2018-19 has been pegged at Rs.1,48,528 crore.  A large part of the Capex is devoted to capacity creation.  4000 kilometers of electrified railway network is slated for commissioning during 2017-18.  Work on Eastern and Western dedicated Freight Corridors is in full swing.  Adequate number of rolling stock – 12000 wagons, 5160 coaches and approximately 700 locomotives are being procured during 2018-19.  Over 3600 kms of track renewal is targeted during the current fiscal.   Redevelopment of 600 major railway stations is being taken up. 

            Mumbai’s local train network will have 90 kilometers of double line tracks at a cost of over Rs.11,000 crore. 150 kilometers of additional suburban network is being planned at a cost of over Rs.40,000 crore, including elevated corridors on some sections. A suburban network of approximately 160 kilometers at an estimated cost of Rs.17,000 crore is being planned to cater to the growth of the Bengaluru metropolis. 
Air Transport
            The Budget proposes to expand the airport capacity more than five times to handle a billion trips a year under a new initiative - NABH Nirman.  Under the  Regional connectivity scheme of UDAN (Ude Desh ka Aam Nagrik) initiated by the Government last year, 56 unserved airports and 31 unserved helipads  would be connected.
            To encourage raising funds from bond market, the Finance Minister urged regulators to move from ‘AA’ to ‘A’ rating for investment eligibility. He said that the Government will establish a unified authority for regulating all financial services in International Finance Service Centre (IFSCs) in India.
Digital Economy
            The Finance Minister said that NITI Aayog will initiate a national program to direct efforts in artificial intelligence.
            Department of Science & Technology will launch a Mission on Cyber Physical Systems to support establishment of centres of excellence for research, training and skilling in robotics, artificial intelligence, digital manufacturing, big data analysis, quantum communication and internet of things.  The Budget doubled the allocation on Digital India programme to Rs 3073 crore in 2018-19.
            To further Broadband access in villages, the Government proposes to set up five lakh wi-fi hotspots to provide net connectivity to five crore rural citizens. The Finance Minister allocated Rs. 10000 crore in 2018-19 for creation and augmentation of Telecom infrastructure.
            Recognizing the sacrifices made by the Armed Forces in meeting the security challenges, the Finance Minister proposed development of two defence industrial production corridors.
            Shi Jaitley announced that a scheme will be evolved to assign every individual enterprise in India a unique ID, on the lines of Aadhar. 

            The Finance Minister announced that 2017-18 disinvestment target of Rs.72,500 crore has been exceeded and expected receipts of Rs.1,00,000 crore.  He set disinvestment target of Rs.80,000 crore for 2018-19.
            Three Public Sector Insurance companies- National Insurance Co. Ltd., United India Assurance Co. Ltd., and Oriental India insurance Co. Ltd., will be merged into a single insurance entity.
            The Finance Minister announced that a comprehensive Gold Policy will be formulated to develop gold as an asset class.  The Government will also establish a system of consumer friendly and trade efficient system of regulated gold exchanges in the country. Gold Monetization Scheme will be revamped to enable people to open a hassle-free Gold Deposit Account. 
            The Budget proposes to revise emoluments to Rs.5 lakh for the President, Rs 4 lakhs for the Vice President and  Rs.3.5 lakh per month to Governor.  These emoluments were last revised in 2006.
            With regard to the emoluments paid to the Members of Parliament, the Finance Minister proposed necessary changes to refix the salary and allowances with effect from April 1, 2018.  He said the law will also provide for automatic revision of emoluments every five years indexed to inflation and hoped that the Hon’ble Members will welcome this initiative.
            To celebrate the 150 Birth Anniversary of Mahatma Gandhi, Father of the Nation from 2nd October 2019, the Budget set aside Rs.150 crore for the activities leading to the commemoration programme.

Fiscal Management
            The Budget Revised Estimates for expenditure in 2017-18 are Rs.21.57 lakh crore (net of GST compensation transfers to the States) as against the Budget Estimates of Rs.21.47 lakh crore.
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            Continuing Government’s path of fiscal reduction and consolidation, the Finance Minister projected a Fiscal Deficit of 3.3% of GDP for the year 2018-19.  The Revised Fiscal Deficit estimates for 2017-18 were put at Rs. 5.95 lakh crore at 3.5% of GDP.  He also proposed acceptance of key recommendations of the Fiscal Reform and Budget Management Committee to bring down Central Government’s Debt to GDP ratio to 40%.
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            Presenting his direct tax proposals, the Finance Minister said that attempts to reduce the cash economy and increase the tax net have paid rich dividends. The growth rate of direct taxes in financial years 2016-17 and 2017-18 have been significant, he said. The growth of direct taxes in financial year 2016-17 was 12.6 percent, and for financial year 2017-18 (upto 15th January, 2018) is 18.7 percent. Therefore Shri Jaitley said  buoyancy in personal income tax for financial year 2016-17 and 2017-18 (RE) are 1.95 and 2.11 respectively. This the Finance Minister said,   indicates that additional revenue collected in the last two financial years from personal income tax compared to average buoyancy for the pre 2016-17 period, amounts to a total of Rs. 90,000 crore, which is a result of a strong anti-evasion measures by the government.

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            The Finance Minister also said that there has been a huge increase in the number of returns filed by tax payers. The number of Effective Tax Payers has increased from 6.47 crore at the beginning of Financial year 2014-15 to 8.27 crore at the end of 2016-17.


            Shri Jaitley has proposed 100 percent deduction to companies registered as Farmer Producer Companies with an annual turnover upto Rs. 100 crore on profit derived from such activities, for a period of five years from financial year 2018-19.  This he said will promote post harvest agriculture activities and also encourage “Operation Greens” announced earlier and would give a boost to the Sampada Yojana.

            In order to encourage creation of new employment the deduction of 30 percent Under Section 80-JJAA with a further relaxation to 150 days in the case of the apparel industry, has been proposed to be extended to the footwear and leather industry. The Finance Minister has also proposed to rationalise the deduction of 30 percent by allowing the benefit for a new employee employed for less than the minimum period during the first year, but continues to remain employed for the minimum period in the subsequent year.

            Turning to the real estate sector, the Finance Minister has proposed that no adjustment shall be made in respect of transactions in immovable property, where the Circle Rate value does not exceed 5 percent of the consideration. This would minimize hardship in real estate transactions.

            In fulfilment of the promise to reduce the corporate tax rate in a phased manner, Shri Jaitley has proposed to extend the reduced rate of 25 percent currently available for companies with turnover of less than 50 crore (in Financial Year 2015-16), also to companies reporting turnover up to Rs. 250 crore in Financial Year 2016-17.  This would benefit the entire class of micro, small and medium enterprises, which account for almost 99 percent of companies filing tax returns, he said.  The estimated revenue forgone during Financial Year 2018-19 will be Rs. 7,000 crore. This lower corporate income tax rate would leave such companies with higher investible surplus, which would create more jobs.

            The Budget proposals also seek to provide relief to salaried tax payers by allowing a Standard Deduction of Rs. 40,000 in place of the present exemption allowed for transport allowance and reimbursement of miscellaneous medical expenses. However, transport allowance at enhanced rate is proposed to be continued for differently abled persons. Further, it is also proposed to continue medical reimbursement benefits in case of hospitalization etc. for all employees. The proposed Standard Deduction will help middle class employees even further in reducing their tax liabilities. It will also significantly benefit pensioners, who normally do not enjoy any allowance for transport and medical expenses, Shri Jaitley said. 2.5 crore salaried employees and pensioners would benefit from this proposal and the revenue cost would be approximately Rs. 8,000 crore.

            Relief to Senior Citizens has also been proposed. The proposals are :-

  • Exemption of interest income on deposits with banks and post offices are proposed to be increased from Rs. 10,000 to Rs. 50,000. TDS shall not be required to be deducted under section 194A. Benefit will also be available for interest from all fixed deposit schemes and recurring deposit schemes.
  • Hike in deduction limit for health insurance premium and/ or medical expenditure from Rs. 30,000 to Rs. 50,000 under section 80D.
  • Increease in deduction limit for medical expenditure for certain critical illness from Rs. 60,000 (in case of senior citizens) and from Rs. 80,000 (in case of very senior citizens) to Rs. 1 lakh for all senior citizens, under section 80DDB. Concessions will give extra tax benefit of Rs. 4,000 crore to senior citizen. It is  also proposed to extend the Pradhan Mantri Vaya Vandana Yojana up to March, 2020. The current investment limit is also proposed to be increased to Rs. 15 lakh from the existing limit of Rs. 7.5 lakh per senior citizen.
It is proposed to provide more concessions for International Financial Services Centre (IFSC), in order to promote trade in stock exchanges located in IFSC. The concessions propose transfer of derivatives and certain securities by non- residents from capital gains tax, and non corporate tax payers operating in IFSC to be charged Alternate  Minimum Tax (AMT) at concessional rate of  9 percent at par with Minimum Alternate Tax (MAT) applicable for corporates.

In a measure that proposes to control the cash economy, payments exceeding Rs. 10,000  in cash made by trusts and institutions shall be disallowed and would be subject to tax. In order to improve TDS compliance by these entities, the Finance Minister has proposed to provide that in case of non deduction of tax, 30 percent of the amount shall be disallowed and would be taxed.

Turning to rationalization of Long Term Capital Gains (LTCG), the Finance Minister noted buoyancy in the equity market, as a result of reforms and incentives given so far.  The total amount of exempted capital gains from listed shares and units is around Rs. 3,67,000 crore (as per returns filed for A.Y. 2017-18). Shri Jaitley said that a major part of this gain has accrued to corporates and LLPs. This has also created a bias against manufacturing, leading to more business surpluses being invested in financial assets. Due to attractiveness on return on investment on equity, even without tax exemption, there is a strong case for bringing Long Term Capital Gains from listed equities in the tax net, the Finance Minister said. He has  however only proposed a modest change in the present regime, recognizing that a vibrant equity market is essential for economic growth. Shri Jaitley has proposed to tax such Long Term Capital Gains exceeding Rs. 1 lakh at the rate of 10 percent, without allowing any indexation benefit. However, all gains up to 31st January, 2018 will be grandfathered. The Finance Minister has also proposed to introduce a tax on distributed income by equity oriented mutual funds at the rate of 10 percent, to provide a level field across growth oriented funds and dividend distributing funds. The proposed change in Capital Gains Tax will bring marginal revenue gain of about Rs. 20,000 crore in the first year, in view of grandfathering.

In order to take care of the education and health care needs of Below Poverty Line (BPL) and rural families, The Budget proposes to increase the cess on personal income tax and corporation tax to 4 percent from the present 3 percent. The new cess will be called the “Health and Education Cess” and is expected to lead to a collection of an estimated additional amount of Rs. 11,000 crore.

The Finance Minister also announced a proposal to roll out E-assessment across the country to  almost eliminate person to person contact leading to greater efficiency and transparency in direct tax collection. E-assessment had been introduced on a pilot basis in 2016 and extended to 102 cities in 2017.

On the indirect taxes side, this being the first budget after the roll out of the Goods and Services Tax (GST), the budget proposals are mainly on the customs side. The Finance Minister has proposed changes in customs duty to promote creation of more jobs in the country  and also to incentivise domestic value addition and Make in India in sectors such as food processing, electronics, auto components, footwear and furniture.  Therefore it is proposed to increase customs duty on mobile phones from 15 percent to 20 percent, on some of their parts and accessories to 15 percent and on certain parts of televisions to 15 percent.

Customs duty is proposed to be reduced on raw cashew from 5 percent to 2.5 percent, to help the cashew processing industry.

It is also proposed to abolish the Education Cess and Secondary and Higher Education Cess on imported goods. In its place it is proposed to impose a Social Welfare Surcharge at the rate of 10 percent of the aggregate duties of Customs, on imported goods, to provide for social welfare schemes of the government. However, goods which were so far exempt from Education Cesses on imported goods, will however continue to be so. In addition, certain specified goods, mentioned in Annexure 6 of the Budget speech, will attract the proposed Surcharge, at the rate of 3 percent of the aggregate duties of customs only.

With the roll of GST, the Budget also proposes to change the name of the Central Board of Excise and Customs (CBEC) to the Central Board of Indirect Taxes and Customs (CBIC).