In what can be said as not a very welcome move for the middle class or those who are not economically strong, Finance Minister Arun Jaitley while presenting the Union Budget 2018 said that custom duty on mobile phones will be increased to 20% from 15%. While people of the nation always expect from the government that it will make announcements and bring schemes which will further help the middle to save from its pocket, increasing the custom duty on one of the most important need at the present age, which is the mobile phones, is a move by the Prime Minister Narendra Modi government which will not be applauded by the common people.
It will also impact Modi led government digital first policy as the increase in custom duty will further affect prices of mobile devices and will demotivate its sales. Meanwhile, Finance Minister Arun Jaitley also proposed to tax long term capital gains exceeding Rs 1 lakh at 10% without indexation. The government also proposed to introduce tax on distributed income by equity-oriented mutual funds at 10%.
Finance Minister Arun Jaitley while presenting Budget 2018 announced world largest government-funded national health scheme which will cover around 50 crore people of the country with Rs 5 lakh cover per family. “Our government has worked sincerely for various reforms without keeping the political angle in mind. My government is committed to the welfare of the fares. Agriculture is an enterprise and encouraging farmers to earn more,” Finance Minister Arun Jaitley said.
FM Arun Jaitley also announced comprehensive healthcare scheme with maternal and child services, free essential drugs and diagnostics. He allocates Rs 12 crore for this flagship programme, Rs 600 crore nutritional support to TB patients and one govt medical college for every 3 parliamentary constituencies by upgrading 24 district-level colleges.