Indian Government Budget 2018: Key highlights

  • MSMEs sector gets Rs 3,794 crore in the form of capital support and interest subsidy. The government will soon announce measures to address non-performing assets of MSMEs. Tax burden on MSMEs will also be reduced.

  • Mass formalization of MSME sector is happening after demonetization and GST
  • Demonetization has reduced cash in economy, promoted digital transactions.
  • Cryptocurrency investors in India have to bear in mind that the government doesn’t consider them legal tender. But they needn’t worry too much because Jaitley has only said that the government will look to eradicate their usage for illegitimate activities, nothing about investing in them
  • Government will explore the use of blockchain. Government to take all steps to eliminate use of cryptocurrencies which are being used to fund illegitimate transactions
  • 1 lakh gram panchayat have been connected to hi speed broad band. Allocates RS 10,000 cr to set up 5 lakh wi fi hotspots to provide broadband access to 5 cr rural citizens
  • Cash payment at toll plaza is being done away with. The government will introduce a toll system based on Pay as You Use module. We will also bring out an industry-friendly defence production policy.
  • Niti Aayog will establish a national program to direct efforts in artificial intelligence. The Department of Science will launch a national program for cyberspace. The allocation of Digital India has been doubled and the government proposes to set up 5 lakh WiFi hotspots.
  • Moving on to the government’s aim of increasing coverage of of Aadhaar in the country, FM Jaitley says it is now mulling a scheme for providing unique identity for every business
  • The government proposes to revamp the system of sanctioning of loans to SMEs. The information required for sanctioning the loan will be linked with GSTN and all required information can be fetched from GSTN Portal. It will help to grant the loans quickly and will help in reducing processing time.

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