Arun Jaitley Full Speech - In Hindi
Arun Jaitley Full Speech - In English
Important Points In this budget - Click Here
Showing posts with label BANKING AWARENESS. Show all posts
Showing posts with label BANKING AWARENESS. Show all posts
Friday, 2 February 2018
Budget 2018 Special Material In PDF Download
Arun Jaitley Full Speech - In Hindi
Arun Jaitley Full Speech - In English
Important Points In this budget - Click Here
Thursday, 1 February 2018
Union Budget 2018-19: Analysis
Union Budget 2018-19:
Will you be appearing for Banking, Insurance and other Government Job Examinations in 2018? Then to score in General Awareness section it is very important for you to get updates on The Union Budget 2018-19. This will be the last full Union Budget to be presented by Finance Minister Arun Jaitley in the session of Parliament and it will be unlike his previous four such exercises because of the complete overhaul of the indirect tax regime affected by implementing the Goods and Services Tax (GST) last year.
Candidates who will be appearing for Syndicate Bank PO, Canara Bank PO, SBI Clerk 2018 Exams and all other Competitive Exam should carefully read the Budget Analysis because there is a high possibility that you might face questions from this year's Union Budget in the General Awareness Section. The highlights and analysis of budget are not only important for exam point of view but also this can help you to prepare for the interview of this year's government job recruitment process.
The Budget, to be the last for this government in view of the general elections due in the first half of 2019, may have two main components: The first part deals with new schemes and outlays for various existing schemes and sectors for the coming fiscal, while the second contains announcements on direct and indirect taxes. With the implementation of single tax regime GST, this year's budget is believed to take into account only those items that still remain outside the purview of GST. It is highly expected that 2018-19 budget could contain changes in customs and excise duties on these remaining products, which for most others have been subsumed under GST. For the rest, you'll have to watch this space for the review of Union Budget 2018-19.
We will be covering The Union Budget from Examination's Point of View to help you remember all the important points in a simple and easy manner.
Budget 2018 Takeaways-
Budget 2018 Takeaways-
- As per the FM in the Union Budget, India is expected to become the fifth largest economy very soon.
- The Growth rate is expected between 7.2-7.5% in the second half of 2017-18.
- Exports are expected to grow 15% in 2018.
- As per the FM, India is a Rs2.5 trillion economy.
- MSP to increase at least 1.5 times that of production cost.
- Minimum Support Price (MSP) of all crops shall increase to at least 1.5 times that of the production cost.
- The government will set up a fund of Rs 2,000 crore for developing agricultural markets.
- Our focus is on productive and gainful on-farm and non-farm employment for farmers and landless families, says Jaitley.
- MSP for Kharif cost will be 1.5 times the cost of production.
- As per the FM, APMCs will be linked with ENAM.
- The government will develop 22,000 Gramin agricultural markets.
- The cluster-model approach will be adopted for agricultural production.
- Allocation in food production sector doubled to Rs 1400 crore.
- Minimum Support Price shall be increased by 1.5 times. Operation Green will be launched for agriculture and the Minister allocates Rs500 crore for this.
- Agricultural corpus worth Rs 2000 crore will be set up. 470 APMCs have been connected to eNAM network, the rest to be connected by March 2018.
- A fund for the fishery, aquaculture development and animal husbandry will be set up with a total corpus to be Rs 10,000 crore. We will also allocate Rs 1290 crore for a bamboo mission, as it is green gold.
- In all, we are providing Rs 10 lakh crore to Rs 11 lakh crore as credit for agricultural activities.
- Jaitley proposes to increase the target of providing free LPG connections to 8 crore to poor women.
- Ujjwala Yojana, the free LPG connection scheme expanded to eight crore households.
- Six crore toilets have been built already, and in the next year, two crore additional toilets will be constructed.
- The government will provide 4 crore electricity connections to the poor under Saubhagya Yojana.
- Kisan credit card to be extended to fisheries,animal husbandry farmers.
- The government will establish a dedicated affordable housing fund.
- Loans to self-help groups will increase to Rs75,000 crore.
- Govt. allocated Rs5,750 crore to National Livelihood Mission and Rs2,600 crore to the groundwater irrigation scheme.
- Ayushman Bharat program discussed.
- Eklavya schools for tribal children.
- 24 new government medical colleges.
- Government is implementing a comprehensive social security scheme.
- Govt. will initiate an integrated B-Ed programme for teachers.
- Government proposes to launch the Revitalising of Infrastructure and Systems of Education (RISE) by next year.
- Govt. proposed to set up two new full-fledged schools of planning and architecture.
- 18 new schools of planning and architecture will be set up in the IITs and NITs.
- Rs. 1 lakh crore over 4 years for initiative for Infrastructure Devt. in education.
- 2 major initiatives as part of Ayushman Bharat program.
- Eklavya schools to be open for tribal children.
- National health protection scheme to cover 10 cr poor families. Health cover of up to 5 lakh per family per year for poor & vulnerable. National health protection scheme to benefit 50 crore people.
- 24 new govt medical college & hospitals.
- Rs. 600 crore for nutritional support to all TB patients.
- Rs. 1200 crore for health and wellness centres.
- Loans to women self-help groups of women to be increased to 75,000 cr by March 19.
- Govt. is launching a new national health protection scheme – Rashtriya Samaj Beema Yojana. This will have 50 crore beneficiaries and 10 crore families will get 5 lakh per year for their families to cover secondary and tertiary hospital expenses. This is the world's largest government-funded healthcare program.
- A Rs 600 crore corpus is being set up to help Tuberculosis patients. This will build a new India in 2022 and enhance productivity and will also generate lakhs of jobs for women.
- PM Jeevan Beema Yojana benefitted more than 2 crore families.
- Jan Dhan Yojana will be extended to all 60 crore bank accounts.
- The government increased allocation for SC-ST earmarked programmes: Rs 56,000 crore for SCs and Rs 39,000 crore for STs.
- By 2022, every block with more than 50% ST population and at least 20,000 tribal people will have 'Ekalavya' school at par with Navodaya Vidyalas.
- The government will announce measures to address non-performing assets of MSMEs.
- As per the FM, Rs. 3 lakh crore for lending under is being allocated in FY 19 for PM's MUDRA Yojana.
- Smart city Mission and AMRUT discussed.
- Smart city command control centre discussed.
- Govt to contribute 12% of wages of new employees to EPF for 3 yrs.
- Rs. 7148 crore allocation for the textile sector.
- Govt. will launch a scheme for Galvanising Organic Bio-Agro Resources Dhan (GOBARDHAN).
- Under the Smart City mission, 99 cities selected with the outlay of Rs. 2.04 lakh crores.
- EPF contribution has been reduced to 8% for the first 3 years of employment and 12% government contribution to EPF in sectors employing a large number of people, however, there will be no changes in employer contribution.
- 10 tourist cities to be developed into iconic tourist destinations.
- 600 railway stations to be redeveloped.
- Over 3600 km railway track renovation targeted in the current year.
- Scheme for revitalizing school infrastructure, with an allocation of 1 lakh crore rupees over four years. Called RISE - Revitalizing Infrastructure in School Education.
- The Bharatmala project has been approved and we are confident of completing 9000 km of highway construction.
- In Railways, 18,000 kms of doubling of tracks would eliminate capacity constraints.
- We are moving towards optimum electrification of the railway. Over 3,600 km of track renewal is being targeted in 2018-19.
- 150 km additional suburban railway network at the cost ofRs. 40,000 cr.
- Regional air connectivity scheme shall connect 56 unserved airports.
- Airport capacity to be hiked to handle 1 billion trips per year.
- Training for 50 lakh youth by 2020.
- Govt. to eliminate over 4,267 unmanned level crossings in the next two years.
- All railway stations and trains will have WiFi and 150 kilometres of additional suburban corridors in being planned.
- Rs. 17,000 crore is being set aside for Bengaluru Metro.
- UDAN will connect 56 unserved airports and 36 unserved heliports.
- Rs 11,000 crore is being allocated for Mumbai Suburban Railways.
- 5 lakh WiFi spots to be installed for benefit of 5 crore rural citizens.
- As per the FM, The Airport Authority of India has 124 airports.
- The government announced AMRUT program to focus on water supply to all households in 500 cities. Water supply contracts for 494 projects worth 19,428 core will be awarded.
- Proposal for railway university in Vadodara.
- Niti Aayog to establish a national program to direct efforts in artificial intelligence.
- Department of Science will launch a national program for cyberspace.
- Allocation of Digital India has been doubled and the government proposes to set up 5 lakh WiFi hotspots.
- Government does not consider cryptocurrency as legal tender and will work towards eliminating illicit transactions going on through crypto assets.
- Disinvestment target of Rs. 80,000 crore for 2018-19.
- Bank recap to help banks lend additional Rs. 5 lakh crores.
- 24 Public Sector Units to be divested.
- The government will involve a scheme to assign every enterprise a unique ID just like Aadhaar.
- The Department of Investment and Public Asset Management will come up with debt Exchange Traded Fund.
- Gold monetisation scheme to be revamped.
- Govt revised fiscal deficit for 2017-18 was Rs 5.95 lakh crore or 3.5% of GDP. Jaitley projects deficit of 3.3% of GDP next fiscal.
- National Logistics Portal as a single online window will link all stakeholders, to be developed by Department of Commerce.
- Government insurance companies to be merged into a single entity, and subsequently listed in the stock exchange, as part of the disinvestment programme.
- Target for 2017-18 has been exceeded and will reach Rs 1 lakh crores.
- Salaries of President, VP and Governors will be increased. Rs. 5 lakh for President, Rs 4.0 lakh for VP and Rs 3.5 lakh for governors. Salaries of Members of Parliament will also be raised.
- A new law will be introduced that will automatically revise MPs' emoluments every five years, indexed to inflation.
- Govt. announced a Rs 150 crore fund to celebrate the 150th anniversary of Mahatma Gandhi.
- Rs 11,000 crores will be allocated to Mumbai rail network.
- GST revenue for only 11 months, instead of the usual 12 months, is 21.5 lakh crore.
- Tax buoyancy for 2017-18 is at 2.11%.
- Number of tax payers has increased from 6.47 lakh crores to 8.27 lakh crores.
- Government to set up two industrial defence industrial development corridors in 2018-19.
- 100% tax deduction for farmer production firms with 100 cr turnover.
- 100% tax deduction for the first five years to companies registered as farmer producer companies with a turnover of Rs 100 crore and above.
- 12.6% growth in direct taxes in 2017-18.
- 18.7% growth in indirect taxes in 2017-18.
- Employment-based tax incentives will be extended to footwear and leather industry.
- The benefits of corporate tax by bringing down the tax rate to 25% for firms that reported turnover up to Rs 250 crores.
- No change in income tax slabs has been announced by the FM Jaitley, but assesses can avail of a standard deduction of Rs40,000.
IMPORTANT ABBREVIATIONS IN ECONOMIC SURVEY 2018 – 2019
Dear Aspirants,
Economic Survey is presented by the Department of Economic Affairs, Ministry of Finance every year before the Union Budget is released. The Economic Survey is the Annual Economic Development of the Country from the Finance Ministry’s view. This Economic Survey of India charts down the development programs which are vital to the country and the policy initiatives of the government and also the prospects of the economy in medium or small term.
The Economic Survey is presented in both the houses of the Parliament during the budget session. The Budget will be released in the forthcoming days and we will also update the Budget Highlights in our website soon.
Since many abbrevations are asked in the IBPS CLERK MAINS EXAM and also in the recently held south Indian bank Clerk Exam , we thought of providing the important Abbreviations which are mentioned in the Economic Survey 2017 – 2018. This will be a total list of the important abbreviations from the Economic Survey 2017 – 2018.
- 3MMA 3 Month Moving Average
- AAY Antyodaya Anna Yojana
- ARM Additional Resource Mobilization
- ASEAN Association of South East Asian Nations
- ASER Annual Status of Education Report
- AT&C Aggregate Technical and Commercial
- BCM Billion Cubic Meter
- BE Budget Estimates
- BPCL Bharat Petroleum Corporation Limited
- BRICS Brazil, Russia, India, China and South Africa
- CAA&A Controller of Aid Accounts and Audit
- CAD Current Account Deficit
- CAG Comptroller and Auditor General of India
- CAGR Compound Annual Growth Rate
- CBR Cultivated Biological Resources
- CFPI Consumer Food Price Index
- CGA Controller General of Accounts
- CGST Central Goods and Services Tax
- CIC Currency in Circulation
- CIRP Corporate Insolvency Resolution Process
- CLSS Credit Linked Subsidy Scheme
- CoC Committee of Creditors
- COP Conference of Parties
- CPI Consumer Price Index
- CPI (AL) Consumer Price Index (Agricultural Labourers)
- CPI (C) Consumer Price Index (Combined)
- CPI (IW) Consumer Price Index (Industrial Workers)
- CPI (RL) Consumer Price Index (Rural Labourers)
- CRAR Capital to Risk-weighted Asset Ratio
- CSA Climate Smart Agriculture
- CSO Central Statistics Office
- CTA Customs Tariff Act
- CV Coefficient of Variation
- CwP Currency with Public
- DALYs Disability Adjusted Life Years
- DARE Department of Agricultural Research and Education
- DBT Direct Benefit Transfer
- DBTL Direct Benefit Transfer of LPG
- DDA Doha Development Agenda
- DGCI&S Directorate General of Commercial Intelligence and Statistics
- DGFT Directorate General of Foreign Trade
- DIPAM Department of Investment and public Asset Management
- DIPP Department of Industrial Policy and Promotion
- DISCOMS Distribution Companies
- DSIR Department of Scientific & Industrial Research
- DTA Domestic Tariff Area
- EBRD European Bank for Reconstruction and Development
- EFTA European Free Trade Association
- EIB European Investment Bank
- e-NAM Electronic National Agriculture Market
- EPCG Export Promotion on Capital Goods
- ER&D Engineering R&D
- ETF Exchange Traded Fund
- EU European Union
- EWRs Elected Women Representatives
- FAO Food & Agriculture Organisation
- FC Financial Creditor
- FCI Food Corporation of India
- FDI Foreign Direct Investment
- FEEs Foreign Exchange Earnings
- FFPI FAO Food Price Index
- FII Foreign Institutional Investor
- FIPB Foreign Investment Promotion Board
- FTAs Foreign Tourist Arrivals
- FTP Foreign Trade Policy
- FY Financial Year
- GCA Gross Cropped Area
- GCC Gulf Cooperation Council
- GCCA Grants for creation of capital assets
- GCF Gross Capital Formation
- GDP Gross Domestic Product
- GFCE Government Final Consumption Expenditure
- GFCF Gross Fixed Capital Formation
- GII Global Innovation Index
- GNI Gross National Income
- GNPA Gross Non-Performing Advances
- GPI Gender Parity Index
- GSDP Gross State Domestic Product
- GST Goods and Services Tax
- GSVA Gross State Value Added
- GT Gross Tonnage
- GVA Gross Value Added
- GW Gigawatt
- HFCs Housing Finance Companies
- HFCs Hydrofluorocarbons
- HPCL Hindustan Petroleum Corporation Limited
- HPI Housing Price Index
- HYVs High Yielding Varieties
- IBC Insolvency and Bankruptcy Code
- ICAR Indian Council of Agricultural Research
- IGS The International Ground Station
- IGST Integrated Goods and Services Tax
- IMF International Monetary Fund
- IPO Indian Patent Office
- IPP Intellectual Property Products
- IPR Intellectual Property Rights
- IPU Inter-Parliamentary Union
- IRS Indian Remote Sensing
- ISS Interest Subvention Scheme
- IT-BPM Information Technology – Business Process Management
- ITC Input Tax Credit
- KCC Kisan Credit Card
- KWh Kilowatt Hour
- LAF Liquidity Adjustment Facility
- LEB Life Expectancy at Birth
- LED Light-Emitting Diode
- LEO Low Earth Orbit
- LFPR Labour Force Participation Rate
- LIC Life Insurance Corporation of India
- LPG Liquefied Petroleum Gas
- LPI Logistics Performance Index
- M/o DWS Ministry of Drinking Water & Sanitation
- M/o H&FW Ministry of Health & Family Welfare
- M/oPR Ministry of Panchayati Raj
- M0 Reserve Money
- M3 Broad money
- MC11 Eleventh Ministerial Conference
- MDGs Millennium Development Goals
- MEIS Merchandise Exports from India Scheme
- MEP Minimum Export Price
- MIG Middle Income Group
- MIP Minimum Import Price
- MLAs Member of Legislative Assemblies
- MMR Maternal Mortality Ratio
- MMT Million Metric Tonne
- MMTPA Million Metric Tonnes Per Annum
- MNEs Manufacturing Multinational Enterprises
- MoEFCC Ministry of Environment, Forest and Climate Change
- MPC Monetary Policy Committee
- MSF Marginal Standing Facility
- MSME Micro, Small & Medium Enterprises
- MSP Minimum Support Price
- MSS Market Stabilisation Scheme
- MT Metric Tonne
- MW Megawatt
- NABARD National Bank for Agriculture and Rural Development
- NAREDCO National Real Estate Development Council
- NAS National Accounts Statistics
- NBFC Non-Banking Financial Company
- NBFCs Non-Banking Financial Companies
- NCDs Non-Convertible Debentures
- NCLT National Company Law Tribunal
- NCT National Capital Territory
- NCW National Commission for Women
- NDTL Net Demand and Time Liabilities
- NFC Non Food Credit
- NFSA National Food Security Act
- NHA National Health Accounts
- NHB National Housing Bank
- NHDP National Highways Development Project
- NICRA National Innovations on Climate Resilient Agriculture
- NITI National Institution for Transforming India
- NPAs Non-Performing Assets
- NSDC National Skill Development Council
- NSSO National Sample Survey Office
- ODF Open Defecation Free
- OMSS Open Market Sale Scheme
- OoPE Out of Pocket Expenditure
- P2P Peer to Peer
- PA Provisional Actuals
- PDS Public Distribution System
- PE Private Equity
- PFCE Private Final Consumption Expenditure
- PL Personal Loan
- PMAY Pradhan Mantri Awas Yojana
- PMFBY Pradhan Mantri Fasal Bima Yojana
- PMI Purchasing Manager’s Index
- PMKSY Pradhan Mantri Krishi Sinchayee Yojana
- POL Petroleum Oil and Lubricants
- PoS Point of Sale
- PPI Producer Price Index
- PRIs Panchayati Raj Institutions
- PSB Public Sector Bank
- PSBs Public Sector Banks
- PSE Public Sector Enterprise
- PSF Price Stabilization Fund
- PTR Pupil Teacher Ratio
- PVB Private Sector Bank
- QFI Qualified Foreign Investor
- R&D Research and Development
- RBI Reserve Bank of India
- RE Revised Estimates
- REITs Real Estate Investment Trusts
- RGI Registrar General of India
- RMSA Rashtriya Madhyamik Shiksha Abhiyan
- RoA Return on Assets
- RoE Return on Equity
- RRBs Regional Rural Banks
- RRR Reverse Repo Rate
- RSA Restructured Standard Advances
- RTE Right to Education
- SA Stressed Advances
- SBM(G) Swachh Bharat Mission (Gramin)
- SCB Scheduled Commercial Bank
- SDG Sustainable Development Goal
- SDGs Sustainable Development Goals
- SDR Special Drawing Rights
- SEBI Securities and Exchange Board of India
- SEIS Services Exports from India Scheme
- SGST State Goods and Services Tax
- SHG Self Help Group
- SLR Statutory Liquidity Ratio
- SRR Seed Replacement Rate
- SSA Sarva Shiksha Abhiyaan
- SUUTI Specified Undertaking for Unit Trust of India
- TAN Tax Deduction Account Number
- TB Treasury Bill
- TPDS Targeted Public Distribution System
- TRAI Telecom Regulatory Authority of India
- UDAY Ujjwal Discom Assurance Yojna
- UDISE Unified District Information System for Education
- ULBs Urban Local Bodies
- UN United Nations
- UNCTAD United Nations Conference on Trade and Development
- UNDP United Nations Development Programme
- UNESCO United Nations Educational, Scientific and Cultural Organization
- USD United States Dollar
- USGS United States Geological Survey
- UTs Union Territories
- VGF Viability Gap Funding
- VRR Varietal Replacement Rate
- WACR Weighted Average Call Rate
- WPI Wholesale Price Index
- WTO World Trade Organization
Take a short Quiz from the Abbreviations which you have studied from the list above. This will help you to benchmark your preparations in the abbreviations side. Take the Quiz and comment your scores in the comment section.
1. What is the Full form of CRAR ?
(A) Capital to Risk-weighted Asset Returns
(B) Capital to Right-weighted Asset Ratio
(C) Capital to Risk – with Assets Ratio
(D) Capital to Risk-weighted Asset Ratio
(E) Capital to Risk-weighted Appropriate Ratio
2. What is the Full form of GNI ?
(A) Gross National Income
(B) Gross Neutral Income
(C) General National Invoice
(D) Gross Near Incorporate
(E) General National Income
3. What is the Full Form of IBC ?
(A) Insolvency and Bankruptcy Code
(B) Insolvency Banking Code
(C) Indirect Banking Corporate
(D) Inherited Bank Cash
(E) Insolvency Bank Cycle
4. What is full form of SCB ?
(A) Scheduled Corporate Banks
(B) Single Concerned Banks
(C) Separate Corporate Banks
(D) Segregated Commercial Banks
(E) Scheduled Commercial Banks
5. What is the full form of CPI ?
(A) Consumer Price Index
(B) Consumer People Index
(C) Costlier Price Incentive
(D) Cost Per Index
(E) Corporate Price Incentive
6. What is the full form of FII ?
(A) First Insitutional Investigator
(B) Foreign Institutional Investor
(C) Field Investor Institutions
(D) Foreign Investor Investigation
(E) Foreign Investor Institution
7. What is the Full Form of IRR ?
(A) Investor Reusable Rate
(B) Internal Repo Rate
(C) Initial Return of Rate
(D) Internal Rate Of Return
(E) Immediate Return Rate
8. What is the full form of NFA ?
(A) No Frills Account
(B) No Fade Amounts
(C) Number of Find Amount
(D) Next Freezing Account
(E) Numbered Fixed Account
9. What is the full form of SRR ?
(A) Statutory Required Rate
(B) Seed Replacement Rate
(C) Send Recovery Rate
(D) Serial Repo Rate
(E) Serial Random Recovery
10. What is the full form of FRN ?
(A) Floating Rate Note
(B) Fixed Repo Rate
(C) Flying Reversed Rate
(D) Floating Repo Rate
(E) Finding Removed Rate
Aspirants can check the answers for the above questions from the options provided below and please comment the scores from the quiz in the link below.
1. (D)
2. (A)
3. (A)
4. (E)
5. (A)
6. (B)
7. (D)
8. (A)
9. (B)
10. (A)
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