Budget 2018 - What's in it for Women
Our Finance Minister Mr.Arun Jaitley recently presented the Union Budget 2018. As we all know that a budget covers a wide spectrum of things but I will list down things which would impact Women.
So, here are Mr. Jaitley's top moves some of which are direct winners , some indirect and we also have few losers from a Women's perspective.
1. Employee Provident Fund contribution for women employees reduced from 12% to 8% for a period of 3 years with no change in employer's contribution. This will result in more in hand salary.
2. This EPF reduction contribution will also incentivize employers to hire women.
3. The budget will target lending of 3 lakh crore under Mudra Yojana as a huge percentage as much as 76% of loan accounts are those of women.
4. Plans to also increase loan to self help women groups by as much as 37%.
5. Free gas connections for women will increase from the current 5 crore to 8 crore connections under the Ujjwala Yojana.
6. 1.26 crore accounts opened under Sukanya Samriddhi Scheme.
1. 4 crore poor people will get power connections. This will result in more people moving from rural to semi urban condition.
2. Under Swach Bharat Mission, govt plans to construct 2 crore toilets. This will ensure safety and cleanliness.
3. Outlay on health, education and social protection will be 1.38 lakh crore. Tribal students to get Ekalavya Residential School in each tribal block by 2022. Welfare fund for SCs gets a boost. This will open doors to tribal kids towards education which is overall beneficial for the economy.
4. World's largest Health Protection Scheme covering over 10 crore poor and vulnerable families launched with a family limit up to 5 lakh rupees for secondary and tertiary treatment. This will ensure even the less fortunate people are entitled to proper medical services.
1. Custom duty increased on mobile phones as a move to boost "Make in India". Resulting in increasing the cost of mobile phones.
2. Customs duty on crude edible vegetable oil hiked from 12.5% to 30% and on refined edible vegetable oil from 20% to 35%. Resulting in increased cost of the vegetable oils we use for daily cooking.
3. Customs duty on sunglasses, toys and select furniture hiked. Be selective of the toys and furniture you wished to purchase due to price hike.
4. Customs duty on imitation jewellery hiked from 15% to 20% and doubled on all watches, wearable devices and footwear to 20%. Recalculate your budget if you have allocated any amount towards imitation jewellery, watches, footwear as they will now come to you at an increased price.
5. Import duty on LCD/LED/OLED panels, parts of TVs hiked to 15%. If you had plans to buy a new TV then be prepared to shell out a few extra bucks.