Finance Minister Arun Jaitley presented the Union Budget 2018 in Parliament on February 1, 2018, the last full budget of the Narendra Modi government before the 2019 Lok elections Sabha. Jaitley's budget allocated billions of dollars for rural infrastructure and unveiled a health insurance program for around 500 million poor people. Jaitley said: “We pledged to the people of India to give this nation an honest, clean and transparent government. We promised leadership that could take tough decisions and restore strong performance to the Indian economy. We promised to reduce poverty, accelerate infrastructure creation and build a new, strong and confident India. When our government came to power, India was considered among the five fragile countries; a nation suffering from political paralysis and corruption. We have resolutely reversed this trend. The government, led by Prime Minister Shri Narendra Modi, has successfully implemented a series of fundamental structural reforms. With this result, India stands out among the fastest growing economies in the world. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay The journey of economic reforms over the past few years has been difficult but rewarding. Thanks to the reforms undertaken by the government, FDI has increased. The measures taken by the government have made doing business in India much easier. Natural resources are now allocated transparently and honestly. There is a premium on honesty. There was a time when corruption was rife. Today, our people, especially our youth, are curious to live their lives honestly. The indirect taxation system, with the introduction of the goods and services tax, has been simplified. Benefits for the poor have been targeted more effectively through the use of digital technology. Demonetization of high value currencies has reduced the volume of liquid currency and its circulation in India. This has increased the tax base and spurred greater digitalization of the economy. The Insolvency and Bankruptcy Code (IBC) has changed the lender-debtor relationship. Recapitalized banks will now have greater capacity to support growth. All these structural reforms in the medium to long term will help the Indian economy experience stronger growth for a long time. The Indian economy has performed very well since our government came to power in May 2014. India achieved an average growth of 7.5% in the first three years of our government. India's economy is now worth $2.5 trillion, the seventh largest in the world. India is expected to become the fifth largest economy in the world very soon. Based on purchasing power parity (PPP), we are already the third largest economy in the world. Indian society, politics and economy have demonstrated remarkable resilience in adapting to structural reforms. GDP growth at 6.3% in the second quarter signaled a recovery in the economy. We expect growth of 7.2% to 7.5% in the second half. The IMF, in its latest update, projects that India will grow at 7.4% next year. The manufacturing sector is back on the path to good growth. Services, the pillar of our growth, have also resumed their high growth rates of more than 8%. Our exports are expected to grow by 15% in 2017-2018. We are now firmly on track to achieve high growth of over 8%. We have launched programs aimed at directing the benefits of structural changes and good growth to farmers, the poor and other vulnerable sections of our society and uplifting underdeveloped regions. This year's budget will consolidate these gains and will particularly focus on strengthening agriculture and the rural economy, providing quality healthcare to the economically less privileged, caring for the elderly, creating infrastructure and collaboration with states to provide more resources to improve the quality of education. in the country. Prime Minister Shri Narendra Modi has always emphasized the importance of good governance. He articulated the vision of “MinimumGovernment and Maximum Governance”. This vision has inspired government agencies to carry out hundreds of reforms to policies, rules and procedures. This transformation is reflected in India's ranking improving by 42 places over the last three years in the World Bank's 'Ease of Doing Business' rankings, with India entering the top 100 for the first time I would like to congratulate everyone who worked to achieve this. Today, our government has taken the ease of doing business further by emphasizing “ease of living” for the common men of this country, especially those belonging to the poor and middle classes. the company. Good governance also aims to minimize government interference in the lives of ordinary citizens of the country. The government is providing free LPG connections to the poor of this country through Ujjwala Yojana. Under Saubhagya Yojna, 4 crore households are getting electricity connections. More than 800 medicines are sold at lower prices in more than 3,000 Jan Aushadhi centers. Stent costs were controlled. A special program for free dialysis for the poor was launched. People belonging to the poor and middle classes also benefit from great relief in interest rates on housing schemes. Efforts are being made to provide all government services, whether it is bus or train tickets or individual certificates online. These include passports which can be delivered at home in two or three days or business registration in one day and these facilities have benefited a large part of our country. Attestation of certificate is not obligatory; interviews for appointment to Group C and D positions have been abolished. These measures have allowed our young people to save time and money. Our government, using modern technology, is committed to providing relief to those suffering due to rigid rules and regulations. While undertaking these reforms and programs, we have worked sincerely and without hesitation. political costs. Our government has ensured that benefits reach eligible beneficiaries and are paid directly to them. Many services and benefits are offered to people at their doorstep or in their accounts. This reduced corruption and delivery costs and eliminated middlemen in the process. India's direct benefit transfer mechanism is the largest exercise of its kind in the world and is a global success story. Fund allocation by sector and budget sharing: Keep in mind: this is just a sample. Get a personalized document from our expert writers now. Get a personalized essay1. Defense: In the previous budget for 2017-18, the funds allocated to the defense sector stood at INR 267,000 crore and the defense sector shared 12% of the total value of the 2017-18 budget. In the current budget.