IMPLICATION OF UNION BUDGET

2018-19 ON HUMAN RESOURCES

Conducted By
Arindam Poddar (Roll No.16)
Suman Dutta (Roll No. 74)
Priya Karmakar (Roll No. 61)
Shroyeeta Dutta (Roll No. 67)
Madhurima Nandi (Roll No.45)
Guided By
Dr. Anupriyo Mallick
 Topic of Discussion
 Objective
 Education sector
 Skill development and job opportunities
 “Make in India” and “Skill India”
 Sector wise job creation
 Tax payers
 Conclusion
 OBJECTIVES
The objective is to acknowledge with our valuable ideas
how Union Budget (2018-19) of India effect Human
Resources.
 Impact on Education Sector
 The FM said that estimated budgetary expenditure for
2018-19 is Rs. 1.38lakh crore which was Rs. 1.22lakh crore
in 2017-18.
 Launch of a major initiative named “Revitalising
Infrastructure and Systems in Education (RISE)” by 2022
with a total investment of Rs. 100000 crore.
 Higher Education Financing Agency (HEFA) would be
suitable structured for funding this initiative.
 He said a survey of 20lakh children has been conducted,
which will help in devising a district wise strategy for
improving quality of education.
 Skill development and Job Creation

 3794 crore will provide to the MSMEs sector which can

provide 70 lakh formal jobs.
 A recent World Bank report had sent alarm bells ringing in
the country claiming that over 30% of India's population
aged between 15 and 29 years are Not in education,
employment or training. Acknowledging this problem, the
Budget has announced that the Government will set up a
model aspirational skill centre in every district of the
country under Pradhan Mantri Kaushal Kendra
Programme. He added that over 300 centres have already
been established for imparting skill training.
 The two new initiatives under the Ayushman Bharat
Programme setting up of 1.5 lakh health and wellness
centers will also generate jobs, particularly for woman.
 It is proposed to set a target of 3lakh crore for lending
under MUDRA Yojna for 2018-19. Which provide access to
institutional finance to small business unit and
entrepreneurs.
 Hoping to further boost job creation in the small sector,
FM Jaitley has announced that the govt. will contribute
12% of the wages of the new employees in the EPF for all
the sectors-instead of a select few at present for next
three years. To incentives of more women and to enable
 higher take home wages, the budgets has also proposed to
amend the EPF act to reduce women employees
contribution to 8% for the first three years of their
employment while the employer’s contribution will
continue at 12%. The facility of fixed term employment
moreover will now be extended to all sectors instead of
just apparel and footwear sector.
 There will be lot more job create I Infrastructure
Sector(Road, Air, Railway).

ROAD AIR RAILWAY

• 9000km of • 900 new aircrafts • Cap. Ex. pegged
highway in 2017- at 148528 crore
18
• proposed for • 18% annual • 160km suburban
2018-19 is growth in traffic railway network
35000km. of 17000 crore
• 124 airports,
make capacity 5
times
 Impact on Tax Payers
 Corporate tax : It reduces to 25% from 30% for the company
who earn the revenue up to 250 crore p.a. It could boost
the MSMEs sectors by growing and creating job
opportunities.
 Custom Duty : The rate of the custom duty increased by
some percentage on some particular goods so the cost of
the imported goods will increase that can help the “Make
in India” scheme.
 Income Tax : No change in income Tax slab rate. It could be
disappointing for the salary classed people. But a standard
deduction of Rs 40000 is created for transport and
medical. So HR will need to take some financial advice.
 Long term capital gain tax: It also create a disappointment
for the market, who are investing money in market for a
long period of time. Investor will have to pay 10% tax on
profit exceeding Rs. 1lakh made from the sale of share or
equity mutual fund scheme held for over 1 year.