New Delhi: Commenting on Union Budget 2018, former finance minister and Congress leader P Chidambaram said that, "FM (Arun Jaitley) fails fiscal consolidation test."

"FM fails fiscal consolidation test, this failure will have serious consequences," Chidambaram said reported PTI.

Prime Minister Narendra Modi government in the Centre on Thursday presented its last full Union Budget 2018-19 in the Parliament. Finance Minister Arun Jaitley presented the same at 11 am.

Union Budget 2018: Here are the major announcements:  

  • Providing 5 lakh rupees per family per year for medical reimbursement, under National Health Protection Scheme. This will be world's largest health protection scheme: FM

  • Govt plans to construct 2 crore more toilets under Swachh Bharat Mission: Finance Minister

  • ₹1,48,528 crore - the capital expenditure for Indian Railways for 2018-19, announces FM

  • 70 lakh new job opportunities will be created: Arun Jaitley

  • All trains to be progressively provided with WiFI, CCTV and other state-of-the-art amenities: FM

  • Cleaning of Ganga is of national importance, have sanctioned 187 projects under NAMAMI Ganga scheme: FM Jaitley

  • Salaries of President & Governors will be increased: FM Arun Jaitley

  • No changes in Income Tax slabs: FM

  • No changes in Income Tax: Arun Jaitly

  • Tax payers increased by 19.25 lakh: FM

  • Fiscal deficit estimate for 2017-18 raised to 3.5 pc of GDP as against 3.2 pc earlier; for FY19 deficit pegged at 3.3 pc as against 3 pc target: FM

  • Custom duty on mobile phones increased to 20% from 15%: FM Arun Jaitley