Highlights Of Interim Budget 2019-20

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Union minister Piyush Goyal on Friday presented the Interim Budget 2019 in parliament and announced major relief for farmers and individual taxpayers.

This was the last Interim Budget of Modi’s government before the Lok Sabha elections due by May.

The key highlights of the Interim Budget 2019-20: 

Farmers

12 crore small and marginal farmers to be provided with an assured yearly income of Rs. 6000 per annum under PM-KISAN programme.

Labour

Pradhan Mantri Shram Yogi Maandhan scheme to ensure fixed monthly pension to 10 crore unorganized sector workers

Rs 3000 per month after 60 years of age with an affordable contribution of only Rs 100/55 per month

Health

22nd AIIMS to be set up in Haryana

MGNREGA

Rs. 60, 000 crore allocation for MGNREGA in BE 2019-20

Direct Tax proposals

Income upto Rs. 5 lakh exempted from Income Tax

More than Rs. 23,000 crore tax relief to 3 crore middle-class taxpayers

Standard Deduction to be raised to Rs. 50,000 from Rs. 40,000

TDS threshold to be raised from Rs. 10,000 to Rs. 40,000 on interest earned on bank/post office deposits

Existing rates of income tax to continue

Tax exempted on notional rent on a second self-occupied house

Poor and Backward Classes

25% additional seats in educational institutions to meet the 10% reservation for the poor

Targeted expenditure to bridge urban-rural divide & to improve quality of life in villages

All willing households to be provided electricity connections by March 2019

Defence

Defence budget to cross Rs 3,00,000 crore for the first time ever

Railways

Capital support of Rs.64,587 crore proposed in 2019-20 (BE) from the budget

Overall capital expenditure programme to be of Rs. 1,58,658 crore

Operating Ratio expected to improve from 98.4% in 2017-18 to 96.2% in 2018-19 (RE) and to 95% in 2019- 20 (BE)

Fiscal Programme

Fiscal deficit pegged at 3.4% of GDP for 2019-20

North East

Allocation to be increased by 21% to Rs. 58,166 crore in 2019-20 BE over 2018-19 BE

Arunachal Pradesh came on the air map recently

Meghalaya, Tripura and Mizoram came on India’s rail map for the first time

Container cargo movement through improved navigation capacity of the Brahmaputra

Vulnerable sections

A new committee under NITI Ayog to identify all the remaining De-notified nomadic and semi-nomadic tribes.

New Welfare development Board under Ministry of social justice and empowerment for development and welfare of De-notified nomadic and semi-nomadic tribes

Entertainment Industry

Indian filmmakers to get access to Single window clearance as well for ease of shooting films

Regulatory provisions to rely more on self-declaration

To introduce anti-camcording provisions in the Cinematograph Act to control piracy

MSME and Traders

2% interest subvention on an incremental loan of Rs 1 crore for GST registered SMEs

At least 3% of the 25% sourcing for the Government undertakings will be from women-owned SMEs

Renewed Focus on Internal trade; DIPP renamed to Department for Promotion of Industries and Internal trade

Digital Villages

The Government to make 1 lakh villages into Digital Villages over the next five years

Other Announcement(s)

New National Artificial Intelligence portal to support National Program on Artificial Intelligence