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
