Interim Budget 2019: Here’re key highlights

Bhubaneswar: The budget 2019 presented by the interim Finance Minister Piyush Goyal focused on development and making of a new India in all the sectors.

While a commission will be set up for the welfare of cows across the country, there will be no cheer for the middle class in income tax slabs.

Here’re the key highlights of the interim budget 2019

  • Fiscal deficit for the year 2019-20 is pegged at 3.3 percent. The Centre has clocked fiscal deficit at 3.4 percent but provided Rs 20,000 crore for farmer aid in this year and Rs 75,000 crore for the next year.
  • The fugitive economic offenders bill prosecute economic offenders who have taken the money and never returned them and fled the country.
  • Almost Rs 3 lakh crore has already been recovered in favour of banks and creditors, big defaulters have also not been spared by our government.
  • It’s a new era of graft-free regulation by bringing out RERA and many others. We conducted a transparent transaction of natural resources, like coal, he said.
  • 10 per cent Reservation has been brought in for economically weaker sections. The poor have the first right on government policies.
  • Centre to set up Rashtriya Kamdhenu Aayog’ for implementation of policies and schemes for the welfare of cows
  • For workers who receive grievous injuries, they will now get Rs 6 lakh from Rs 2.5 lakh through EPFO
  • For workers and labourers, Piyush Goyal says that a new pension scheme will come up to ensure an increase in centre’s contribution by four percent. The pension has been increased from Rs 3,500 to Rs 7,000
  • Mega pension scheme, namely Pradhan Mantri Shram Yogi Mandhan to provide assured monthly pension of Rs 3000/ per month, with the contribution of Rs 100/ per month for workers in unorganized sector after 60 years of age. 10 crore workers in the unorganized sector will be benefitted. This may become the world’s biggest pension scheme for unorganised sector in the coming five years.
  • 1 crore 53 lakh houses have been constructed, 143 crores LED bulbs have been distributed which will save Rs 50,000: Finance Minister
  • The defence budget for the first time has been increased from Rs 3 lakh crore and additional funds will be provided.
  • The ‘job seeker is now a job creator’. Now, government offices and factories are not the only employers. The definition of employment & self-employment is changing now. India is the hub of second largest start up, said Goyal.
  • PM Kaushal Vikas Yojana is training over 1 crore youth. More than 70 percent of the beneficiaries of the PM Mudra Yojana are women to help them set up businesses and other entrepreneurship related activities.
  • Government will set up a national centre for artificial intelligence to look into AI programmes. It will also provide two per cent loan relaxation for businesses registered as SMEs.
  • Entertainment Industry: Single window clearance for ease of shooting films which were earlier only available for foreign filmmakers will now be for Indian filmmakers as well.
  • Goyal mentions about ‘Uri-The Surgical Strike’. “Jo josh tha us mein,” he says, referring to the popular dialogue from the film ‘How’s the Josh?’ Hum sabko Bollywood ka shauk hai, says Goyal, while adding that anti-cam corder provisions to be introduced to fight piracy.
  • India is leading the world in consumption of mobile data, which has increased over 50 times in the last five years. Cost of data and calling is possibly the lowest in the world, says the minister.
  • No change in personal income tax slab. Centre reduced the tax rate – from 10% to 5% – for the tax slab of Rs. 2.5 lakhs to Rs. 5 lakh and introduced a standard deduction of Rs. 40, 0000 for the salaried class.
  • Simplification of direct tax systems will be done to make the life of direct taxpayer easy. However, he doesn’t make any major announcement and moves onto GST.
  • We are poised to become a 5 trillion dollars economy in the next 8 years, says Goyal.
  • Save Ganga is our priority. We will ensure safe drinking water through cleaning rivers, he said.
  • Benami properties act and demonetisation have brought Rs 1 lakh 30 thousand crores to tax. More than 1 crore people have paid income tax for the first time post demonetization.
  • There will be 35.6 percent increase in allocation amounting to Rs 76 thousand 809 crore for scheduled caste.
  • He says that India is poised to become a 5 trillion dollars economy in the next five years, and a 10 trillion dollar-country in the next 8 years.
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