Interim Budget 2019 Highlights: No tax for income below 5 lakh; higher allocation for MNREGA; yearly deposit in small farmers’ accounts

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Interim Finance Minister Piyush Goyal on Friday presented ‘Interim Budget 2019‘ ahead of Lok Sabha 2019. Goyal keeping in mind the Polls announced massive sops for all classes including Farmers, taxpayers, youths, etc.  Finance Minister made some massive announcements including raising tax rebate up to 5 lakhs income, Rs 6,000 to Farmers yearly to double their income by 2022, and others.

Here are all the highlights of Interim Budget presented by Piyush Goyal in the absence of Arun Jaitley.

INTERIM BUDGET 2019 HIGHLIGHTS 

Starting his Budget Speech, Goyal while acknowledging Arun Jaitley’s absence, he kicked off his Budget Speech with an announcement on reforms of Banking Sector. The inflation has been controlled, said FM Piyush Goyal while mentioning that December 2018 Inflation rate at 2.19 %. He said Fiscal Deficit has been brought down and FDI policies revised.

He said the Union Government has achieved 98% rural sanitation coverage and over 5,45,000 have been declared Open Defecation Free while backing Modi government on Swwachh Bharat Abhiyan.

‘As a tribute to Mahatma Gandhi, world’s largest behavioural change movement Swachh Bharat initiated; more than 98% rural sanitation coverage has been achieved; more than 5.45 lakh villages declared ODF’ FM Piyush Goyal added.

FOR POORS:

Piyush Goyal asserted that in the last 5 years, the government have undertaken targeted expenditure to improve living conditions. Prime Minister Gram Sadak Yojana construction of rural roads has been tripled, said Goyal while hailing his Centre government.

He said: Under the Saubhagay Yojana, by March 2019 every household will get an electricity connection. 143 cr LED bulb distribution led to Rs 50k saving on electricity bill of households.

HEALTHCARE:

Speaking about the health sector, Piyush Goyal applauded Centre for ‘AYUSHMAN’ Bharat Yojana. He added, ‘Till now 10 lakh sick people have got treatment under this scheme’. He also announced 22nd AIIMS in Haryana. Currently, 21 AIIMS have been established while out of which 14 have started established under this Government.

AGRICULTURE, ANIMAL HUSBANDRY AND FISHERIES

Piyush Goyal announced a new scheme in the agriculture sector to push the rural development which will entail payment of ₹6,000 annually to each of the 12 crore marginal farmers in the country. The scheme named – PM KISAN, Pradhan Mantri Kisan Samman Nidhi will involve an annual outlay of ₹75,000 crore, Finance Minister Piyush Goyal said while presenting the interim Budget in the Lok Sabha on Friday. Those farmers who have up to two hectares of land will be eligible to get benefit from the new scheme.

The payment of ₹6,000 will be paid directly in the bank accounts of the marginal farmers, he said. It will be provided in three equal instalments of ₹2,000 each, with effect from December 1, 2018, Goyal said. He added, ‘The farmers affected by natural calamities would be provided with an interest subvention of 2 per cent’.

Finance Minister also announced to create separate Department for Fisheries. Goyal said Animal and Husbandry Fisheries sector needs support has been increased under Rashtriya Gokul Mission. The Rashtriya Kamdhenu Aayog to upgrade the genetic quality of cows, implementation of laws for cows.

SOCIAL SECURITY

Piyush Goyal announced that government proposes to launch Pradhan Mantri Shram Yogi Maan Dhan for the unorganised sector workers those with a monthly income of  15,000. The scheme will ensure monthly pension of Rs 3000 after retirement.

Under the scheme, the centre assures pension of  3,000 per month after 60 years of age in lieu of a minimum monthly payment between  55 to  100 depending on the age of joining the scheme.

WOMEN DEVELOPMENT

Piyush Goyal speaking about the women development applauded Ujjwala Yojana. Goyal said his Government has till now distributed 6 crore LPG connections and government is looking to disbursed 2crore more in next year. Finance Minister asserted More than 7,000 beneficiaries of PM Mudra Yojana are women. 15.56 crore loans of 7.23 lakh crore disbursed under MUDRA Yojana.

Benefits of maternity leave of 26 weeks have provided support to women, added FM in his Budget Speech.

EMPLOYMENT 

Hailing the startup culture in the nation, Piyush Goyal said, ‘Now the Job-seekers have become job-creators’ as India is the second largest Hub of Startups. DIPP to be renamed to Department for  Promotion of Industries and Internal Trade. Govt projects now have to source 25% of requirements from SMEs.

He also said that MNREGA allocation has been set at 60,000 crore to create more employment.

DEFENCE

The government allocated 3 lakh crore for Defence Sector. He added additional Budgets will be provided if needed for Border Security. Piyush speaking about the sector said, ‘We implemented the One Rank One Pension scheme for our soldiers, pending for last 40 years. Under OROP, around Rs. 35k crore has been disbursed’.

TRANSPORT AND INFRASTRUCTURE

Piyush Goyal also said that Government has proposed to increase the allocation to North-East by 21%. ‘Allocation for the northeastern region has been proposed to be increased to Rs 58,166 crore in this year, it will be a 21% rise over the previous year’ minister said in Lok Sabha.

Minister added that Railways have experienced the safest year. ‘Today there is not a single unmanned railway crossing on the broad gauge in India’ he added while presenting Interim Budget 2019. He also made several announcements in Railways.

  • Capital support for railways proposed at  64,500 crores. Railways operating ratio pegged at 95% in Budget Estimate 2019-20.
  • Govt to introduce container cargo movement to the Northeast.
  • Vande Bharat Express will provide speed, service and safety to citizens and will give a boost to Make in India.
  • Indian Customs is implementing full digitization of Exim transactions and leveraging RFID for logistics.

ENERGY SECTOR

The government has formed a committee to look into measures to lower import bill. He said ‘An urgent action is needed to increase hydrocarbon production to decrease imports’.

EDUCATION

The Centre Friday earmarked Rs 93,847.64 crore for the education sector for 2019-20, an increase of over 10 per cent from last budget allocation. While Rs 37,461.01 crore has been allocated for higher education, an amount of Rs 56,386.63 crore has been earmarked for school education.

Goyal also proposed the setting up of two new full-fledged ‘Schools of Planning and Architecture’ (SPA) to be selected on challenge mode. Additionally, 18 new SPAs would be established in the IITs and NITs as autonomous schools, also on challenge mode, he said.

Last year, then finance minister Arun Jaitley had allocated Rs 85,010 crore for the education sector.

DIGITAL INDIA

Finance Minister announced one lakh Digital Villages in the next five years. He asserted that mobile and part makers from 2 to 268 in the last 5 years, hence generating Jobs in the nation. He said Data Consumption in India got nearly doubled.

ENTERTAINMENT AND FILM INDUSTRY

‘A single window clearance for filmmaking to be made available to filmmakers, anti-camcording provision to also to be introduced to Cinematography Act to fight piracy’ said Finance Minister Piyush Goyal said.

Earlier single window clearance was only available to foreign filmmakers.

INCOME TAX

Goyal announced full tax rebate for income up to Rs 5 lakh in Budget 2019. So, those with income up to Rs 5 lakh and another Rs 1.5 lakh in investments totalling Rs 6.5 lakh will have to pay no tax. Will benefit nearly 3 crore middle-class income earners. Finance Minister also raised Standard Deduction from 40,000 to 50,000.

Finance Minister also raised the TDS Threshold from Rs 10,000 to Rs 40,000. TDS threshold on rental income raised from Rs 1.8 lakh to Rs 2.4 lakh. ‘When an individual sells a residential property he will be now eligible for exemption under Section 54 for 2 properties bought. Benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved till the end of 2019-2020’, The Minister added while presenting the interim Budget months before Lok Sabha Polls 2019.

GST

Hailing his government on GST, Piyush Goyal said, ‘GST is probably the biggest taxation reform implemented since Independence; with tax consolidation, India became one common market; inter-state movements became faster through e-way bills, improving Ease of Doing Business’.

He added, ‘GST has been continuously reduced resulting in relief of Rs 80,000 crore rupees to the consumers; Most items of daily use are now in the 0%-5% tax bracket’.

Businesses with less than Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns. FM also announced that Government abolished import duties on 36 capital goods.

VISION STATEMENT

Interim Finance Minister Piyush Goyal also presented 10 point vision that will guide the government in Vision 2030 across 10 dimensions. Ten Points Visions include:

  • 1. To build next-gen infrastructure – physical as well as social – for a 10 trillion dollar economy and to provide Ease of living.
  • 2. To build a Digital India that reaches every citizen, our youth will lead us in this, by creating innumerable startups and jobs.
  • 3. Clean and Green India – an India that drives electric vehicles, with renewables becoming a major source of energy, bringing down import dependence and increasing energy security for our people.
  • 4. Expanding rural industrialization using modern industrial technologies, based on Make in India approach, using grassroots MSMEs and startups across the country.
  • 5. Clean Rivers – with safe drinking water to all Indians, sustaining and nourishing life, using micro-irrigation techniques; long coastline can be pivotal for the economy, using the strength of the blue economy and SagarMala
  • 6. Oceans and coastlines are the sixth dimensions of our vision for 2030.
  • 7. India becoming launchpad of the world, placing an Indian astronaut in space by 2022
  • 8. Self-sufficiency in food and improving agricultural productivity with an emphasis on organic food
  • 9. Healthy India – healthcare infra and wellness system
  • 10. Proactive & responsible bureaucracy.

Finance Minister in his concluding remarks said ‘This is not the Interim Budget’ rather it is a Vehicle for Nation’s Development. Finance Minister moved Finance Bill 2019 that was passed with majority ‘Ayes’.

Lok Sabha Speaker Sumitra Mahajan said ‘Ayes’ have it which House was adjourned till Monday.

ALSO READ: Interim Budget 2019: Massive sops for Farmers; Piyush Goyal announces PM KISAN Yojana to give ₹6000 annually

 

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