TNPSC Thervupettagam

Highlights of Interim Budget 2019-20

February 8 , 2019 2116 days 2943 0
Budget 2019-20
  • Union Finance Minister Piyush Goyal presented an Interim Budget for 2019 in Parliament on February 01, 2019.

  • A full-fledged Budget will be presented after the House reassembles after the general election.
New Announcements
Farmers
  • 12 crore small and marginal farmers to be provided with assured yearly income of Rs. 6000 per annum under PM-KISAN SAMMAN NIDHI.

  • Outlay for Rashtriya Gokul mission increased to Rs 750 crore.
  • Rashtriya Kamdhenu Ayog to be setup for sustainable genetic up-gradation of the Cow resources.
  • New separate Department of Fisheries for welfare for 1.5 crore fishermen.
  • 2% interest subvention to Farmers for Animal husbandry and Fisheries activities; additional 3% in case of timely repayment.
  • Interest subvention of 2% during disaster will now be provided for the entire period of reschedule of loan.
  • Decision taken to increase MSP (minimum support price) by 1.5 times.
  • Government e-Marketplace – GeM to be extended to all Central Public Sector Enterprises.
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.
  • Monthly Income upto 15000.
  • Those who join in 18 years of age has to pay 55 per month till 60.
  • Those who join on or after 29 has to pay 100 per month till 60
Health
  • 22nd AIIMS to be setup in Haryana.

Rural
  • Rs 19,000 crore allocated for construction of rural roads under Gram Sadak yojana.
  • 60,000 crore allocation for MGNREGA in 2019-20.
Direct Tax
  • Income upto Rs. 5 lakh exempted from Income Tax.
  • More than Rs. 23,000 crore tax relief to 3 crore middle class taxpayers.
  • TDS threshold to be raised from Rs. 10,000 to Rs. 40,000 on interest earned on bank/post office deposits.

  • TDS threshold for deduction of tax on rent to be increased from Rs. 1,80,000 to Rs. 2,40,000.
  • Tax benefits for affordable housing extended till 31st March, 2020 under Section 80-IBA of Income Tax Act.
  • The budget also increased gratuity limit from Rs 10 lakh to Rs 30 lakh from the next fiscal.
Goods and Services Tax
  • GST collections in January 2019 has crossed Rs 1 lakh crore.

Fiscal Programme
  • Fiscal deficit pegged at 3.4% of GDP for 2019-20.
  • Target of 3% of fiscal deficit to be achieved by 2020-21.
  • Fiscal deficit brought down to 3.4% in 2018-19.
  • Total expenditure increased by over 13% to Rs.27,84,200 crore in 2019-20.
  • Capital Expenditure for 2019-20 estimated at Rs. 3,36,292 crores.
  • Centrally Sponsored Schemes (CSS) allocation increased to Rs. 3,27,679 crores in 2019-20.

  • National Education Mission allocation increased by about 20% in 2019-20.
  • Allocation for Integrated Child Development Scheme (ICDS) increased by over 18% to Rs. 27,584 crore in 2019-20.
  • Substantial increase in allocation for the Scheduled Castes and Scheduled Tribes -
  • Allocation for SCs increased by 35.6%.
  • Allocation for the STs increased by 28%.
  • Government confident of achieving the disinvestment target of 80,000 crore.
  • Focus now on debt consolidation along with fiscal deficit consolidation programme.
  • Over three lakh 38 thousand shell companies deregistered after demonetization.
Poor and Backward Classes
  • “First right on the resources of country is that of the poor”.
  • 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.
North East
  • Allocation to be increased by 21% to Rs. 58,166 crores in 2019-20.
  • 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.
Defence
  • Defence budget to cross Rs 3,00,000 crore for the first time ever.
  • Govt will provide additional funds for Defence, if needed.
  • Government disbursed 35,000 crore rupees under OROP (One Rank One Pension) scheme in the last few years.
Railways
  • Capital support of Rs.64,587 crore proposed in 2019-20 from the budget.
  • Overall capital expenditure programme to be of Rs. 1,58,658 crores.

 

Entertainment Industry
  • Indian filmmakers to get access to Single window clearance as well for ease of shooting films.
  • To introduce anti-camcording provisions in the Cinematograph Act to control piracy.
Traders
  • 2% interest subvention on loan of Rs 1 crore for registered 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 next five years.
Other Announcements
  • New National Artificial Intelligence portal to support National Program on Artificial Intelligence.
Priority sectors and 10 dimensions of Vision for India of 2030 
  • To build next-generational infrastructure
  • To build a Digital India that reaches every citizen
  • Clean and Green India
  • Expanding rural industrialization using modern industrial technologies
  • Clean Rivers - with safe drinking water to all Indians
  • Oceans and coastlines
  • India becoming launchpad of the world
  • Self-sufficiency in food and improving agricultural productivity with emphasis on organic food
  • Healthy India
  • Minimum Government Maximum Governance, with proactive, responsible and friendly bureaucracy.
Key message in the Interim Budget 2019-20
  • Moving towards realizing a ‘New India’ by 2022.
  • Clean and healthy India with universal access to toilets, water and electricity to all.
  • Ample opportunities to youth and women to fulfil their dreams.
  • An India free from terrorism, communalism, casteism, corruption and nepotism.
Vision for the next Decade
  • Foundation for India’s growth and development laid in the past 5 years.
  • Poised to become a Five Trillion Dollar Economy in the next five years.

  • Aspire to become a Ten Trillion Dollar Economy in the next 8 years thereafter.

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