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.