Interim Budget 2019-20: Highlights, Key announcements and boosters

Interim Budget 2019-20: Agriculture

  • Union Interim Finance Minister Piyush Goyal presented the Interim Budget 2019-20 on Feb 1, 2019.
  • has introduced the Pradhan Mantri Kisan Samman Nidhi (KISAN) scheme to Provide assured income to small and marginal farmers.
  • Under the scheme, vulnerable farmers with 2 hectors of land will get direct income support of INR 6000 per year.
  • It is expected to benefit 12 crore farmer families.

FDI $ 239 billion worth in last 5 years

  • India has received foreign direct investment (FDI) worth $ 239 billion in the last five years.
  • The main sectors that received the maximum foreign inflows were services, computer software and hardware, telecommunications, trading, automobile, construction, and power.
  • The top sources of FDI included Mauritius, Singapore, Netherlands, the US, and Japan.

Interim Budget 2019-20: Pension Scheme

  • Center has announced its proposal to launch a pension scheme for workers in the organized and unorganized sectors who have a monthly income below INR 15,000.
  • The scheme called Pradhan Mantri Shramyogi Manav Chan Yojana will assure a monthly pension of INR 3000 on retirement.
  • It is expected to benefit 10 crore workers in the unorganized sector.

Fiscal Deficit will be 3.4% of GDP in 2019

  • Finance Minister Piyush Goyal said the fiscal deficit will be at 3.4 percent of GDP in 2019 while presenting the interim budget on Feb 2019.
  • He also said that current account deficit is likely to be 2.5 percent of GDP this year.
  • He added that capital expenditure is pegged at 3.36,292 lakh crore.

No income Tax incomes up to INR 5 lakh

  • announced that individual taxpayers with annual income up to INR5 lakh will not have to pay any Income Tax.
  • Those with gross income of up to INR 6.5 lakh also won’t have to pay any tax if they make investments in prescribed methods.
  • This will give INR 18,500 cr tax benefit to 3 cr middle-class people.
  • He also said that Income Tax returns will be processed in 24 hours and refund initiated.

Interim Budget 2019-20: Rural Development:

  • The government has allocated Rs 30000 crore for the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).
  • Rs 19000 crore has been allocated for Gram Sadak Yojana for construction of more rural roads.
  • Under the Pradhan Mantri Gram Sadak Yojana and 2.5 crores, rural households were electrified.

Interim Budget 2019-20: Initiatives

  • Govt announced to set up the Rashtriya Kamdhenu Aayog for production and productivity of cows on Feb 1, 2019.
  • Rs 750 crore was allocated for Rashtriya Gokul Mission in the current year.
  • It also announced setting up a Department of Fisheries to boost the fisheries sector.
  • The interim budget proposed to provide 2% interest subvention for farmers pursuing animal husbandry and fisheries.

Interim Budget 2019-20: Allocation:

  • The Railways has allocated Rs.64,587 Cr in the Interim Budget 2019-20.
  • Infrastructure allocation for northeastern areas was increased by 21% to Rs. 58,166 Cr in 2019-20.
  • Rs 1330 Cr was provided for the Mission for Protection and Empowerment for Women for 2019-20.
  • The defence¬† budget was hiked to Rs 3,05,296 Cr.

 

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