Interim Budget 2019-20 was presented ➢ 2% interest subvention to farmers who
in Parliament today by the Union Minister pursue animal husbandry, fisheries jobs for Finance, Corporate Affairs, Railways & through Kisaan credit cards Coal, Shri Piyush Goyal. Besides having a ➢ Kamdhenu scheme for animal husbandry. major Scheme for the farmers, it provides tax sops and sets the Developmental Income Tax reliefs: Agenda for the years to come. ➢ No tax for those whose taxable income is A New Deal for 12 Crore Small and less than Rs 5 lakh Marginal farmers with direct income ➢ Standard deduction increased to Rs support, a path breaking Pension initiative 50,000 from Rs 40,000 for salaried class for 10 Crore unorganized sector workers, ➢ Direct tax collection at 12 lakh Cr INR in exempting income up to Rs 5 lakhs from FY19 from 6.30 INR Lakh Cr in 2014. Income Tax, reforms in stamp duty, highest ever budgetary allocation of Rs 3 Tax exemptions on investments: lakh crore for Defence, record allocation ➢ Individuals with gross income up to 6.5 of funds at Rs 58,166 crore for North lakh rupees will not need to pay any tax if Eastern Areas, a new AIIMS for Haryana, they make investments in provident funds single window clearance for Indian film and prescribed equities makers at par with foreigners and higher ➢ TDS threshold for home rent increased budgetary allocations for Education, from Rs 1.8 lakh to 2.4 lakh Health, Infrastructure and for the welfare ➢ Interest income up to Rs 40,000 in post of weaker sections including Scheduled offices and banks made tax free Castes and Scheduled Tribes, a Separate ➢ Capital gains tax exemptions under Department of Fisheries for welfare of 1.5 Section 54 to be available up to Rs 2 crore fisherman are some of the major crore. Capital gains exemption to be highlights of the Interim Budget 2019-20. available on 2 house properties ➢ Income tax relief on notional rent from Interim Budget 2019 Highlights unsold houses extended to 2 years from 1 year. For farmers: ➢ New Scheme- namely “Pradhan Mantri KIsan SAmman Nidhi (PM-KISAN)” to extend direct income support at the rate of Rs. 6,000 per year to farmer families, having cultivable land upto 2 hectares is announced. ➢ Rs 6,000 per year assured income support for small and marginal farmers ➢ Farmers having up to 2 hectare of lands will get Rs 6,000 per year in three equal instalment. The scheme will be effective from December 1, 2018. ➢ Interest subvention for farm loan takers: Farmers affected by natural calamities to get 2% interest subvention and additional 3% interest subvention upon timely repayment
REPORT THE ERROR IN CAPSULE at gopal.anand@adda247.com Interim Budget 2019-20 | Highlights
Defence Budget: Fiscal Deficit:
➢ Govt increases defence budget to over Rs ➢ For FY19, government has revised the 3 lakh crore. Govt will provide additional fiscal deficit target to 3.4 percent in FY 19. funds for Defence, if needed. Fiscal deficit for 2019/20 estimated at 3.4 ➢ Disbursed 35,000 crore rupees under percent of GDP. #OROP scheme in the last few years. ➢ Government's stated commitment earlier was to bring down the fiscal deficit to 3.1 Railways Budget: percent of GDP by the end of March 2020, ➢ Rs 64,587 crore allocated to Railways for and to 3 percent by March 2021 FY20. ➢ Current account deficit at 2.5% of the ➢ Railway's operating ratio seen 96.2% in GDP. FY19 Vs 95% FY20. ➢ Railway capex for FY20 set at record Rs Nine priority sectors for government: 1.6 lakh crore. To build next-gen infrastructure - physical as well as social; For workers: 1. To build a Digital India that reaches every ➢ Rs 3,000 per year pension for unorganised citizen; sector workers 2. Clean and Green India; ➢ New Pradhan Mantri Shram Yogi 3. Expanding rural industrialization using Maandhan Yojana for unorganised sector modern industrial technologies; workers with income up to Rs 15,000 per 4. Clean Rivers - with safe drinking water to month. Beneficiaries will get Rs 3,000 per all Indians; month pension with a contribution of Rs 5. Oceans and coastlines; 100 per month after retirement. Govt 6. India becoming launchpad of the world; allocates Rs 500 crore for the scheme 7. Self-sufficiency in food and improving ➢ Gratuity limit increased for workers to Rs agricultural productivity with emphasis on 30 lakh. organic food; 8. Healthy India; Education Sector: 9. Minimum Government ➢ National Education Mission allocation MaximumGovernance, with proactive, increased by about 20% to Rs. 38,572 cror responsible and friendly bureaucracy. in BE 2019-20 ➢ 25% additional seats in educational institutions to meet the 10% reservation for the poor ➢ 10% reservation for the poor in educational institutions and government jobs ➢ EWS Reservation To ensure 10% reservation in educational institutions and Government jobs for economically weaker sections, the Government will provide for 25% extra seats i.e. around 2 lacs, while maintaining the existing reservation for SC/ST/Other Backward Classes.
REPORT THE ERROR IN CAPSULE at gopal.anand@adda247.com Interim Budget 2019-20 | Highlights
Miscellaneous Highlights: people, resulting in Rs 3,000 crore savings
➢ Growth in the last 5 years has been higher by poor families than that by any other govt. Spent Rs 2.6 ➢ Lower costs of Stents & Knee implants lakh crore in recap of PSU Banks. have benefitted people. Government has ➢ Domestic air traffic doubled in the last 5 announced 14 new AIIMS since 2014 years ➢ Loans worth Rs 7.23 lakh crore have been ➢ Over 90 percent of the country covered given under Mudra Yojana under sanitation coverage. ➢ Monthly mobile data consumption has ➢ In the past, false promises were made but increased 50x in last 5 years; cost of data we have taken targeted expenditure on all & voice calls in India is possible the lowest dimensions in the world. ➢ Ayushman Bharat, the world's largest ➢ Allocation for the north eastern region has healthcare programme, was launched to been proposed to be increased to Rs provide medical care to almost 50 crore 58,166 crore