Union Finance Minister Piyush Goyal on Friday presented Narendra Modi government’s interim Union Budget 2019 ahead of Lok Sabha elections. A series of historic decisions for ‘New India’ were delivered in the budget. The Budget furthers the agenda of the Government headed by Prime Minister Shri to comprehensively address the challenges of the economy. It is a revolutionary union budget because it is not just pro- farmer, pro- poor but also a pro- middle union budget that makes it a never seen before.
The highlights of the interim budget for 2019-2020 which benefits the common man and farmers:
Income tax exemption limit now Rs 5 lakh and standard deduction raised to Rs 50,000. No tax will be deducted on interest earned on bank and post office deposits of up to Rs 40,000 annually, up from Rs 10,000 currently.
Individuals who are earning gross income of Rs 6.5 lakh per year and have made investments in savings instruments, will be exempt from paying income tax.
Under the Pradhan Mantri Kisan Samman Nidhi, Rs 6,000 annual support will be provided to farmers with land holding of two hectares. The new scheme will be implemented from December 1, 2018 and the amount will be paid in three installments through direct benefit transfer.
There are 12.56 crore marginal and small farmers in the country having less than 2 hectares holdings. The government will provide Rs 8,000 per acre every year to farmers without any holding size limit.
The government has fixed MSP for 22 notified crops at 50 per cent higher than cost of production.
Farmers hit by natural calamities will get 2 per cent interest subvention and 3 per cent more on timely repayment of loans.
The government will provide Rs 750 crore to support animal husbandry and fishing.
Capital expenditure allocation of Rs 1.58 lakh crore for the railways is the highest ever for the national transporter, in an effort to put its flagging revenues back on track.
An outlay of Rs 3.05 lakh crore was set aside for the defence budget for 2019-20 which was a hike of around Rs 20,000 crore compared to allocation of Rs 2.85 lakh crore in the current fiscal.
The government expects marginal growth in revenue from telecom sector at Rs 41,519.76 crore in 2019-20, as per data published in the budget document.
India aspires to be a USD 10 trillion economy in the next eight years, and on the anvil is next generation infrastructure of roads, railways, seaports, airports, urban transport, gas and electric transmission and inland waterways.
Finance Minister, Piyush Goyal in his Budget speech, presented Vision 2030. He underlined 10 most important dimensions that will guide the Government.
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