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
(Economic, Social and Cultural Change in Asia and The Pacific Series) William S. Turley - Mark Selden - Reinventing Vietnamese Socialism - Doi Moi in Comparative Perspective-Routledge (2019)