Interim Budget: Here is all you need to know about Modi Govt’s major announcement (Video)

 Ahead of the General Elections 2019, Finance Minister Piyush Goyal will present the Interim budget in the Lok Sabha today at 11 am.

Written by February 1, 2019 08:46

New Delhi: Finance Minister Piyush Goyal today presented the Interim budget in the Lok Sabha today.

Interim Budget 2019 LIVE UPDATES:

# Goyal concludes his Budget speech with the quote, ” Ek paav rakhta hun, hazaar raahein phoot padti hai.” which literally means one step opens up a thousand roads.

 

# This is not just a budget but lays out the path to progress of the country, he says

 

# TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees: FM Piyush Goyal
# No tax on notional rent on second self-occupied house and no tds on house rent up to Rs 2.4 lakh

# Standard tax deduction for salaried persons raised from 40,000 rupees to 50,000 rupees: FM Piyush Goyal

# Around 3 crore middle class taxpayers will get tax exemption due to this measure: FM Piyush Goyal

# Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities: FM Shri Piyush Goyal

# Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate: FM Shri Piyush Goyal

# Both tax collection and tax base have shown significant increase due to government initiatives in recent years, and we have moved to a moderate tax regime, with high collection: FM Shri Piyush Goyal

# On behalf of all the people of India and our Government, thank all our taxpayers for their valuable contribution to nation-building and for providing a better quality of life to poor and marginalized: FM Shri Piyush Goyal

# Amendments proposed to ensure streamlined system for levy of stamp duties, to be imposed and collected at one place, seamlessly: FM Shri Piyush Goyal

# Along with completion of fiscal deficit consolidation programme, we will now focus on debt-to-GDP ratio consolidation: FM Piyush Goyal

# 56,619 crore made in BE 2018-19 for welfare of SCs and STs, increased to 62,474 crore in RE 2018-19 has been further increased to 76,800 crore in BE 2019-20: FM Piyush Goyal

# Capital expenditure – 3.36,292 lakh crore, says FM Shri Piyush Goyal

# Expenditure to rise by 13% from RE 2018-19 to BE 2019-20: FM Shri Piyush Goyal

# FM announces fiscal deficit as a proportion of GDP – 3.4% for the coming year, considering need for income support for farmers: FM Shri Piyush Goyal

# GST registered MSME units to get 2% interest subvention on loan of 1 crore : FM Piyush Goyal

# 2) To build a Digital India that reaches every citizen, our youth will lead us in this, by creating innumerable startups and jobs: FM Piyush Goyal

# FM underlines 10 most important dimensions that will guide the Government in Vision 2030

1) To build next-gen infrastructure – physical as well as social – for a 10 trillion dollar economy and to provide Ease of Living: FM Shri Piyush Goyal

# We are poised to become a 5 trillion dollar economy in the next five years, we aspire to become a 10 trillion dollar economy in the next eight years: FM Piyush Goyal

# Infrastructure Development 1. More than 100 operational airports 2. Domestic passenger traffic doubled in last 5 years 3. Today, India is the fastest highway developer in the world We have gone beyond incremental growth,to attain trans-formative achievements : FM Piyush Goyal

# 18% increase in direct tax collections in 2017-18, 1.06 crore people included in tax base; more than 1 crore citizens filed IT returns for the first time, after demonetization: FM Piyush Goyal

# Indian Customs is implementing full digitization of exim transactions and leveraging RFID for logistics: FM Piyush Goyal

# 14% growth in state tax collections was guaranteed and underwritten by Government of India: FM Piyush GoyaL

# Committed to eliminating the ills of black money; anti-black money measures taken have brought undisclosed income of about 1.30 lakh crore rupees to the surface; 3.38 lakh shell companies deregistered: FM Shri Piyush Goyal

# Group of Ministers examining how prospective house buyers can benefit under GST: FM Piyush Goyal

# GST has been continuously reduced, resulting in relief of 80,000 crore rupees to consumers; most items of daily use for poor and middle class are now in the 0%-5% tax bracket: FM Shri Piyush Goyal


# GST is the undoubtedly the biggest taxation reform implemented since Independence; through tax consolidation, India became one common market; inter-state movements became faster through e-way bills, improving #EaseofDoingBusiness: FM Piyush Goyal

# 6 crore free LPG connections provided under Ujjwala yojana : FM Piyush Goyal

# Impactful steps taken in reducing tax, bringing benefits for middle class citizens: FM Piyush Goyal

# Within almost two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by tax officials: FM Piyush Goyal

# 99.54% returns have been accepted without any scrutiny: FM Piyush Goyal

# Direct tax collections from 6.38 lakh crore rupees in 2013-14 to almost 12 lakh crore rupees; tax base up from 3.79 crore to 6.85 crore: FM Piyush Goyal

# Simplification of direct tax system will benefit taxpayers; direct tax reduced and tax interface made simpler and faceless to make life easier; resulting in increase in tax collections and return filings: FM Shri Piyush Goyal

# 6 crore free LPG connections provided under Ujjwala yojana : FM Piyush Goyal

# Impactful steps taken in reducing tax, bringing benefits for middle class citizens: FM Piyush Goyal

# Within almost two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by tax officials: FM Piyush Goyal

# 99.54% returns have been accepted without any scrutiny: FM Piyush Goyal

# Direct tax collections from 6.38 lakh crore rupees in 2013-14 to almost 12 lakh crore rupees; tax base up from 3.79 crore to 6.85 crore: FM  Piyush Goyal

# Simplification of direct tax system will benefit taxpayers; direct tax reduced and tax interface made simpler and faceless to make life easier; resulting in increase in tax collections and return filings: FM Piyush Goyal

# Cost of data and voice calls in India is now possibly the lowest in the world; mobile and mobile part manufacturing companies have increased from 2 to 268: FM Piyush Goyal

# 2% interest subvention to farmers for animal husbandry : FM Piyush Goyal

# Allocation for #NorthEasternRegion proposed to be increased to 58,166 crore in this year, a 21% rise over previous year: FM Piyush Goyal

# Urgent action needed to increase hydrocarbon production to decrease imports; change in bidding procedure and exploration procedure being implemented: FM Piyush Goyal

# Our commitment to promote renewable energy is reflected in our initiative to set up International Solar Alliance; installed solar generation capacity has increased 10 times in last five years; lakhs of new jobs being created by the sector: FM Piyush Goyal

# Vande Bharat Express will provide speed, service and safety to citizens and will give a boost to Make In India: FM Piyush Goyal

Budget 2019:

1. India has achieved over 98% rural sanitation coverage.
2. 5.45 lakh villages declared #ODF
3. Swachh Bharat now a national movement

# India is the fastest highway developer in the whole world, 27 kms of highways built each day, projects stuck for decades completed; Sagar Mala will help faster handling of import and export cars: FM

# Gone beyond incremental growth in infra, to attain transformative achievements: FM

# All farmers affected by severe natural disasters to will continue to get 2 per cent interest subvention and additional 3 per cent on timely loan repayment: FM

# Defence budget enhanced beyond 3 lakh crore rupees: FM Piyush Goyal

# Rs. 1 crore loan can now be obtained under 59 minutes: FM Piyush Goyal

# Construction of rural roads has been tripled; 15.8 lakh out of a total 17.84 lakh habitations have been connected with pucca roads under PMGSY.
PMGSY allocated 19,000 crore rupees in 2019-20(BE) : FM Piyush Goyal

# Already disbursed 35,000 crore rupees for our soldiers under OROP, substantial hike in military service pay has been announced: FM Shri Piyush Goyal

#  FM Shri 9 nine priority areas identified; National Artificial Intelligence Portal to be developed soon: FM Piyush Goyal

# Within a short time of launch of Ayushman Bharat, the healthcare scheme, nearly 10 lakh people have benefited and have saved around 3000 crore rupees of their hard earned income : FM Piyush Goyal

# India’s youth have turned job creators from job seekers, India has become the second largest hub for startups: FM Shri Piyush Goyal

# A remarkable success implemented by a Government which is led by visionary and compassionate leadership: FM Piyush Goyal

# Piyush Goyalo ensure cleaner fuel and health assurance, we embarked on @PMUjjwalaYojana, a programme to give 8 crore free LPG connections to rural households, 6 crore connections given already: FM Shri Piyush Goyal

# Gratuity limit increased from 10 lakh to 30 lakh rupees: Shri Piyush Goyal

# High growth and formalization of economy has resulted in increased EPFO membership by 2 crore in last two years: FM Piyush Goyal

# In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment: FM Piyush Goyal

# Without disturbing the existing reservation system, a 10% reservation for Economically weaker sections in educational institutions and government jobs has been ensured : FM Piyush Goyal

# 2% interest subvention to farmers pursuing animal husbandry and fisheries: FM  Piyush Goyal

# Increased allocation for Rashtriya Gokul Mission to 750 crore in current year: FM Piyush Goyal

# This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore, this will enable farmers to earn a respectable living: FM Piyush Goyal

# Under Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three installments, to be transferred directly to farmers’ bank accounts, for farmers with less than 2 hectares land holding: FM Piyush Goyal

# To provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi has been approved: FM Piyush Goya

# The 4R approach and a number of measures have been implemented to ensure clean banking : FM

# For welfare of farmers and for doubling their income, historic decision taken to increase MSP by 1.5 times the production cost for all 22 crops: FM Piyush Goyal

# 22nd AIIMS to be set up in Haryana: FM Shri Piyush Goyal

# 21 AIIMSs operating or being established, 14 of these have been announced since 2014: FM Piyush Goyal

# Ayushman Bharat, the world’s largest healthcare programme, launched to provide medical care to nearly 50 crore people, resulting in 3,000 crore savings by families of poor sections: FM Shri Piyush Goyal

# During 2014-18, 1.53 lakh houses have been constructed under PM Awas Yojana: FM Shri Piyush Goyal

# Pace of construction of rural roads has been tripled under our tenure: FM

# From empty promises in the past, targeted expenditure has been undertaken to improve quality of life in villages; we aim to bring development, preserving the soul of villages: FM

# India is solidly back on track and marching towards growth and prosperity : FM Piyush Goyal

# 1,70,000 crore spent for bringing food at affordable rates to poor people: FM

# Efforts taken to bring full representation for economically weak backward classes, by giving them reservation in jobs and education: FM Piyush Goyal

# As a tribute to Mahatma Gandhi, world’s largest behavioural change movement Swachh Bharat initiated; more than 98% rural sanitation coverage has been achieved; more than 5.45 lakh villages declared ODF: mindset change achieved, becoming a Jan Andolan: FM

# Confident that given the pace of reforms in banking sector, other banks too will recover: FM

# Recapitalization of banks amounting to 2.6 lakh crore has been done: FM

# Close to 3 lakh crore already recovered in favour of banks and creditors, big defaulters too not spared by our government: FM

# Number of measures implemented to ensure clean banking, a resolution friendly mechanism has been instituted for recovery of non-performing loans: FM

# The next-gen reforms in last five years have set the stage for decades of high growth: FM

# Fiscal deficit is likely to be 2.5% in 2019-20: FM

# Fiscal deficit has been brought down to 3.4% in the revised estimate of 2018-19: FM

# Inflation in December 2018 was just 2.1%: FM

# Inflation is a hidden and unfair tax; from 10.1% during 2009-14, we have broken the back of back-breaking inflation: FM

# The last five years saw India being universally recognized as a bright spot in the world economy; we are the fastest growing large economy in the world economy today: FM

# We have prepared the foundation for sustainable progress and prosperity for our people; we are moving towards realizing the dream of New India by 2022

# The people of India gave a strong mandate to the Government, under leadership of PM @narendramodi, structural reforms undertaken, reversed policy paralysis and restored the nation’s image: FM

# We have prepared the foundation for sustainable progress and prosperity for our people; we are moving towards realizing the dream of New India by 2022: FM

# The last five years saw India being universally recognized as a bright spot in the world economy; we are the fastest growing large economy in the world economy today: FM

# The people of India gave a strong mandate to the Government, under leadership of PM Modi, structural reforms undertaken, reversed policy paralysis and restored the nation’s image: FM

# Finance Minister Piyush Goyal rises to present the interim Budget 2019-20.

# Manish Tewari, Cong: Since morning, Govt sources have been sending budget pointers to media houses, now if these pointers are there in FM’s speech then it tantamounts to a leak. It would be a serious issue of breach of secrecy

# Union Cabinet has approved the interim Budget 2019-20.

# “There is no robust statistical data available on job creation in India. The last large scale survey was done by NSS in 2011-12 and the new round of NSS survey, to be announced soon, will show the true picture of job creation.”:  PMEAC Chairman explains.


# Subramanian Swamy, BJP: Akalis are our oldest allies, if an extra step is needed to keep Akalis then we must take that step.

# Mallikarjun Kharge: They’ll try to introduce populist schemes in the Budget keeping an eye on Lok Sabha polls. Budgets they’ve presented so far haven’t really benefitted general public. Only ‘Jumlas’ will come out today. They’ve only 4 months when will they implement the schemes?

# Delhi: Union Ministers Sushma Swaraj, Rajnath Singh, and Ravi Shankar Prasad arrive at the Parliament.

# Union Minister of Agriculture and Farmers’ Welfare Minister Radha Mohan Singh: The last 5 budgets have been dedicated to the farmers, the government’s sixth budget will also be for the farmers, it will empower them.

 


# Manoj Sinha, Minister of State for Railways: The way the government has increased the investment in railways, from installing CCTV cameras to WiFi, I believe further investment in railways will certainly be increased.


# Delhi: Finance Minister Piyush Goyal arrives at the Parliament with the Budget briefcase. Following the Cabinet meeting, he will present the interim Budget 2019-20 at 11 am.

# Finance Minister Piyush Goyal on his way to the Parliament after briefing President Ram Nath Kovind.

# The printed copies of Budget 2019-20 being security checked in Parliament premises

# As per tradition, Finance Minister Piyush Goyal calls on President Kovind at Rashtrapati Bhavan before presenting the Union Budget.

# Markets open flat: Sensex opens 10 points up. Nifty starts the day with a gain of 15 points.

# Union Minister of Parliamentary Affairs Narendra Singh Tomar: ‘Sabka Saath, Sabka Vikas’ has been our government’s mantra and it will reflect in the Budget.

# Copies of Budget 2019 brought to Parliament complex; Piyush Goyal to present interim Budget 2019-20.


# Shiv Pratap Shukla, MoS (Finance): Modi government is a popular govt, it’s natural that we will take care of everything. We will do whatever is possible for the people. We have always presented a good budget.

# Piyush Goyal to present interim Budget 2019-20.

Some possibilities that the middle-class is looking forward to:

– Increasing the limit of concession under 80C

– Increasing the tax saving investment limits

– Tax Relief for Pensioners

– Relief on home loan rates

– Raising tax exemption limit from the current Rs 2.5 lakhs

Interim Budget: 

Traditionally, a year in which general elections are scheduled, the outgoing government presents the Interim Budget. The Interim Budget is similar to regular budget as the central government presents a full financial statement-its expenditure, receipts and projections for the fiscal year.