Budget 2019: Top announcements by Finance Minister Piyush Goyal

The Budget 2019 comes nothing but as a jackpot for small and middle class farmers as the Finance Minister announced a ‘sabka saath, sabka vikas’ Budget.

Written by February 1, 2019 15:00

New Delhi: Ahead of the imminent Lok Sabha elections, the Modi government reached out to large electorate with its ‘Sabka Saath, Sabka Vikas’ budget.

The Budget 2019 comes as a jackpot for small and middle class farmers as the Finance Minister announced a cash dole-out for small farmers, a mega pension scheme for the unorganised sector and proposed to double the threshold income tax exemption limit to Rs 5 lakh.

Below are the highlights of Interim Budget:

# 6,000 rupees yearly direct support to farmers through PM-KISAN Programme.

# 3,000 rupees pension for unorganised sector workers earning upto 15,000 rupees through a mega Pension Scheme – Pradhan Mantri Shram- Yogi Maandhan.

# Present Income Tax rates to continue; Full tax rebate upto income of 5 lakh rupees for individual tax payers; Standard deduction raised to 50,000, a hike of 10,000 for salaried class.

# Direct tax system simplified; Returns to be processed in 24 hours with immediate refunds.

# 90 percent GST payers can file quarterly returns; Small and Medium Enterprises to get two percent interest rebate on incremental loan of one crore rupees; A Group of Ministers to examine GST burden on home buyers.

# Customs to go for digitalization of export and import transactions.

# Allocations to Health care, MGNREGA, SC/ST welfare programmes, Pradhan Mantri Gram Sadak Yojana, Development of infrastructure in North-East hiked substantially.

# A programme for genetic upgradation of cow – Rashtriya Kamdhenu Aayog.

# A separate Department of Fisheries.

# Electricity connection to all willing families by next month.

# Allocations to Defence budget crosses three lakh crore rupees for the first time.

# Over three lakh 38 thousand shell companies deregistered after demonetization.

# 10 point vision for 2030 to realize India’s social economic potential; 10 trillion dollars economy in 13 years.

# Government e-Market place – GeM to be extended to all Central Public Sector Enterprises.

# A container cargo movement to the North-East through Brahmaputra river; Allocation for infrastructure development in the region hiked by 21 percent.

#An All India Institute of Medical Sciences – AIIMS for Haryana.

# One lakh more villages to get digital connectivity; A National Centre on Artificial Intelligence Centre;

# Cinematograph Act to be tightened to check piracy.

# Single window clearance for shooting films to be made available to Indian film makers.

# Indigenous development of semi-high speed Vande Bharat Express train

# The fiscal deficit pegged at 3.4 percent of GDP are the highlight of the Interim Budget for 2019-20.