Highlights of the Budget 2019-2020


The key highlights of the Interim Budget 2019-20 presented by the Union Minister for Finance, Corporate Affairs, Railways & Coal Shri Piyush Goyal in Parliament are as follows:

Farmers

12 crore small and marginal farmers to be provided with assured yearly income of Rs. 6000 per annum under PM-KISAN

Outlay of Rs. 75,000 crore for FY 2019-20 with additional Rs. 20,000 crore in RE 2018-19

Outlay for Rashtriya Gokul mission increased to Rs 750 crore

Labour

Pradhan Mantri Shram Yogi Maandhan scheme to ensure fixed monthly pension to 10 crore unorganized sector workers

Rs 3000 per month after 60 years of age with an affordable contribution of only Rs 100/55 per month

Health

22nd AIIMS to be setup in Haryana

MGNREGA

Rs. 60, 000 crore allocation for MGNREGA in BE 2019-20

Direct Tax proposals

Income upto Rs. 5 lakh exempted from Income Tax

More than Rs. 23,000 crore tax relief to 3 crore middle class taxpayers

Standard Deduction to be raised to Rs. 50,000 from Rs. 40,000

TDS threshold to be raised from Rs. 10,000 to Rs. 40,000 on interest earned on bank/post office deposits

Fiscal Programme

Fiscal deficit pegged at 3.4% of GDP for 2019-20

Target of 3% of fiscal deficit to be achieved by 2020-21.

Fiscal deficit brought down to 3.4% in 2018-19 RE from almost 6% seven years ago

Total expenditure increased by over 13% to Rs.27,84,200 crore in 2019-20 BE

Allocation for SCs increased by 35.6% – from Rs. 56,619 crore in BE 2018-19 to Rs. 76,801 crore in BE for 2019-20

Allocation for the STs increased by 28% – from 39,135 crore in BE 2018-19 to Rs. 50,086 crore in 2019-20 BE

North East

Allocation to be increased by 21% to Rs. 58,166 crore in 2019-20 BE over 2018-19 BE

Arunachal Pradesh came on the air map recently

Meghalaya, Tripura and Mizoram came on India’s rail map for the first time

Defence

Defence budget to cross Rs 3,00,000 crore for the first time ever

Railways

Capital support of Rs.64,587 crore proposed in 2019-20 (BE) from the budget

Overall capital expenditure programme to be of Rs. 1,58,658 crore

Entertainment Industry

Indian filmmakers to get access to Single window clearance as well for ease of shooting films

Farmers

Assured MSP of minimum 50% to all 22 crops

Interest subvention doubled in last 5 years

Soil Health card, Neem coated Urea game changer in farm sector

Labor

Employment opportunities expanded ; EPFO membership increased by 2 crore

Minimum income for every category of workers increased by 42% in last 5 years

Poor and Backward Classes

10% reservation for the poor in educational institutions and government jobs

Free electricity connection to every household under Saubhagya Yojana

World’s largest healthcare programme, Ayushman Bharat, for nearly 50 crore people

Aspirational Districts Programme for development in 115 most backward districts

Rs. 1,70,000 crore spent during 2018-19 for cheaper food grains to poor and middle class

143 crore LED bulbs provided in mission mode with the cooperation of private sector

Poor & middle class are saving Rs. 50, 000 crore p.a. in electricity bills due to LED bulbs

10 lakh patients benefited from free treatment under Ayushman Bharat

Jan Aushadhi Kendras providing medicines at affordable prices to poor and middle class

14 out of 21 AIIIMS operating presently have been announced since 2014

Government tripled rural roads’ construction under the PMGSY

15.80 lakh habitations out of 17.84 lakh connected with pucca roads

Rs. 19,000 crore for PMGSY in BE 2019-20 against Rs. 15,500 crore in RE 2018-19

1.53 crore houses built under PM Awas Yojana during the 2014-18

Women development to women led development

6 crore free LPG gas connections provided under Ujjwala Yojna ; All 8 crore by next year

70% of MUDRA Loan availed by Women

Maternity leave extended to 26 weeks

Financial support for pregnant women under Pradhan Mantri Matru Vandana

Youth

Over one crore youth trained under Pradhan Mantri Kaushal Vikash Yojana

Self-employment boost through MUDRA, STAND-UP and START-UP India

MSME and Traders

Up-to Rs 1 crore loans can be availed in less than an hour

25%-28% is the average savings due to GeM (Government e-Market place)

Income Tax

Tax collections nearly doubled in five years- from Rs. 6.38 Lakh crore in 2013-14 to almost Rs. 12 lakh crore this year

80% growth in tax base- from 3.79 crore to 6.85 crore in five years

Tax administration streamlined- Last year, 99.54% of the income-tax returns accepted as were filed

GST

Exemptions from GST for small businesses doubled from Rs. 20 lakh to Rs. 40 lakh

Small businesses having turnover up to Rs. 1.5 crore pay only 1% flat rate and file one annual return only

Small service providers with turnover upto Rs.50 lakhs can opt for composition scheme and pay GST at 6% instead of 18%

Key message in the Interim Budget
2019-20

Moving towards realizing a ‘New India’ by 2022 –

Clean and healthy India with universal access to toilets, water and electricity to all

An India where Farmers’ income would have doubled

Ample opportunities to youth and women to fulfil their dreams

An India free from terrorism, communalism, casteism, corruption and nepotism