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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