Interim Budget 2019 Highlights Friday Feb 01,2019

 

Budget 2019 Economy:

Finance Minister Piyush Goyal has said in Parliament that India has been recognized as the bright spot in the world economy and is considered as the fastest growing large economy. FM Goyal said that Current Account Deficit (CAD) to come down from 5.6 per cent to 2.19 per cent this year.

Budget 2019 anti-corruption:

Referring to the spectrum auction and coal block auction, Finance Minister Piyush Goyal has pitched for transparency. He said that the Real Estate Development and Regulation Act of 2016 and Benami Properties Act have shown the central government’s intent for maintaining transparency.

Budget 2019 for Housing, electricity:

The Modi government has built 1.53 crore houses under the housing scheme. FM Goyal claimed that the number of houses built is five times more than before. FM Goyal said that back in 2014, 2.5 crore households were without electricity. He said that under Saubhagya Yojona, the central government has provided almost every house a free electricity connection

Budget 2019 for farmers:

Finance Minister Piyush Goyal has announced Pradhan Mantri Kisan Samman Nidhi. Under the ‘Pradhan Mantri Kisan Samman Nidhi’, the government will transfer Rs 6,000 per annum for each small and marginal farmers. The money will be transferred in three installments and will be sent to farmers’ bank accounts. This scheme will benefit 12 crore small and marginal farmers with a holding of less than 2 hectares of land. The central government will be spending at an estimated cost of Rs 75,000 crore.

Budget 2019 for common man:

Finance Minister Piyush Goyal has said that EPFO membership has increased by 2 crore in past two years. FM Goyal said that contribution to new pension scheme has been increased to 14 per cent from 4 per cent. FM Goyal said that the gratuity limit has been increased from Rs 10 lakh to Rs 30 lakh.

Budget 2019 for women:

Finance Minister Piyush Goyal has underscored that the women have been the central government’s top most priority. Out of total, 75 per cent beneficiaries are under Pradhan Mantri Mudra Yojana. FM Goyal has also said that working women are entitled for 26 weeks of maternity leave. Apart from these, the Pradhan Mantri Matritva Yojana is empowering women across the country.

Budget 2019 for workers in unorganized sector:

Finance Minister Piyush Goyal said that the Central government has launched a pension scheme named Pradhan Mantri Shram Yogi Mandhan. Under this, workers in unorganized sector will get a monthly pension of 3000 rupees per month after 60 years of age.

Budget 2019 for Defence:

Finance Minister Piyush Goyal in his budget speech 2019 said that the defence budget has enhanced beyond Rs 3 lakh crore. FM Goyal has said that Rs 35,000 crore has been disbursed for soldiers under ‘One Rank One Pension’.

Budget 2019 Income Tax:

Finance Minister Piyush Goyal said that the direct tax collections increased to Rs 12 lakh crore from Rs 6.38 lakh crore; FM Goyal said that all assessment and verification of Income Tax returns will be done electronically. In a good news for salaried class, FM Piyush Goyal in his budget speech said that income tax returns will be processed within 24 hours and refunded simultaneously.

Budget 2019 for the salaried, middle class

People having annual earnings upto Rs 5 lakh, will be exempted from paying Income Tax