BUDGET SUMMARY WITH MAJOR HIGHLIGHTS OF THE INTERIM BUDGET 2019-20

 Interim Budget 2019-20 was presented in Parliament today by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal. 

 

Highlights

·         A New Deal for 12 Crore Small and Marginal farmers with direct income support, a path breaking Pension initiative for 10 Crore unorganized sector workers

·         Exempting income up to Rs 5 lakhs from Income Tax, reforms in stamp duty

·         Highest ever budgetary allocation of Rs 3 lakh crore for Defence, record allocation of funds at Rs 58,166 crore for North Eastern Areas

·         A new AIIMS for Haryana, single window clearance for Indian film makers at par with foreigners and higher budgetary allocations for Education, Health, Infrastructure and for the welfare of weaker sections including Scheduled Castes and Scheduled Tribes

·         A Separate Department of Fisheries for welfare of 1.5 crore fisherman are some of the major highlights of the Interim Budget 2019-20.

 

Major Schemes announced

 Pradhan Mantri KIsanSAmman Nidhi (PM-KISAN)

 

·         To extend direct income support at the rate of Rs. 6,000 per year to farmer families, having cultivable land upto 2 hectares is announced.

·         PM-KISAN has been announced  with an outlay of Rs.75,000 crore for the FY 2019-20 and Rs.20,000 crore in the Revised Estimates of FY 2018-19”.

 

·         The Government of India funded Scheme, Rs.2,000 each will be transferred to the bank accounts of around 12 crore Small and Marginal farmer families, in three equal installments.

 

 

·         This programme would be made effective from 1st December 2018 and the first installment for the period upto31st March 2019 would be paid during this year itself

A Separate Department of Fisheries

·         To provide sustained and focused attention towards development of Fisheries,the  Government has decided to create a separate Department of Fisheries.

 

·         The Government wants to promote further growth over 7% to promote livelihood of about 1.45 crore people dependent on the sector.

 

·         The Finance Minister announced 2% interest subvention to the farmers pursuing the activities of animal husbandry and fisheries, who avail loan through Kisan Credit Card.

·         Further, in case of timely repayment of loan, they will also get an additional 3% interest subvention.

Rashtriya Gokul Mission /Rashtriya Kamdhenu Aayog

·         Allocation of Rs.750 crore for Rashtriya Gokul Mission has been announced for the current year itself.

 

·         Setting up of "Rashtriya Kamdhenu Aayog" to upscale sustainable genetic upgradation of cow resources and to enhance production and productivity of cows has also been announced.

 

·         The budget announce setting up of "Rashtriya Kamdhenu Aayog" to upscale sustainable genetic upgradation of cow resources and to enhance production and productivity of cows. The Aayog will also look after effective implementation of laws and welfare schemes for cows.”

Pradhan Mantri Shram-Yogi Maandhan

·         To provide pensionary benefits to at least 10 crore labourers and workers in the unorganised sector a new Scheme called 'Pradhan Mantri Shram-Yogi Maandhan' is announced. 

 

·         A sum of Rs.500 crore has been allocated for the Scheme.The scheme will also be implemented from the current year, he said.

 

·         It will be a mega pension yojana namely 'Pradhan Mantri Shram-Yogi Maandhan' for the unorganised sector workers with monthly income upto Rs. 15,000.

 

 

 Tax Benefits

·         Individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required to pay any income tax.

 

·         Persons having gross income up to Rs. 6.50 lakhs are not required to pay any income tax if they make investments in provident funds, specified savings and insurance etc.

 

 

Enhanced allocations for major Schemes

·         Announcing an allocation of Rs.60,000 crores for MGNREGA for Budget Estimates 2019-20

 

·         Pradhan Mantri Gram Sadak Yojana (PMGSY) is being allocated Rs.19,000 crore in BE 2019-20 as against Rs.15,500 crore in RE 2018-19.

 

·         During the period 2014-18, a total number of 1.53 crore houses have been built under the Pradhan Mantri Awas Yojana

 

·         By March, 2019, all households will be provided with electricity connection.  Till now, 143 crore LED bulbs have been provided in a mission mode which has resulted in saving of Rs.50,000 crore for the poor and middle class.

 

·         The world’s largest healthcare programme, Ayushman Bharat, to provide medical treatment to nearly 50 crore people in the country,  around 10 lakh patients have already benefited through free treatment for medical treatment which would have otherwise cost them Rs. 3,000 crore.

 

·         Allocation for Integrated Child Development Scheme (ICDS) is being increased from Rs.23,357 crore in RE 2018-19 to Rs.27,584 crore in BE 2019-20.

 

 Welfare board for De-notified, Nomadic and Semi-Nomadic communities

 

·         A Welfare Development Board to frame special strategies for the benefit of the  hard-to-reach De-notified, Nomadic and Semi-Nomadic communities will be set up under the Ministry of Social Justice and Empowerment.

 

·         A Committee under NITI Aayog will also be set up to complete the task of identifying De-notified, Nomadic and Semi-Nomadic communities not yet formally classified.

·         National Artificial Intelligence Portal will also be developed soon as a part of the National Programme on 'Artificial Intelligence'

 

·         The Department of Industrial Policy and Promotion will now be renamed as the Department for Promotion of Industries and Internal Trade.

  

·         The Finance Minister announced that for the first time, the country’s Defence Budget will be of over Rs.3 lakh crore.   

       ·         The number of operational airports has crossed 100 with the commissioning of the Pakyong airport               in Sikkim. 

       ·         Arunachal Pradesh came on the air map recently and Meghalaya, Tripura and Mizoram have come           on India’s rail map for the first time. 

 

 

  

Renewable Energy

·         India’s installed solar generation capacity has grown over ten times in last five years.

·         To promote renewable energy is reflected in setting up the International Solar Alliance, the first treaty based international inter-governmental organisation headquartered in India. 

Entertainment industry

·         To promote entertainment industry, the Single window clearance for ease of shooting films, now available only to foreigners, will also be made available to Indian filmmakers.

 

·         Anti-camcording provisions in the Cinematograph Act to control the menace of piracy to be introduced 

  

·         The glide path towards our target of 3% of fiscal deficit to be achieved by 2020-21.

 

·         India’s Debt to GDP ratio was 46.5% in year 2017-18. The FRBM Act prescribes that the Debt to GDP ratio of the Government of India should be brought down to 40% by 2024-25.

 

·         Along with completion of the fiscal deficit consolidation programme, the government  will now focus on Debt consolidation

Government Unveils vision for the Next Decade

·         The Government has unveiled its vision for the next decade, listing thereby ten most important dimensions in 2030.

 

·         India is poised to become a five trillion dollar economy in the next five years and aspires to become 10 trillion dollar economy thereafter.

 

The dimensions of Vision-2030 outlined by Shri Goyal are as follows-  

 

1. To create physical and social infrastructure for ten trillion dollar economy and to provide ease of living.

 

1. Digital India led by the youths with innumberable start-ups and million of jobs.

 

1. To make India pollution free by focusing on Electrical Vehicles and renewables.

 

1. Rural industrailisation using modern technologies to generate massive employment.

 

1. Clean rivers, with safe drinking water to all Indians and efficient use of water in irrigation using micro-irrigation techniques.

 

1. Besides scaling up Sagarmala, India’s coastline and ocean waters will power development
2. Through our space programme – Gaganyaan, India becoming the launch-pad of satellites for the World

 

1. Self sufficiency in food production and producing food in the most organic way.

 

1. A healthy India by 2030 and a distress free health care and wellness system for all. Ayushman Bharat and women participation would be an important component in it.

 

1. Employees working with elected Government, transforming India into Minimum Government Maximum Governance nation.

 

KEEP Learning KEEP Evolving

TEAM CL IAS