Piyush Goyal, the interim finance minister, presents the 2019-20 budget to parliament, in the absence of Finance Minister Arun Jaitley, who is currently in the United States for medical treatment.
In a bid to woo farmers, poor and the marginalised, Finance Minister Piyush Goel on Friday announced the higher allocation of funds for their benefit.
Read: Sensex salutes Piyush Goyal's speech
Prime Minister Narendra Modi reacted to the interim budget 2019, PM Modi said, "This is an Interim Budget. This is just a trailer of the budget which, after elections, will take India on the path to development."
Read: What economists think about Budget 2019
While addressing the press conference after his budget speech, Piyush Goyal said, "Those sitting in AC rooms cannot understand the plight of the small farmers. Keeping this in mind, we have introduced Pradhan Mantri Kisan Samman Nidhi scheme. This is a historic decision."
The Finance Minister made a landmark announcement of providing Rs 6,000 as assured income to poor and marginalised farmers annually, he also said that MNREGA allocation has been set at Rs 60,000 crore to create employment opportunities.
#Budget2019 #TaxBonanza People with a CTC of INR 55,000 a month will have to pay no taxes if they avail exemptions https://t.co/4aNc15IrRD
— Prasad Sanyal (@PrasadScribe) February 1, 2019
Below we have listed major highlights of the speech of union finance minister Piyush Goyal
Tax gift to middle-class
Sensex at 36,626.90 , up by 370.21 points #Budget2019 pic.twitter.com/2RnrlSrQuZ
— ANI (@ANI) February 1, 2019
In attempt to woo voters, FM Piyush Goyal announces No income tax for annual income upto Rs 5 lakh. Piyush Goyal thanks the taxpayers of India. "As per convention, main tax proposals would be presented in the regular budget. For the present, existing tax rates will continue but individuals up to 5 lakh annual income will get full tax rebate"
Read: All you need to know about tax relief in Budget 2019
Individuals with gross income up to Rs 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities.
Around 3 crore middle class taxpayers will get tax exemption due to this measure
Standard tax deduction for salaried persons raised from 40,000 rupees to 50,000 rupees
TDS threshold on rental income raised from 1.8 lakh to 2.4 lakh rupees
Watch: Budget 2019 Highlights: How will you be affected? Here is all you need to know
Standard tax deduction for salaried persons raised from 40,000 rupees to 50,000 rupees
10 Dimensions of Govt.'s vision 2030 for India
— PIB India (@PIB_India) February 1, 2019
1) Physical & Social Infra
2) #DigitalIndia
3) Clean & Green India
4) Rural Industrialization
5) Clean Rivers
6) Oceans & Coastline
7) Space
8) Self-sufficiency in Food Production
9) Health
10) #MinGovtMaxGovernance
- #Budget2019
TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees
For Farmers and Rural sector
Piyush Goyal announced allocation and schemes for cow protection and increasing their productivity.
Under the assured income scheme for farmers, Goyal said nearly 12 crore farmers are expected to benefit. Presenting the Interim Budget during the Budget Session of the Parliament, Finance Minister Goel said that Rs 1,70,000 crore has been spent by the government during 2018-19 to bring food at affordable rates to the poor. He added that Rs 60,000 crore has been set aside with regard to the employment guarantee scheme – MNREGA. “If there is a need we will increase the allocation,” Goel said.
“Targeted expenditure has been made by this government to improve the quality of life of the people in the villages. About 14.80 lakh habitats have been connected with pucca roads and poor children who used to earlier walk through broken lanes have now buses coming to their villages,” Goel said.
The Minister also mentioned that 21 AIIMSs are operating or have been established, 14 of these have been announced since 2014. He added that a new AIIMS will be provided to Haryana. Taking a political dig over the latest Lok Sabha bypoll result where BJP won the Jind seat, Goyal said that “people in the state realise that this government performs.”
Defence budget pegged at Rs 3 lakh crore
The defence Budget for the financial year 2019-20 was on Friday pegged at Rs 3 lakh crore, up by around RS 4,500 crore from the previous fiscal.
Announcing the outlay while presenting the interim Budget in the Lok Sabha, Finance Minister Piyush Goyal said it is the first time that the outlay has touched Rs 3 lakh crore mark.
He said if more funds are required, those will be made available.
The intent is to strengthen the defence of the country, Goyal said.
The defence Budget earmarked in the last fiscal was Rs 2,95,511 crore.
Talking about One Rank, One Pension (OROP), the Finance Minister said Rs 35,000 crore have already been dispersed under this scheme by the present government.
Fiscal deficit
Finance Minister Piyush Goyal on Friday said the fiscal deficit will be at 3.4 per cent of GDP this year.
Presenting the Budget for 2019-20 in the Lok Sabha, Goyal also said that current account deficit is likely to be 2.5 per cent of GDP this year.
He further said India attracted USD 239 billion in FDI (foreign direct investment) in the last five years.
"We have liberalised FDI allowing more investment through automatic route," he said.
For Entertainment industry
A single window clearance for filmmaking to be made available to filmmakers, anti-camcording provision to also to be introduced to Cinematography Act to fight piracy
Allocation for North Eastern Region
Allocation for the north eastern region has been proposed to be increased to Rs 58,166 crore in this year, it will be a 21% rise over the previous year.
Defence Budget
The defence budget has enhanced beyond Rs 3 lakh crore, Goyal infomred.
Pradhan Mantri Matritva Yojana
5% of woman beneficiaries under Pradhan Mantri Mudra Yojana, 26 weeks of maternity leave and the Pradhan Mantri Matritva Yojana, are all empowering women in the country, said FM Piyush Goyal.
Pradhan Mantri Ujjwala Yojana
To ensure cleaner fuel and health assurance, we embarked upon Pradhan Mantri Ujjwala Yojana, a programme to give 8 crore free LPG connections to rural households, 6 crore connections have been given already
One Rank One Pension
"We have already disbursed Rs 35,000 crore for our soldiers under 'One Rank One Pension', substantial hike in military service pay has been announced"
- Defence budget enhanced beyond 3 lakh crore rupees
— Prasad Sanyal (@PrasadScribe) February 1, 2019
- Disbursed 35,000 crore rupees under #OROP, a substantial hike in military service pay has been announced
- India is the fastest highway developer in the world, 27 km of highways built each day#BudgetKiBaazi2019 #Budget2019
"For the welfare of farmers and for doubling their income, historic decision taken to increase MSP by 1.5 times the production cost for all 22 crops" @PiyushGoyal #Budget2019 Slogans of #JaiKisan in #LokSabha
— Prasad Sanyal (@PrasadScribe) February 1, 2019
Read: All the big announcements for agricultural sector
For the welfare of farmers and for doubling their income, historic decision was taken to increase MSP by 1.5 times the production cost for all 22 crops.
To provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi scheme has been approved, FM had said. Farmer package to cost govt Rs 75,000 crore, he informed the house.
FM Piyush Goyal: Ayushman Bharat the world's largest healthcare programme was launched to provide medical care to almost 50 crore people, resulting in 3,000 crore savings by poor families pic.twitter.com/jAu0ujzrOG
— ANI (@ANI) February 1, 2019
The total Gross GST Revenue collected in the month of January, 2019 has today crossed Rs 1 lakh crore. This has been a significant improvement over collection of Rs 94,725 crore during last month and Rs 89,825 crore during the same month last year, Goyal informed.
Fiscal deficit has been brought down to 3.4% in the revised estimate of 2018-19: FM @PiyushGoyal #Budget2019
— PIB India (@PIB_India) February 1, 2019
The last five years saw India being universally recognized as a bright spot in the world economy; we are the fastest growing large economy in the world economy today, the finance minister has said.
Talking about Non Performing Assets, Piyush Goyal has said that almost 3 lakh crore has already been recovered in favour of banks and creditors, big defaulters have also not been spared by our government.
"Under PM @narendramodi, structural reforms undertaken, reversed policy paralysis and restored the nation's image. India is the fastest growing economy in the world; from being 11th largest in 13-14, India is the 6th largest today" #Budget2019 @PiyushGoyal #BudgetKiBaazi2019
— Prasad Sanyal (@PrasadScribe) February 1, 2019
While presenting the Central Budget FM Piyush Goyal said. "I can confidently say, India is solidly back on track and marching towards growth and prosperity". FM Goyal added that Inflation in December 2018 was 2.1%. Fiscal deficit has been brought down to 3.4% in the revised estimate of 2018-19.
On Swachh Bharat Mission: As a tribute to Mahatma Gandhi, world's largest behavioural change movement Swachh Bharat initiated, more than 98% rural sanitation coverage has been achieved; more than 5.45 lakh villages declared ODF.
#Budget2019 pic.twitter.com/bmB841LeZF
— PIB India (@PIB_India) February 1, 2019
On 10% quota to economically poor sections: Efforts have been initiated to bring full representation for economically weak backward classes, by giving them reservation in jobs and education, says Piyush Goyal.
Rs 1,70,000 crore spent for bringing food at affordable rates to poor people, the FM informed the Parliament.
Read: Budget terms you need to know NOW
Piyush Goyal, the interim finance minister, has presented the 2019-20 budget to parliament, in the absence of Finance Minister Arun Jaitley, who is currently in the United States for medical treatment.
Read: Take the Budget quiz to know how much you are aware about the Indian Economy
The Interim Budget, also known as a vote on account, will seek the Parliament’s nod for meeting the expenditure for the first six months of new fiscal—2019-20. A full-fledged Budget will be presented in Parliament once the new Central government is formed after the General Elections, due in March-April.
Read: Where to watch Budget LIVE
As per the standard practice, a vote-on-account or approval for essential government spending for a limited period is taken in an election year and a full-fledged budget is presented by the new government. If the budget date falls few months ahead of polls, then an Interim Budget is presented.
The full-fledged budget is expected to be presented in July, which will be preceded by the tabling of the Economic Survey.
Below are the LIVE updates you need to know.
1. PM Modi reacts to Budget 2019
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From middle class to labourers, from farmers’ growth to the development of businessmen, from manufacturing to MSME sector, from growth of the economy to development of New India, everyone has been taken care of in this interim budget: PM Modi
2. Arun Jaitley congrtulates Piyush Goyal
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Union Minister Arun Jaitley Friday complimented Piyush Goyal for delivering an excellent pro-farmer, pro-poor budget which will also strengthen the purchasing power of middle class.
Here's what Arun Jaitley said.
3. FM on Black Money
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FM on Black Money: The government is committed to eliminating the scourge of black money, anti-black money measures taken have brought an undisclosed income of about 1.30 lakh crore rupees to the fore and 3.38 lakh shell companies were deregistered.
4. Digital India
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Villages to be converted to digital villages. Target over the next 5 years is to create over 5 lakh digital villages: Piyush Goyal
5. MGNREGA allocation
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MGNREGA allocation set at Rs 60,000 crore for FY19-20: Piyush Goyal said.
6. 'Moving towards new India'
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We have brought down average inflation to 10%, says Piyush Goyal. If we have not controlled inflation, our families will spend 30-40% extra on basic necessities.
7. Cabinet approves the interim budget
8. Protests against Interim Budget
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Telugu Desam Party (TDP) MPs dress in black to protest against the central government ahead of the presentation of the interim #Budget2019. They are protesting in Parliament premises demanding special category status for Andhra Pradesh.
9. Budget to focus upon farmers
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The last five budgets have been dedicated to the farmers, the government's sixth budget will also be for the farmers, it will empower them: Union Minister of Agriculture and Farmers' Welfare Minister Radha Mohan Singh
10. Ministers reach Parliament
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Union Ministers Sushma Swaraj, Rajnath Singh, and Ravi Shankar Prasad arrive at the Parliament.
11. Piyush Goyal meets President Kovind
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Finance Minister Piyush Goyal calls on President Ram Nath Kovind at Rashtrapati Bhavan before presenting the Union Budget 2019.
12. Markets open in green
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Sensex opens at 36311.74; Nifty opens at 10851.35
13. Interim Budget copies reach Parliament
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Much-awaited interim budget copies on Friday reached the Parliament. Finance Minister Piyush Goyal, who examined the final copy of the interim budget document on Thursday evening, will present the budget in the Lok Sabha at 11 am.
14. Piyush Goyal arrives at Ministry of Finance
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Finance Minister Piyush Goyal reached the Ministry of Finance in the North Block on Friday morning, ahead of the presentation of the Interim Budget for 2019-20 in the Lok Sabha.
15. What is vote on account budget?
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As per the standard practice, a vote-on-account or approval for essential government spending for a limited period is taken in an election year and a full-fledged budget is presented in the Lok Sabha by the new government. If the budget date falls a few months ahead of General Elections, then an interim budget is presented.
16. What after interim budget?
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The interim budget will seek Parliament’s nod for spending till a new Central government is not sworn-in.
The new government, elected after the General Elections due by May, is expected to present the full-fledged budget in July to be preceded by the tabling of Economic Survey.
17. 'Eye on Lok Sabha Polls'
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“All the budgets presented by them in the past has only been ‘jumle’ [gimmicks], today’s will be the same,” Congress leader MallikarjunKharge
18. Andhra Pradesh CM N. Chandrababu Naidu in Black
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Amaravati: Andhra Pradesh CM N. Chandrababu Naidu reached state assembly wearing a black shirt to protest against the Central Govt. The CM wore a black shirt showing support to the protest called in by Pratyeka Hoda Sadhana Samithi (PHSS), demanding special status for the state.
19. Opposition reacts to Budget 2019
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S Tharoor, Congress: The whole exercise has turned out to be a damn squib. We've seen one good thing that is tax exemption for the middle class. Rs 6000 in income support for farmers boils down to Rs 500 per month. Is that supposed to enable them to live with the honour&dignity?
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