Budget 2019 Highlights: Finance Minister Piyush Goyal at the Finance Ministry before the Budget 2019. (Express Photo: Praveen Khanna)
Union Budget 2019-20 Highlights and Important Points LIVE Updates: Finance Minister Piyush Goyal presented the Union budget in the Lok Sabha on Friday. Starting his budget speech, Piyush Goyal wished former Finance Minister Arun Jaitley a speedy recovery. The Parliament session began amidst uproar with Opposition members shouting slogans.
In a move that could have a major impact on the upcoming polls, the government announced full tax rebate for individuals having annual income up to Rs 5 lakh, while people 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.
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The government also announced a financial package for farmers, the Pradhan Mantri Kisan Samman Nidhi scheme, under which each farmer will receive an amount Rs 6000 directly in their bank accounts every year. A sum of Rs 75,000 crore has been allocated for the scheme.
One Lakh villages to go digital over next five years: Union Minister
21 per cent increase in allocation of funds for the North-East, amounting to Rs 58,166 crores.
Vande Bharat Express (Train 18) will provide speed, service and safety and will give a boost to Make in India, Finance Minister Piyush Goyal said. The government allocated a sum of Rs.64,587 crore for Railways in 2019-20.
GST has been continuously reduced, resulting in relief of Rs 80,000 crore to consumers. Most items of daily use for poor and middle class are now in the 0%-5% tax bracket: Goyal
Finance Minister Piyush Goyal announced a sanction of 15.56 lakh loans amounting Rs 7.23 lakh crore under the Mudra scheme. Goyal pointed out that over 70 per cent beneficiaries were women.
Benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved till the end of 2019-2020
Standard tax deduction for salaried persons raised from Rs 40,000 to Rs 50,000
TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees
Finance Minister Piyush Goyal announces full tax rebate for individual taxpayers with annual income up to 5 lakh. Tax slab raised from Rs 2.5 lakh to Rs 5 lakh.
All farmers affected by severe natural disasters to will continue to get 2 per cent interest subvention and additional 3 per cent on timely loan repayment
Highlighting that the construction of rural roads has tripled under the NDA government, Piyush Goyal said around 15.8 lakh out of a total of 17.84 lakh habitations have been connected with pucca roads underPradhan Mantri Gram Sadak Yojana (PMGSY). An amount of Rs 19,000 crore has been allocated for 2019-20.
The Finance Minister said the government has disbursed an amount of Rs 35,000 crore for the soldiers under the One Rank One Pension (OROP) scheme and also announced a "substantial" hike in military service pay. The Defence budget to be enhanced beyond 3 lakh crore rupees.
The Finance Minister also reiterated the government's promise to provide 10 per cent quota to EWS of General category, saying, "Without disturbing the existing reservation system, a 10% reservation for Economically weaker sections in educational institutions and government jobs has been ensured."
Finance Minister Piyush Goyal announced the setting up of a committee under NITI Aayog to identify and denotify nomadic and semi-nomadic communities, and a Welfare Development Board under MSJEGOI for welfare of these hard-to-reach communities and for tailored strategic interventions.
Over 8 crore free LPG connections to be given. Presently, the government is providing around 6 crore connections. Next year all 8 crore will be given.
Mega Pension Yojana, Pradhan Mantri Shram Mandan for the organised sector workers. Shall provide assured monthly pension of 3,000 after they age to 60 years. At least 10 crore people of the unorganised sector will benefit from these schemes. An amount of Rs 500 crore has been allocated and the government is willing to spend even more. The scheme will be implemented in the current year itself.
Increased allocation for Rashtriya Gokul Mission to 750 crore in the current year.
Piyush Goyal announces a 2% interest subvention to farmers pursuing animal husbandry and fisheries
Finance Minister Piyush Goyal announces PM Kisaan Samman Nidhi package for farmers. A sum of Rs 75,000 crore has been allocated for the scheme. The money will go directly to the farmers' account. Each farmer will receive Rs 6000 per year.
Finance Minister Piyush Goyal, highlighting the achievements of the BJP-led NDA government said that the country is now among the fastest growing major economies in the world and the GDP growth in last five years is higher than under any previous government.
FM Piyush Goyal, in his speech, wished Union Minister Arun Jaitley speedy recovery and good health.
The Parliament session Friday began amid slogan slogans by members of Opposition parties. Presenting the Budget, Finance Minister Piyush Goyal said, "We are moving towards realising New India by 2022."