Budget 2019 Highlights: Financial package for farmers, tax rebatehttps://indianexpress.com/article/business/budget-2019-highlights-piyush-goyal-income-tax-farmers-bjp-modi-government-lok-sabha-5563940/

Budget 2019 Highlights: Financial package for farmers, tax rebate

Union Budget 2019-20 Highlights and Important Points LIVE Updates Finance Minister Piyush Goyal said that the Modi government got a decisive mandate to continue structured reforms. "We have reversed policy paralysis," he said.

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.

Follow LIVE UPDATES on the Union Budget 2019 in English | Bangla | Malayalam | Tamil

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.

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LIVE Budget Highlights from Lok Sabha of Piyush Goyal's interim budget 2019:

Budget 2019 Highlights: Villages to go digital

One Lakh villages to go digital over next five years: Union Minister

Budget 2019 Highlights: Increased funds for North-East

21 per cent increase in allocation of funds for the North-East, amounting to Rs 58,166 crores.

Budget 2019 Highlights: For Railways

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.

Essential commodities in 0-5% GST bracket

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

Buget Highlights: 15.56 lakh loans sanctioned

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. 

Budget 2019 Highlights

Benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved till the end of 2019-2020

Budget 2019 Highlight: Sagar Mala

"Safe drinking water to all Indians, sustaining and nourishing life, using micro-irrigation techniques are our government's priorities; a long coastline can be pivotal for the economy, using strength of blue economy and Sagar Mala," Piyish Goyal said.

Standard tax deduction for salaried raised

Standard tax deduction for salaried persons raised from Rs 40,000 to Rs 50,000 

Budget 2019 Highlights: TDS threshold on interest on deposits raised

TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees

Budget 2019 Highlights: Tax rebate announced

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.

Budget 2019 Highlights: Increased interest subvention for farmers affected by natural disaster

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

Budget 2019 Highlights: Fresh amount allocated for construction of rural roads

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.

Budget 2019 Highlights: OROP, pay hike for soldiers; Defence budget enhanced

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.

Budget 2019 Highlights: Reservation for General EWS

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."

Budget 2019 Highlights: Nomadic and semi-nomadic communities

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.

Piyush Goyal announces 8 crore free LPG connections

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.

Schemes announced for organised sector

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.

Budget 2019 Highlights: Rashtriya Gokul Mission

Increased allocation for Rashtriya Gokul Mission to 750 crore in the current year.

Budget 2019 Highlights: Animal Husbandry and Fisheries sector

Piyush Goyal announces a 2% interest subvention to farmers pursuing animal husbandry and fisheries

Budget 2019 Highlights: PM Kisaan Samman Nidhi for farmers

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.

Interim budget today: India fastest growing economy, says Piyush Goyal

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.

Piyush Goyal begins interim budget speech

FM Piyush Goyal, in his speech, wished Union Minister Arun Jaitley speedy recovery and good health. 

Parliament session begins

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."

Even as Goyal said in an all-party meeting that a “Budget is a Budget” and there is nothing like an interim budget or a vote-on-account, Prime Minister Modi Thursday assured that the government will present an interim budget, carrying on the convention for a government at the end of its term. The prime minister's clarification after the Opposition vowed to oppose any attempt at presenting a full-fledged Budget when the government’s tenure was scheduled to end in May.

The Lok Sabha and the Rajya Sabha will have 10 sitting each before the session concludes on February 13. The two Houses will take up for discussion the Motion of Thanks for the President’s address and the interim budget. Of the 10 sittings, only five will have Question Hour — February 4 to 8. On February 8 alone, private members’ bills will be taken up for discussion.