Budget 2019 India, Union Budget 2019-20 Speech Highlights: In line with the expectations, the Narendra Modi-led NDA government on Friday stepped up rural funding and dished out biggest income tax sops for the middle class in its last budget before the general elections. Presenting the interim Budget, interim finance minister Piyush Goyal announced a financial support package for marginal farmers that includes direct cash transfer of Rs 6,000 per year in three instalments. In a bid to wooing the middle class, the ruling dispensation also announced a full tax rebate for the salaried class for those with an income of up to Rs 5 lakh.
Goyal also announced a mega pension scheme for those in the unorganised sector. Under the Pradhan Mantri Shram Yogi Mandhan, Goyal said, a monthly pension of Rs 3,000 will be given to those who contribute Rs 100 month before retirement. This move will benefit 10 crore workers in the unorganised sector and may become the world’s biggest pension scheme for the unorganised sector in five years, he added.
The farmers scheme, known as Pradhan Mantri Kisan Samman Nidhi, will apply to only farmers with less than two hectares of land holding. This initiative will benefit 12 crore small and marginal farmers and will cost the exchequer around Rs 75,000 crore.