Finance Minister Piyush Goyal presented the Interim Budget 2019 on Friday morning in the Lok Sabha. In this last financial exercise ahead of Lok Sabha elections 2019, the government proposed major income tax rate change for the salaried class. Individual taxpayer earning upto Rs 5 lakh will now get full income tax rebate.
Here's the Highlights of the budget speech:
For Farmers: the newly announced “Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)” direct income support of Rs 6,000 per year to farmer families who have cultivable land of upto 2 hectares. For the implementation of the scheme, Rs 75,000 crore have been allocated for the year the upcoming financial year 2019-20 and a sum of Rs 20,000 crore has been allocated for disbursal in the current financial year.
For defence: proposed the highest ever defence budget the first time ever, the defence budget of the country has 'crossed Rs 3 lakh crore'. already disbursed Rs 35,000 crore for our soldiers under 'One Rank One Pension', substantial hike in military service pay has been announced." It may be noted that in the last financial year, India's defence budget was Rs 2.95 lakh crore- 12.10 per cent of the total government expenditure. For 2017-18, the defence budget was Rs 2.62 lakh and for the year 2016-17, it was Rs 2.49 lakh crore.
For salaried person: FM proposed to increase the income tax exemption limit from current Rs 2.5 lakh to Rs 5 lakh. "Individual taxpayers having annual income upto 5 lakhs will get full tax rebate," he tax relief will benefit nearly 3 crore taxpayers. With this increase in tax exemption limit, now 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 other instruments prescribed in Section 80C. Gratuity limit increased from 10 lakh to 30 lakh rupees.
For Cow welfare: the Centre will set up "Kamdhenu Yojna" for the welfare of cows. the allocation for Rashtriya Gokul Mission to Rs 750 crore in the current year itself
For Railway: Overall capital investment also is a historic Rs 1,58,658 crore for the 2019-2020. Vande Bharat Express will provide speed, service and safety to citizens and will give a boost to Make In India. Piyush Goyal also announced that the operating ratio for the current fiscal year has improved to 96.2% and in the next financial year the aim will be to have it at 95%. He announced an outlay of Rs 64,587 crore for Indian Railways.
For women empowerment: Interim Budget 2019-20 has done much towards the mission to protect and empower women. An amount of Rs1,330 crore has been allocated towards the purpose. This is an increase of Rs 174 crore over last provision.ensure cleaner fuel and health assurance, and 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 with 75 percent of woman beneficiaries under PM Mudra Yojana. 26 weeks of maternity leave and Pradhan Mantri Matritva Yojana, are all to empowering women
Rural allocations:
Rs 60,000 crore for MNREGA Rs 19,000 allocated for construction of rural roads under Gram Sadak yojana
Social schemes:
Govt to build 1 lakh digital villages . For the welfare of farmers and for doubling their income, a historic decision was taken to increase MSP by 1.5 times the production cost for all 22 crops . 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 .*Committee under NITI Aayog to be set up to for ..
Budget 2019: 750 crore allocated for Rashtriya Gokul Mission on "Kamdhenu Yojna"
