Budget 2019 Highlights

Union Finance Minister Piyush Goyal presented NDA government's last Budget in Lok Sabha today.

Union Finance Minister Piyush Goyal presented NDA government's last Budget in Lok Sabha today. Here are the high points:

  • Union Cabinet held its meeting before today's Parliament session and approved Budget to be presented in Lok Sabha. 
  • We have reversed policy paralysis; India's economy back on track; besides maintaining high growth, the government contained double digit inflation.
  • We have taken transformational structural reforms; Fiscal deficit down to 3.4% in 2018-19
  • Moving towards realising new India by 2022; Current account deficit expected to be 2.5% of GDP this year.
  • Rs 3 lakh crore recovered in favour of banks and creditors; India attracted massive FDI.
  • India has achieved over 98% rural sanitation coverage; RERA, Benami Transaction Prohibition Act bringing transparency; Over 5 lakh villages open defecation free.
  • Under PM Kisan Yojana, farmers to get Rs 6,000 per year income support; Under this scheme, farmers who have under 2 hectare land to benefit; 12 crore farmer families to benefit.
  • NDA increased MSP to fulfil its aim of doubling farm income
  • EPFO membership has increased by 2 crore in 2 years.
  • Assured monthly pension of 3000 for organised sector workers; Gratuity limit increased from Rs 10 lakh to Rs 30 lakh.
  • Government announces farmer income support; All farmers hit by natural calamity to get interest subvention of 5%; 2% interest subvention for animal husbandry & fisheries farmers; Govt to create separate department of fisheries
  • Six crore free cooking gas connection given; Next year we will achieve target of 8 crore connections
  • Pension scheme to benefit 10 crore workers in unorganised sector
  • India second largest hub of startups; Rs 1 crore loan can now be obtained under 59 minutes; National Artificial Intelligence portal to be developed soon
  • We have over 100 operational airports in the country
  • We have over 100 operational airports in the country
  • Domestic air traffic doubled in the last 5 years; India fastest highway developer - 27 km highway built every day
  • Container freight movement in inland waterways to extend to North East
  • Vande Bharat Express will provide speed, service & safety to citizens
  • Tax returns up from 3.79 crore to 6.85 crore; Within next 2 yrs, all assessment of returns to be done electronically; 99.54% of all tax returns accepted without scrutiny
  • Piyush Goyal: GST biggest taxation reform since independence; GST returns are fully online.Interstate movements faster; High taxation on multiple commodities has been rationalised
  • Piyush Goyal: Only 12% GST for cinemagoers; GST rate reduction has resulted in relief of Rs 80,000 cr to consumers; Most GST items of daily use under 0-5% tax slab
  • Only 12% GST for cinemagoers; GST rate reduction has resulted in relief of Rs 80,000 cr to consumers; Most GST items of daily use under 0-5% tax slab
  • Anti-black money measures have brought Rs 1.30 lakh crore under tax.3.38 lakh shell companies deregistered
  • Piyush Goyal: India to become $5 trillion economy in next 5 years and to become a $10 trillion economy in the next 8 years
  • To build next-gen infra - physical and social; India will lead the world with electric vehicles; Digital India reaches every citizen; Expanding rural industrialisation using modern tech
  • Clean Rivers, with safe drinking water to all Indians; India placing an Indian astronaut in space by 2022
  • Fiscal Deficit target at 3.4% of GDP for 2019-20; Expenditure to increase by 13% from 2018-19 to 2019-20; Capital expenditure target - Rs 3.36 lakh crore.
  • Relief for middle class taxpayers - tax rebate for individual taxpayers with income up to Rs 5 lakh
  • Standard deduction raised from Rs 40,000 to Rs 50,000
  • TDS threshold on interest on bank, post office deposit raised to 40,000; TDS threshold on rental income raised from 1.8 lakh to 2.4 lakh
  • GST registered MSME units to get 2% interest subvention on 1 crore loan
  • Allocation of Rs 60,000 crore for MGNREGA in Budget Estimates (BE) 2019-20
  • Pradhan Mantri Gram Sadak Yojana (PMGSY) is being allocated Rs 19,000 crore in BE 2019-20 as against Rs 15,500 crore in RE 2018-19. During the period 2014-18, a total number of 1.53 crore houses have been built under the Pradhan Mantri Awas Yojana

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