HIGHLIGHTS OF THE INTERIM BUDGET 2019-20
Interim budget 2019-20 was presented in Parliament on 1st February, 2019 by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal.
Here are the key highlights of Interim Budget 2019-20.
- Fiscal deficit has been brought down to 3.4% in FY 19.
- Rs 60000 crore has been allocated for MGNREGA under PM Gram Sadak Yojana for a year.
- Rs 19000 crore has been allocated for rural roads under Gram Sadak Yojana.
- The estimate of current Fiscal Deficit stood at 2.5%.
- PM Kisaan Samman Nidhi announced at Rs.75000 crore.
- Ayushman Bharat has treated 1 million people so far.
- Farmers owing 2 hectares land will get Rs.60000 per year.
- 22nd AIIMS to come up soon.
- For workers and labourers, a new pension scheme will come up to ensure an increase in centre’s contribution by 4%. The pension has been increased from Rs.3500 to Rs.7000. Also, the Gratuity payment has been increased from Rs. 10 lakh to Rs. 20 lakh.
- 2%-5% interest subvention to farmers struck by natural calamities.
- For workers, who receive grievous injuries will now receive Rs.6 lakh from 2.5 lakh through EPFO.
- Government will set up a national centre for artificial intelligence to look into AI programmes.
- 8 crore free LPG connections under the Ujjwala Yojana has been distributed.
- Government projects to source 25% material from SMEs, 3% from only women owned SMEs.
- Defence budget is now increased by Rs.3 lakh crore.
- Rs. 64,587 crore allocated to Railways for FY20.
- 1 lakh digital villages will be setup soon.
- Anti-black money measures have brought undisclosed income of Rs. 1.3 lakh crore back in circulation.
- Businesses with less than Rs. 5 crore annual turnovers, comprising over 90% of GST payers, will be allowed to return quarterly returns.
- All income tax returns will now be processed in 24 hours and refunds issued simultaneously.
- Announced tax exemption for income upto Rs. 5 lakh per year.
- Standard deduction limit increased to INR 50000 from INR 40000 earlier.
- TDS threshold on rental income rose from Rs. 180000 to Rs. 240000.
- No tax on bank interest up to INR 40000.
- INR 90000 crore disinvestment target for next FY.