Home » Interim Budget 2019 Highlights: Current Highlighted Summary Here

Union Finance Minister PiyushGoyal presented an Interim Budget for 2019 in Parliament. Goyal was appointed interim finance minister on January 23 with Arun Jaitley undergoing treatment in the United States.

The government will present the vote on account for the next four-to-five months. A full-fledged Budget will be presented after the House reassembles after the general election.

Here is a look at the main points of the Interim Budget 2019 Highlights presented by PiyushGoyal

The Interim Budget 2019-20 Highlights mainly focused on three major segments of the population — farmers, informal workers, and salaried taxpayers — with announcements of an income support scheme for farmers, an insurance scheme for informal sector workers, and tax exemptions for salaried workers.

Interim Budget 2019 Highlights

Farmers

12 crore small and marginal farmers to be provided with an assured yearly income of Rs. 6000 per annum under PM-KISAN
Outlay of Rs. 75,000 crore for FY 2019-20 with additional Rs. 20,000 crore in RE 2018-19
Outlay for RashtriyaGokul mission increased to Rs. 750 crore
RashtriyaKamdhenuAyog to be setup for sustainable genetic up-gradation of the Cow resources
New separate Department of Fisheries for the welfare of 1.5 crore fishermen
2% interest subvention to Farmers for Animal husbandry and Fisheries activities; an additional 3% in case of timely repayment.
Interest subvention of 2% during a disaster will now be provided for the entire period of reschedulement of loan

Labour

PradhanMantriShram Yogi Maandhan scheme to ensure fixed monthly pension to 10 crore unorganized sector workers
Rs 3000 per month after 60 years of age with an affordable contribution of only Rs 100/55 per month

Health

22nd AIIMS to be setup in Haryana

MGNREGA

60, 000 crore allocation for MGNREGA in BE 2019-20

Direct Tax Proposals:

Income uptoRs. 5 lakh exempted from Income Tax
More than Rs. 23,000 crore tax relief to 3 crore middle-class taxpayers
Standard Deduction to be raised to Rs. 50,000 from Rs. 40,000
TDS threshold to be raised from Rs. 10,000 to Rs. 40,000 on interest earned on bank/post office deposits
Existing rates of income tax to continue
Tax exempted on notional rent on a second self-occupied house
Housing and real estate sector to get a boost
TDS threshold for deduction of tax on rent to be increased from Rs. 1,80,000 to Rs. 2,40,000
The benefit of rollover of capital gains increased from investment in one residential house to two residential houses for capital gains up to Rs. 2 crores.
Tax benefits for affordable housing extended till 31st March 2020 under Section 80- IBA of Income Tax Act
Tax exemption period on notional rent, on unsold inventories, extended from one year to two years

Fiscal Programme:

Fiscal deficit pegged at 3.4% of GDP for 2019-20
The target of 3% of the fiscal deficit to be achieved by 2020-21.
Fiscal deficit brought down to 3.4% in 2018-19 RE from almost 6% seven years ago
Total expenditure increased by over 13% to Rs.27,84,200 crore in 2019-20 BE
Capital Expenditure for 2019-20 BE estimated at Rs. 3,36,292 crore
Centrally Sponsored Schemes (CSS) allocation increased to Rs. 3,27,679 crore in BE 2019-20
National Education Mission allocation increased by about 20% to Rs. 38,572 crore in BE 2019-20
Allocation for Integrated Child Development Scheme (ICDS) increased by over 18% to Rs. 27,584 crore in BE 2019-20
A substantial increase in allocation for the Scheduled Castes and Scheduled Tribes –
Allocation for SCs increased by 35.6% – from Rs. 56,619 crore in BE 2018-19 to Rs. 76,801 crore in BE for 2019-20
Allocation for the STs increased by 28% – from 39,135 crores in BE 2018-19 to Rs. 50,086 crore in 2019-20 BE
Government confident of achieving the disinvestment target of 80,000 crore
Focus now on debt consolidation along with fiscal deficit consolidation programme

Poor and Backward Classes

25% additional seats in educational institutions to meet the 10% reservation for the poor
Targeted expenditure to bridge urban-rural divide & to improve quality of life in villages
All willing households to be provided electricity connections by March 2019

North East

Allocation to be increased by 21% to Rs. 58,166 crore in 2019-20 BE over 2018-19 BE
Arunachal Pradesh came on the air map recently
Meghalaya, Tripura, and Mizoram came on India‟s rail map for the first time
Container cargo movement through improved navigation capacity of the Brahmaputra

Vulnerable sections

A new committee under NITI Ayog to identify all the remaining De-notified nomadic and semi-nomadic tribes.
New Welfare development Board under Ministry of social justice and empowerment for development and welfare of De-notified nomadic and semi-nomadic tribes
Defense budget to cross Rs 3,00,000 crore for the first time ever

Railways

Capital support of Rs.64,587 crore proposed in 2019-20 (BE) from the budget
Overall capital expenditure programme to be of Rs. 1,58,658 crore
Operating Ratio expected to improve from 98.4% in 2017-18 to 96.2% in 2018-19 (RE) and to 95% in 2019- 20 (BE)

Entertainment Industry

Indian filmmakers to get access to Single window clearance as well for ease of shooting films
Regulatory provisions to rely more on self-declaration
To introduce anti-camcording provisions in the Cinematograph Act to control piracy

MSME and Traders

2% interest subvention on an incremental loan of Rs 1 crore for GST registered SMEs
At least 3% of the 25% sourcing for the Government undertakings will be from women-owned SMEs
Renewed Focus on Internal trade DIPP renamed to Department for Promotion of Industries and Internal trade

Digital Villages

The Government to make 1 lakh villages into Digital Villages over the next five years

Other Announcement(s)

New National Artificial Intelligence portal to support National Program on Artificial Intelligence
Bank of India, Bank of Maharashtra and Oriental Bank no more under RBI’s prompt corrective action
Gratuity cap doubled to Rs. 20 lakh
GEM platform to cover all public sector enterprises to promote local industry, trade
No tax if you own the second house
Vande Bharat Express, an indigenously developed semi high-speed train, to be launched
ESI cover limit increased to Rs. 21,000. The minimum pension also increased to Rs. 1000

Interim Budget 2019 Highlights: Current Highlighted Summary Here