Summary of Interim Budget 2019-20

By -
Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal, presented his maiden budget; last budget for NDA before the general election. This budget seems to be attracting the poor and middle-class section of the society, who feel betrayed by the present government.

New Announcements:

Several New Schemes and other announcements were there in this interim budget.
    PM-KISAN
  1. Pradhan Mantri KIsan SAmman Nidhi (PM-KISAN): Ahead of the Lok Sabha election present government is trying to woo the farming community by announcing ₹ 6,000 per annum direct cash transfer for farmers owning land less than two hectares.
  2. Pradhan Mantri Shram Yogi Maandhan Scheme: Mega pension scheme for workers in the organised and unorganised sectors who have a monthly income below ₹ 15,000, after 60 years of age.
  3. Setting up of Rashtriya Kamdhenu Ayog to improve sustainable genetic upgrading of cow resources, and to enhance production and productivity of cows!
  4. Establishment of new separate Department of Fisheries to provide sustainable and focussed attention towards the development of fisheries and welfare of fishermen. 
  5. Setting up of new - the 22nd AIIMS in Haryana.
  6. New National Artificial Intelligence Portal to be developed to support National Program on 'Artificial Intelligence'.
  7. Tax Benefits: 
    simplification of direct tax system
    • Income up to ₹ 5 lakh exempted from Income Tax:  Beneficial to those who have income less than ₹ 5 lakh. However, anyone with the net taxable income above ₹ 5 lakh will not be able to avail this tax benefit. Other than this exemption existing rates of income tax to continue.
    • TDS threshold raised from ₹ 10,000 to ₹ 40,000 on interest earned on bank/ post office deposits.
    • Exemption on levy of income tax on notional rent on a second self-occupied house 

Major Budget Allocations:
  • Allocation of ₹ 60,000 crores for MGNERGA.
  • Pradhan Mantri Gram Sadak Yojna (PMGSY) is being allocated ₹ 19,000 crores.
  • Allocation of Integrated Child Development Scheme (ICDS) is allocated ₹ 27,584 crores.
  • The budget for Defence to cross ₹ 3,00,000 crores for the first time.
Others:
    railways - back on track
  • The Department of Industrial Policy and Promotion will be renamed as Department for Promotion of Industrial and Internal Trade.
  • The number of operational airports has crossed 100 with the commissioning of the Pakyong airport in Sikkim. Arunachal Pradesh came on the air map recently and Meghalaya and Mizoram have come on India's map for the first time.
  • India's installed solar generation capacity has grown ten times in last five years.
  • Indian filmmakers to get Single window clearance as well for ease for shooting films. To introduce anti-camcording provisions in the Cinematograph Act to control piracy.


The total expenditure for BE 2018-19 will be ₹ 27,84,200 crores which is ₹ 3,26,965 crores (13.3%) from RE 2018-19 (₹24,57,235 crore)

Budget at a Glance:

budget at a glance
railway budget at a glance


Comments

Post a Comment

Popular posts from this blog

The electronic Renminbi (e-RMB)

By -
Image
Basics of Chinese Currency RMB is an abbreviation for 'Ren Min Bi', which means 'People's money' . Yuan is the base unit of RMB just as Dollar in USD. (1 RMB = 10 jioa = 100 fen) Chinese money comes by two names: Renminbi is the name of the currency and yuan refers to its primary unit. Renminbi is the official currency of China and act as a medium of exchange, but the yuan is the unit of account of the country's economic and financial system. Reasons behind launching e-RMB Replacing the dollar - A soverign digital currency provides a functional alternative to the dollar settlement system and blunts the impact of any sanctions or threats of exclusion both at a country and company level. China has successfully achieved Trade Globalisation, Economic Globalisation, and Military and Geo-strategic Globalisation, but it has failed to achieve Financial Globalisation. Without Financial Globalisation it is not possible to replace the Dollar as the World...
Read more

Farm Law Controversy - Agriculture Reform 2020

By -
Image
India is mainly an agricultural society/ country. Agriculture is the most important occupation for most of the Indian families. Agriculture is the backbone of the Indian economy and will continue to remain so for a long time (as it seems now). Indian agriculture is characterised by agro-ecological diversities in soil, rainfall, temperature and cropping season. Agriculture and its allied sector employ more than half of the workforce in the country. However, it contributes only about 17% of the GDP. Distribution of Farmland in India 86% of total farmers are small and marginal, and they only own 47% of the total agricultural land, medium farmers are 13%, and they own 44% of the land, and the rest belongs to large farmers (see figure 1). The average size of farm holdings gradually reduced from 2.58 ha to 1.57 ha (2017-18 data) due to fragmentation of landholding generations after generation. These small and marginal farmers have limited resources com...
Read more

Highlights of Union Budget 2019-20

By -
Image
Finance Minister Nirmala Sitharaman presented Budget 2019-20 on 05.07.2019 Finance Minister Nirmala Sitharaman became second women in the history of Independence India to present the Union Budget . She presented the maiden budget of Narendra Modi 2.0 government in the Lok Sabha. KEY TAKEAWAYS FROM THE BUDGET 10-POINT VISION FOR THE DECADE Building Team India with Jan Bhagidari : Minimum Government Maximum Governance Achieving green Mother Earth and Blue skies through a pollution-free India Making Digital India reach every sector of the economy Launching Gaganyan, Chandrayan, other Space and Satellite programmes Building physical and social infrastructure Water, water management, clean rivers Blue Economy Self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables Achieving a healthy society via Ayushman Bharat , well-nourished women & children, safety of citizens Emphasis on MSMEs, Start-ups, defence manufacturing, automobiles, el...
Read more

Small Steps Towards a Big Change

By -
Image
Excessive use of fossil fuel and unabashed abuse of nature's bounty have taken a toll on our planet. Global warming, pollution, devastation are no longer just words of a distant future. They are realities that are already upon us. When will this stop. It's not too late. If not Earth, Where? If not now, When? If not us, Who? WE DO NOT INHERIT THE EARTH FROM OUR ANCESTORS; WE BORROW IT FROM OUR CHILDREN. As a research continues in the field of energy, more and more statistical data is now emerging, giving blinding evidence sustaining the fact that we are soon going to run out some of the substances which are most important in our lives right now. The fuels that we are using to run our vehicles, light our homes and generate our electricity, have almost reached the bottom of the containers. We can however, with no doubt, rely on resources such as the Wind, the Sun, Water and Nature, resources that ironically were the ones first provided us with everlasting supply. The time...
Read more

Caste Discrimination Is an Everyday Reality

By -
Image
“I have no color prejudices nor caste prejudices nor creed prejudices. All I care to know is that a man is a human being, and that is enough for me; he can't be any worse..” ~ Mark Twain Introduction India is the World's largest democracy, containing the second largest population in the World. Since the Independence in 1947 the World's perception of India has changed; from categorizing and treating it as a 'developing' nation to today's belief of India to be a superpower with a strong ally in the international arena. Caste Pyramid There are many internal problems in India which need immediate attention, including the issue of caste discrimination and untouchability. Caste discrimination and untouchability is not something new; it derives its root from ancient India. It is a cultural and social phenomenon th...
Read more