Govt presents Interim Union Budget for 2019-20 in Parliament

Govt presents Interim Union Budget for 2019-20 in Parliament

DD News

The Centre today announced direct income support for small and marginal farmers. Presenting the Interim budget 2019-2020 in the Lok Sabha, Finance Minister Piyush Goyal proposed income support of  6,000 rupees per year to families holding upto two hectares of land. 

The move will benefit 12 crore small and marginal farmers and will cost 75,000 crore rupees to the exchequer, under the Pradhan Mantri Kisan Samman Nidhi. The scheme will come into affect with retrospective date of December 1, 2018. Mr Goyal described the scheme as historic.

The Finance Minister also announced the world's largest pension scheme benefiting 10 crore labourers and workers in the unorganised sector. Pradhan Mantri Shram Yogi Maan Dhan  programme will provide 3,000 rupees monthly pension for unorganized sector workers after they attain 60 years of age. 

The government will deposit a matching share in the pension account of the workers. This scheme is applicable to workers having monthly income of 15,000 rupees. Mr Goyal said, a sum of 500 crore rupees has been allocated for the scheme and additional funds will be provided when needed.   

An outlay of highest-ever 3.5 lakh crore rupees have been set aside for the Defence Budget for 2019-20. This is around 20 thousand crore rupees more compare to the allocation for the current year. 

The budget also proposes a substantial hike in the allocations to health care, MGNREGA, Welfare programmes of Scheduled Castes and Scheduled Tribes, Pradhan Mantri Gram Sadak Yojana, Women’s development, Empowerment of youth and development of infrastructure in the North-East. 

During his budget speech, Mr Goyal also announced setting up of Rashtriya Kamdhenu Aayog to upscale sustainable genetic upgradation of cow resources and productivity of cows. He said, to put focus on fish production, a separate department of fisheries will be created.

 India being the second largest fish producing nation, it will help the livelihood of over 1.45 crore people. 
The budget also proposes to provide benefit of 2 percent interest subvention to the farmers involved in animal husbandry and fisheries and also to those having loan through Kisan Cards. 

Farmers affected in national calamities will get the benefit of interest subvention of 2 percent and prompt repayment incentives of 3 percent for their loans. 

The Finance Minister said, the Fiscal Deficit has been pegged at 3.4 percent of the GDP for 2018-19.

Other highlights of the Budget are:

• 90 per cent of Goods and Services Taxpayers can file quarterly returns; Small and Medium Enterprises to get two per cent interest rebate on incremental loan of one crore rupees; A Group of Ministers will examine GST burden on home buyers. 

• Direct tax system simplified; Returns to be processed in 24 hours with immediate refunds. 

• Customs to go for digitalization of export and import transactions.

• Electricity connection to all families by next month.

• A container cargo movement to the North-East through Brahmaputra river; Allocation for infrastructure development in the region hiked by 21 per cent. 

• One lakh more villages to get digital connectivity; A National Centre on Artificial Intelligence Centre to be set up.

   

• Single window clearance for shooting films to be made available to Indian filmmakers. 

Referring to Indian Railways, Mr. Goyal who also looks after the Railway Ministry said, all unmanned level crossings on broad-gauge network have been removed. 

He said, the introduction of the first indigenously developed and manufactured semi high speed “Vande Bharat Express” will give an impetus to the Make in India programme and create jobs. The Minister said, incentives taken in the renewable energy sector has created lakhs of new age jobs.

The Finance Minister also unveiled a 10 point vision of the government for the next decade to realize the country’s socio-economic potential. He said, India aspires to become a five-trillion dollar economy in five years and a ten trillion dollar economy in next eight years.