Government Indian Economy Indian Polity

Major Budget 2019-20 Highlights

Individual tax payers with income upto Rs. 5 lakh taxable income will get full tax rebate

Exemption on TDS on rent has been increased to Rs. 2.4 lakh

TDS on fixed deposits and postal deposits will be exempted for interest earned upto Rs. 40,000 from Rs.

10,000 currently.

TDS threshold on rental income increased from ₹1.8 lakh to ₹2.4 lakh

The tax slabs, however, will remain unchanged

Within next 2 years all verification of tax returns will be done electronically without any interface with the tax payer

I-T processing of returns to be done in 24 hours

Benefit under 80IBA of I-T Act will be extended for one more year for affordable housing.

One lakh digital villages planned in the next five years

Capital expenditure is pegged at 3.36,292 lakh crore. Expenditure is expected to rise by 13% from revised estimate 2018-19 to budget estimate 2019-20

Nearly 45 crore Jan Dhan accounts were opened in the last four years.

Abolished duties on 36 capital goods.

Anti-camcord regulations will be introduced in the Indian Cinematograph Act to prevent piracy and contact theft of Bollywood films.

Single window clearance for Indian filmmakers will be introduced.

Allocation has been increased for the NE region and its development.

India’s installed solar capacity has grown 10 times in last five years

For the first time container movements have been started in inland water ways. It will be extended to northeast through Brahmaputra.

A new Board will be created for nomadic and semi-nomadic community.

Job seekers have become job giver, Mr. Goyal says listing out schemes such as Stand Up India and Start Up India.

More than 70% of beneficiaries of PM Mudra Yojana are women.

25 per cent of sourcing for government projects will be from MSME

EPFO membership has gone up by 2 crore in five years indicating formalisation of the economy.

A mega pension scheme will be launched for the organised sector workers with income of less than Rs, 15,000. PM Shramyogi Maan Dhan Yojana

The ESI cover limit has been increased to ₹ 21,000. Minimum pension was also increased to ₹ 1000.

Rashtriya Kamdhenu Aayog will be set up. “This government will never back off when it comes to protecting our mother cow,” Piyush Goyal says.

India is the second largest dairy producing nation in the world. Two per cent interest subversion for farmers pursuing animal husbandry. An addition three per cent interest subversion will be given for those who repay the loan in time.

All farmers affected by severe natural calamities will be given interest subversion for the entire period of three per cent of loans

Ayshman Bharat, to provide medical treatment for 50 crore people. As many as 10 lakh people have been benefitted so far, he adds.

14 out of 21 AIIMS were set up under this government. The 22nd AIIMS will come up in Haryana, Mr. Goyal says.

10 per cent quota granted to the economically backward among the general category.

Over one crore fifty three lakh houses were constructed in the last five years. By March 2019, every household will have electricity, he adds.

We have run a corruption-free government, the Finance Minister declares. He lists out RERA and Fugitive Economic Offenders Act as measures to tackle corruption. He also says auctions were transparent in his regime.

The Swacch Bharat Mission is a holistic programme and has succeeded in changing the mindset of people. People have converted it to a movement, he says and thanks the people for making it a success.

2024 India will have housing for all, free from corruption, communalism and nepotism.

Inflation has been brought down to 4.1 per cent. The fiscal deficit has been brought down to 3.1%.

Goods and Services Tax as a “path-breaking” reform.

₹ 64580 crore allocated for the Railways

Vande Bharat Express, an indigenously developed semi high speed train, to be launched

National Artificial Intelligence portal to be developed soon

The thorough analysis for the Budget 2019-20 will be coming soon on the CRITICAL THINKERS. Follow this space and subscribe for major updates.

Reference: PIB, Lok Sabha TV, The Hindu

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