Union Budget 2019 Highlights: Major relief for salaried taxpayers and middle classes. Today, 1-Feb-2019, the Finance Minister Shri Piyush Goyal has presented the India Budget 2019 in Parliament.
A New Deal for 12 Crore Small and Marginal farmers with direct income support. A path breaking Pension initiative for 10 Crore unorganized sector workers. Exempting income up to Rs 5 lakhs from Income Tax. Reforms in stamp duty. Highest ever budgetary allocation of Rs 3 lakh crore for Defence. Record allocation of funds at Rs 58,166 crore for North Eastern Areas. A new AIIMS for Haryana.
Single window clearance for Indian film makers at par with foreigners and higher budgetary allocations for Education, Health, Infrastructure and for the welfare of weaker sections including Scheduled Castes and Scheduled Tribes. A Separate Department of Fisheries for welfare of 1.5 crore fisherman are some of the major highlights of the Interim Budget 2019-20.
Budget summary with Major Highlights of Interim Budget 2019-20
Pradhan Mantri KIsan SAmman Nidhi (PM-KISAN):
PM-KISAN programme would be made effective from 1st December 2018. Under this scheme all farmers will get ₹6000/- per year. This income support will be transferred directly into your bank account in 3 equal instalments of ₹2,000 each.
First installment for the period upto 31st March 2019 would be paid during this year itself.
Note that this direct income support is only for vulnerable landholding farmer families (कमजोर भूमिहीन किसान परिवार). That means if you have cultivable land not more than 2 hectares (i.e. 4.94211 Acre)), your bank account will be credited with INR 6000 per year.
Under PM-KISAN around 12 crore farmers shall be benefited. As a result of which an outflow of Govt. fund would be ₹75,000 crore for the FY 2019-20 and ₹20,000 crore in the Revised Estimates of FY 2018-19.
Department of Fisheries:
Did you know? India is the 2nd largest fish producing nation in the world. 1.45 crore Indians are dependent on fishing sector. Now, Indian Govt. has decided to create a separate Department of Fisheries.
Kisan Credit Card:
Farmers shall get 2% interest subvention (राजकीय सहायता) if they avail loan through Kisan Credit Card. An additional 3% interest subvention shall be given, in case of timely repayment of loan.
All farmers affected by severe natural calamities, where assistance is provided from National Disaster Relief Fund (NDRF), will be provided the benefit of interest subvention of 2% and prompt repayment incentive of 3% for the entire period of reschedulement of their loans.
Rashtriya Kamdhenu Aayog:
Allocation of ₹750 crore for Rashtriya Gokul Mission has been announced for the current year itself. Setting up of “Rashtriya Kamdhenu Aayog” to upscale sustainable genetic upgradation of cow resources and to enhance production and productivity of cows has also been announced. The Aayog will also look after effective implementation of laws and welfare schemes for cow.
Pradhan Mantri Shram-Yogi Maandhan:
To provide pensionary benefits to at least 10 crore labourers and workers in the unorganised sector a new Scheme called ‘Pradhan Mantri Shram-Yogi Maandhan’ is announced. The Finance Minister said that within next five years it would be one of the largest pension schemes of the world. A sum of Rs.500 crore has been allocated for the Scheme. Additional funds will be provided as needed, Shri Goyal added. The scheme will also be implemented from the current year, he said.