Finance Minister Piyush Goyal presents Budget 2019-20
New Delhi: Union Finance Minister Piyush Goyal presented the Interim Budget for the financial year 2019-20 in Lok Sabha here on Friday.
Presenting the Budget, Goyal said the government is moving towards realising the dream of new India by 2022.
With a view to provide support to small and marginal farmers and improve their income a new scheme the Pradhan Mantri Kisan Samman Nidhi yojana has been introduced, the Finance Minister said adding that farmers with less than 2-hectare land will be given 6,000 rupees per year as direct transfer.
The scheme will benefit 12 crore farmers and will be implemented from this fiscal itself, he claimed.
BUDGET 2019-20 HIGHLIGHTS:
*6,000 rupees yearly direct support to farmers through PM-KISAN Programme.
*3,000 rupees pension for unorganised sector workers earning upto 15,000 rupees through a mega Pension Scheme – Pradhan Mantri Shram- Yogi Maandhan.
*Present Income Tax rates to continue; Full tax rebate upto income of 5 lakh rupees for individual tax payers; Standard deduction raised to 50,000, a hike of 10,000 for salaried class.
*Direct tax system simplified; Returns to be processed in 24 hours with immediate refunds.
*90 percent GST payers can file quarterly returns; Small and Medium Enterprises to get two percent interest rebate on incremental loan of one crore rupees; A Group of Ministers to examine GST burden on home buyers.
*Customs to go for digitalization of export and import transactions.
*Allocations to Health care, MGNREGA, SC/ST welfare programmes, Pradhan Mantri Gram Sadak Yojana, Development of infrastructure in North-East hiked substantially.
*Electricity connection to all willing families by next month.
*Allocations to Defence budget crosses three lakh crore rupees for the first time.
*10 point vision for 2030 to realize India’s social economic potential; Steps to make India 10 trillion dollars economy in 13 years.
*Allocation for infrastructure development in the region hiked by 21 percent.
**One lakh more villages to get digital connectivity.
*The fiscal deficit pegged at 3.4 percent of GDP are the highlight of the Interim Budget for 2019-20.