Highlights Of Current Year

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class="cs1889B19F">25% additional seats in educational institutions to meet the 10% reservation for the poor

Defence budget to cross Rs 3,00,000 cr for the first time

Allocation for North East increased by 21% to Rs 58,166 cr in FY20

Railways to get capital support of Rs 64,587 cr in FY20

Indian filmmakers to get access to single window clearance for ease of shooting films; regulatory norms to rely more on self-declaration

2% interest subsidy for MSMEs on an incremental loan of Rs 1 crore for GST-registered entities

At least 3% of the 25% sourcing for the government undertakings to be from women-owned SMEs

One lakh villages to be transformed into digital ones in 5 years

New portal to support national programme on Artificial Intelligence

Reforms in stamp duty; amendments to ensure streamlined system for levy of stamp duties to be imposed and collected at one place

A separate Department of Fisheries to be created for welfare of 1.5 crore fisherman

22nd AIIMS to be setup in Haryana

Rs 60,000 crore allocation for MGNREGA in 2019-20

India poised to become USD 5 trillion economy in next 5 years; aspires to become USD 10 trillion in the subsequent 8 years.

The Interim Budget 2019 furthers the agenda of the Modi Government for the all-inclusive growth of the nation. Though it announces the launch of a few schemes such as Pradhan Mantri Shram-Yogi Maandhan and Pradhan Mantri Kisan Samman Nidhi, it also takes us through the various schemes already introduced by the Narendra Modi-led government in the past years.

With a keen eye on the coming general election, the interim Budget 2019-20 contained elements that are aimed at benefiting three major segments of the population — farmers, informal sector workers, and salaried taxpayers — with announcements of an income support scheme for the first, an insurance scheme for the second, and tax exemptions for the third.

One of the fundamental purposes of this budget is to set up Fisheries & Aqua Culture Infrastructure Development Fund & Animal Husbandry Infrastructure Development Fund for the purpose of financing the sectors. The Centre will co-ordinate with the State Governments to facilitate farmers for installing solar water pumps to irrigate their fields. He also proposed to extend the facility of Kisan Credit Cards to fisheries and animal husbandry farmers to help them meet their working capital requirements.

A pension scheme for the unorganised sector has been announced for workers with monthly income up to INR 15,000. The government has also extended tax benefit for lower income groups in the form of tax rebate and other tax relief.

The government has laid down a strategic vision for the country focusing on 10 key themes comprehensively covering all aspects of the economy to take India to the next level of development with social equity.

The Union Budget 2019 sets a positive tone for economic development. The Budget is an attempt to provide a fine balance between larger socio-economic requirements and fiscal prudence.

The Government, has indeed, handed over a "goodies bag" to the individual taxpayers in the form of beneficial announcements. As per the Budget announcement, individuals with income up to INR 5 lakhs will not have to pay any income tax.

Finance minister mentioned that individuals with gross income up to INR 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities. Though a meagre increase, the standard deduction has been pegged up from existing INR 40,000 to INR 50,000. Budget 2018 had introduced a standard deduction of INR 40,000 for the salaried class, in lieu of deductions of INR 15,000 for medical reimbursement and INR 19,200 for transport allowance. TDS thresholds for interests on post office and bank deposits have been raised from Rs 10,000 to Rs 40,000. This would result in higher interest credits, a part of which was getting locked on account of TDS, to be subsequently claimed as refunds by the taxpayers falling under the exemption thresholds.