Finance Minister Piyush Goyal, who given charge of the Finance Ministry owing to Arun Jaitley’s illness, presented The Interim Budget 2019 in the Lok Sabha at 11 am.
In addition to Prime Minister Narendra Modi, External Affairs Minister Sushma Swaraj, Home Minister Rajnath Singh, Law Minister Ravi Shankar Prasad, and Union Minister of Agriculture and Farmers’ Welfare Minister Radha Mohan Singh arrived at the Parliament, among others for the Interim Budget 2019.
The Interim Budget 2019, also known as a vote on account, got the Parliament’s nod for meeting the expenditure for the first six months of new fiscal—2019-20.
Piyush Goyal Speech at the Interim Budget 2019
Speaking on the Interim Budget 2019, Finance Minister Piyush Goyal said on Friday, The government has laid the foundation for sustained growth and better quality of life in the last five years in its endeavor to make ‘New India’ by 2022.
The Narendra Modi-led government has provided stable and clean government over the last five years and “transformational reforms” have been undertaken, Goyal said amid thumping of desks by the ruling benches, led by the Prime Minister.
“We have prepared the foundation for sustained growth and better quality of life,” said Goyal, who was pitching in for indisposed Arun Jaitley.
He said the government’s endeavor was to realize the ‘New India’ by 2022, when the country celebrates 75th year of Independence.
Talking about the ‘New India’, he said it would mean clean country, housing for all, access to clean toilet and clean drinking water, doubling of farmers’ income, and an India free from terrorism, casteism and nepotism.
“The last five years saw India being recognized as a bright spot of the economy. We are the fastest growing economy,” he said.
He said India is witnessing the highest economic growth, “higher than witnessed during any government since the economic reforms”.
Besides achieving high growth, the government has controlled and maintained low inflation, “which was back-breaking at 10.1 per cent during the period 2009-14 (of UPA rule).”
He said the inflation stood at 1.19 per cent in December 2018.
“If we had not controlled inflation, our families would have been spending 35-40 per cent more,” the Finance Minister said.
Talking about the Fiscal Deficit, he said it was brought down from almost 6 per cent to 3.4 pc in the Revised Estimates of last fiscal.
The Interim Budget 2019 Highlights
Rs 1 crore loan can be obtained under 59 minutes
“Rs 1 crore loan can now be obtained under 59 minutes,” said Goyal, while stating that his government has implemented several measures to ensure clean banking and instituted a resolution friendly mechanism for recovery of non-performing loans.
Fiscal deficit brought down to 3.4 pc
The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings needed by the government.
The revised fiscal deficit estimated for 2017-18 had been put at Rs 5.95 lakh crore at 3.5 per cent of GDP.
Defence budget pegged at Rs 3 lakh crore
The defence Budget for the financial year 2019-20 was on Friday pegged at Rs 3 lakh crore, up by around RS 4,500 crore from the previous fiscal.
Announcing the outlay while presenting the interim Budget in the Lok Sabha, Finance Minister Piyush Goyal said it is the first time that the outlay has touched Rs 3 lakh crore mark.
Higher allocation for MNREGA for rural job creation
In a bid to woo farmers, poor and the marginalised, Finance Minister Piyush Goyal on Friday announced the higher allocation of funds for their benefit.
While the Finance Minister made a landmark announcement of providing Rs 6,000 as assured income to poor and marginalised farmers annually, he also said that MNREGA allocation has been set at Rs 60,000 crore to create employment opportunities.
Direct tax collection shoots up to Rs 12 lakh crore from Rs 6.38 lakh crore
Direct tax collections have moved up from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore while the tax base swelled from 3.79 crore to 6.85 crore, Finance Minister Piyush Goyal said
Single-window clearance for Indian filmmakers
The Centre announced the introduction of single-window clearance for Indian filmmakers to shoot their films – a provision that was earlier available only to international filmmakers.
Individual taxpayers with annual income up to Rs 5 lakh to get full tax rebate
Individual taxpayers with annual income up to Rs 5 lakh will get full tax rebate, said Finance Minister Piyush Goyal, while presenting the interim Budget for 2019-20 in the Lok Sabha.
Around 3 crore middle-class taxpayers will get tax exemption due to this measure. Earlier, the income tax exemption limit was Rs 2.5 lakh.
10 lakh people have enrolled for Ayushman Bharat
The government has seen a massive scale-up in the healthcare sector in the last five years and 10 lakh people have been enrolled in the Ayushman Bharat scheme so far, Union Finance Minister Piyush Goyal said.
“Under Ayushman Bharat scheme, close to 10 lakh people have already benefited for medical treatment under the scheme. Scores have been benefited from the reduction in the prices of essential medicines, stents, knee implants. Households have saved Rs 3,000 crore From Ayushman Bharat,” he added.
2% interest subvention for farmers hit by natural calamities
In the The Interim Budget 2019, Piyush Goyal announced a 2 per cent interest subvention for farmers hit by natural calamities, while offering 3 per cent more to them for timely loan payment.
Other Highlights of The Interim Budget 2019
- Gratuity limit increased from 10 lakh to 30 lakh rupees.
- The benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crore rupees; can be exercised once in a lifetime.
- Benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved till end of 2019-2020.
- Businesses with less than Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns.
- Two per cent interest subvention on loan of 1 crore for GST registered MSME units.
- Group of Ministers examining how prospective house buyers can benefit under GST.
- Allocation for North Eastern region proposed to be increased to Rs 58,166 crore in this year a rise of over 21% from the previous year.
- Increased allocation for Rashtriya Gokul Mission to 750 crore in current year.
- Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age.
- Under Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three installments, to be transferred directly to farmers’ bank accounts, for farmers with less than 2 hectares landholding.