Union Budget 2019: Highlights

Union Budget 2019 - Full Telecast

Finance Minister Piyush Goyal’s Budget Speech

Highlights

Sh. Piyush Goyal was appointed Interim Finance Minister on 23 January 2019 with Arun Jaitley undergoing treatment in the United States. Finance Minister Piyush Goyal presents the Narendra Modi government’s Interim Fifth Budget 2019-20. Here are the highlights:

  • Income up to Rs 5 lakh exempted from Income Tax
  • Standard deduction raised to ₹50,000 from ₹40,000
  • Direct Tax proposals to provide ₹23,000 crore relief to 3 crore taxpayers
  • Persons with gross income up to ₹6.50 lakh not required to pay any income tax if they make investments in provident funds, specified savings and insurance
  • 12 crore small, marginal farmers to be provided assured yearly income of ₹6,000 under PM-KISAN scheme
  • TDS threshold raised to ₹40,000 from ₹10,000 on interest earned on bank/post office deposits
  • Tax exempted on notional rent on a second self-occupied house
  • TDS threshold for deduction of tax on rent to be increased to ₹2.40 lakh from ₹1.80 lakh
  • Tax benefits for affordable housing extended till March 31, 2020
  • Tax exemption period on notional rent on unsold inventories extended to two years from one year
  • Allocated ₹20,000 crore in 2018-19, ₹75,000 crore for FY2019-20 for PM-KISAN scheme
  • Interest subvention of 2% during disaster to be provided to farmers for the entire period of reschedulement of loan
  • 2% interest subvention to farmers for animal husbandry and fisheries activities; additional 3% in case of timely repayment
  • ₹3,000/month pension for 10 crore unorganised sector workers with contribution of ₹100/55 per month under PM Shram Yogi Maandhan scheme
  • Fiscal deficit pegged at 3.4% of GDP for 2019-20; target of 3% of fiscal deficit to be achieved by 2020-21
  • Current Account Deficit pegged at 2.5% of GDP for FY20
  • Total expenditure to rise by 13 pc to ₹27.84 lakh crore in FY20
  • National Education Mission allocation increased by about 20% to ₹38,572 crore
  • Allocation for Integrated Child Development Scheme increased by over 18% to ₹27,584 crore
  • Disinvestment target of ₹80,000 cr in 2018-19 likely to be met; Target for FY20 set at ₹90,000 crore
  • 25% additional seats in educational institutions to meet the 10% reservation for the poor
  • Defence Budget to cross ₹3,00,000 crore for the first time
  • Allocation for North East increased by 21% to ₹58,166 crore in FY20
  • Railways to get capital support of ₹64,587 crore 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 ₹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
  • ₹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