Interim Budget 2019 rides high on elections

Income transfer scheme for farmers to cost Rs 75,000 crore

GN Bureau | February 1, 2019


#finance minister   #Piyush Goyal   #budget 2019   #interim budget   #budget   #Narendra Modi  
Union minister for railways, coal, finance and corporate affairs, Piyush Goyal on way to present the Interim Budget 2019-20
Union minister for railways, coal, finance and corporate affairs, Piyush Goyal on way to present the Interim Budget 2019-20

The interim budget for 2019-20, presented by the interim finance minister Piyush Goyal, is predictably focused on the coming elections. From agriculture to defence, and pleasing the middle class, the budget aims to keep everyone happy. 

 
Here are some key highlights:
 
  • PM Kisaan Samman Nidhi package has been announced for farmers, under which Rs 75,000 crore has been allocated. The money will go directly to the farmers' account. Farmers owning land less than two hectares will receive Rs 6,000 per year as direct cash transfer. The first instalment will be disbursed before the elections.
  • Defence budget enhanced beyond Rs 3 lakh crore.
  • Cheer for the middle class: Full tax rebate for those with income upto Rs 5 lakh a year. Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities.
  • A pension scheme has been announced for the workers in the unorganised sector with a monthly income of up to Rs 15,000. An assured monthly pension of Rs 3,000 will be given after they retire at 60.
  • More than 8 crore free LPG connections to be given.
  • Increased allocation for Rashtriya Gokul Mission to 750 crore in the current year for protection of cows.
  • Direct tax collections from 6.38 lakh crore rupees in 2013-14 to almost 12 lakh crore rupees; tax base up from 3.79 crore to 6.85 crore

Comments

 

Other News

Delhi moves to real-time traffic management

The Cabinet Committee on Economic Affairs (CCEA), chaired by prime minister Narendra Modi, has approved implementation of the ITMS Project by Delhi Police at an estimated cost of Rs.1,789.52 crore, inclusive of taxes. The project will cover 42 identified traffic corridors and will be implemented in three

MDR on UPI: Can sustainability come without weakening the network?

The extraordinary transaction volumes and value (₹29.82 Lakh crore in August 2026 alone) of the Unified Payments Interface (UPI) have made it not only an Indian success story, but a global one. In 2024, UPI accounted for nearly 49% of the world’s real-time payment transaction volume, with more th

The Xi-Trump summit: The unending rivalry

Diplomacy is akin to an art, wherein the summitry, conflict resolution and negotiations form apt constituents of the entire context of deal making and “playing for keeps” in the international arena. The Xi-Trump summit in Washington last week, in which the American president broke all conside

“Indians, yet treated like outsiders”

Moving to Delhi-NCR for education can be an exciting experience for students from Northeast India. It gives us a chance to meet new people, experience a different culture and become more independent. But living away from home also comes with challenges that people who have not experienced them may not al

Import duty on major edible oils cut

The government has reduced the Basic Customs Duty (BCD) on major imported crude edible oils with a view to moderating domestic edible oil prices, providing relief to consumers and mitigating inflationary pressures arising from the sharp increase in international edible oil prices.  

From pyramid to platform: BRICS agenda for Global South

In his opening address at the 18th BRICS Summit in New Delhi on September 12, prime minister Narendra Modi did something India`s diplomacy has been building towards for three years: he moved the ‘Voice of the Global South’ from a slogan to a work plan. Addressing the leaders, he argued that t

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter