For the past few months, every other person in India have put eyes on the upcoming budget, and finally, it announced on yesterday, 1 st February 2019. The interim budget 2019-20 presented by Finance Minister Piyush Goyal in the Lok Sabha (Parliament).
He started his speech by wishing Arun Jaitley, the former Finance Minister, a speedy recovery. Then the parliament session officially initiated amidst uproar with the Opposition shouting slogans.
Major Highlights and crucial points of the Budget
The Finance Minister, Piyush Goyal, has said that the Modi Government have got a decisive mandate for continuing structured reforms. “We have reversed policy paralysis,” he added. The crucial points and highlights of the 2019 interim union budget are:
- The possible turning point for the upcoming polls is the government announced full tax rebate for people having 5 lakh or less annual income. It’s giving relief to middle-class and lower classes of the society, and it means that people with income up to five lakh rupees are free from taxes.
- Individuals with up to Rs 6.5 lakh annual income are free to pay taxes if they make investments in prescribed equities and provident funds.
- The Indian Government also introduced a financial package for farmers. It announced the Pradhan Mantri Kisan Samman Nidhi Scheme, and under which every farmer will receive an amount of Rs. 6000 per annum in their bank accounts. The government has already allocated the net income of Rs 75,000 crore to initiate the scheme.
- Another wise move the government of India has taken is it allocated Rs 64,587 crore to Railways, but its gross capital expenditure program is of Rs 1,58,658 crore. The Finance Minister Piyush Goyal has stated it in the yesterday’s interim budget in the Lok Sabha.
- When it comes to Defense budget, the government has also increased it to Rs 3 lakh crore.
The above are the highlights and crucial points of the budget, and it seems the interim budget 2019-20 provides a massive boost to the primary growth engine, which is Domestic Consumption through income tax rebate for up to 30 million low-income taxpayers and marginal farmers of 120 million.
All hopes are with the latest budget as it seems quite promising because it favors the lower class and farmers a lot, who are an integral part of shaping one’s economy. Let’s see what will happen in the next few months when the general elections will occur.