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(GIST OF YOJANA) KEY HIGHLIGHTS OF THE INTERIM BUDGET 2019-20 Farmers [MARCH-2019]

(GIST OF YOJANA) KEY HIGHLIGHTS OF THE INTERIM BUDGET 2019-20 Farmers

[MARCH-2019]

KEY HIGHLIGHTS OF THE INTERIM BUDGET 2019-20 Farmers

12 crore small and marginal farmers to be provided with assured yearly income of Rs.6000 per annum under PM-KISAN.
Outlay of Rs.75,000 crore for FY 2019-20 with additional Rs.20,000 crore in RE 2018-19
Out lay for Rashtriya Gokul mission increased to Rs750 crore.
Rashtriya Kamdhenu Ayog to be setup for sustainable genetic up-gradation of the Cow resource New separate Department of Fisheries for welfare of 1.5crore fishermen.
2 percent interest subvention to Farmers for Animal husbandry and Fisheries activities; additional 3 per cent in case of timely repayment.
Interest subvention of 2 per cent during disaster will now be provided for the entire period of reschedulement of loan.

Labour

Pradhan Mantri Shram Yogi Maandhan scheme to ensure fixed monthly pension to 10 crore unorganized sector workers.
Rs 3000 per month after 60 years of age with an affordable contribution of only Rs 100/55 per month.

Health

22nd AIIMS to be set up in Haryana. MGNREGA
Rs. 60,000 crore allocation for MGNREGA in BE 2019-20.

Direct Tax proposals

Income upto Rs. 5 lakh exempted from Income Tax
More than Rs. 23,000 crore tax relief to 3 crore middle class taxpayers
Standard Deduction to be raised to Rs. 50,000 from Rs. 40,000
TDS threshold to be raised from Rs 10,000 to Rs. 40,000 on interest earned on bank/post office deposits
Existing rates of income tax to continue
Tax exempted on notional rent on a second self occupied house.
Housing and real estate sector to get boost TDS threshold for deduction of tax on rent to be increased from Rs. 1,80,000to Rs. 2,40,000
Benefit of rollover of capital gains increased from investment in one residential house to two residential houses for capital gains up to Rs. 2 crore.
Tax benefits for affordable housing extended till 31st March, 2020 under Section 80-IBA of Income Tax Act.
Tax exemption period on notional rent, on unsold inventories, extended from one year to two years.

Fiscal Programme

Fiscal deficit pegged at 3.4 percent of GDP for 2019-20.
Target of 3 percent of fiscal deficit to be achieved by 2020-21.
Fiscal deficit brought down to 3.4 per cent in 2018-19 RE from almost 6 per cent seven years ago.
Total expenditure increased by over 13 percent to Rs.27,84,200 crore in 2019-20 BE.
Capital Expenditure for 2019-20 BE estimated at Rs. 3,36,292 crore.
Centrally Sponsored Schemes (CSS) allocation increased to Rs. 3,27,679 crore in BE 2019-20.
National Education Mission allocation increased by about 20 per cent to Rs. 38,572 crore in BE 2019-20.
Allocation for Integrated Child Development Scheme (ICDS) increased by over 18 per cent to Rs. 27,584 crore in BE 2019-20.
Substantial increase in allocation for the Scheduled Castes and Scheduled Tribes Allocation for SCs increased by 35.6 percent - from Rs. 56,619 crore in BE 2018-19 to Rs. 76,801 crore in BE for 2019-20.
Allocation for the STs increased by 28 per cent - from 39,135 crore in BE 2018-19 to Rs. 50,086 crore in
2019-20 BE.
Government confident of achieving the disinvestment target of 80,000 crore.
Focus now on debt consolidation along with fiscal deficit consolidation programme. Poor and Backward Classes
"First right on the resources of country is that of the poor": FM
25 percent additional seats in educational institutions to meet the 10 per cent reservation for the poor
Targeted expenditure to bridge urban-rural divide and to improve quality of life in villages
All willing households to be provided electricity connections by March 2019 North East
Allocation to be increased by 21 per cent to Rs. 58,166 crore in 2019-20 BE over 2018-19 BE.
Arunachal Pradesh came on the air map recently.
Meghalaya, Tripura and Mizoram came on India's rail map for the first time.
Container cargo movement through improved navigation capacity of the Brahmaputra Vulnerable sections.
A new committee under NITI Aayog to identify all the remaining Denotified nomadic and semi-Nomadic tribes.
New Welfare development Board under Ministry of Social Justice and Empowerment for development and welfare of Denotified nomadic and semi nomadic tribes.

Defence

Defence budget to cross Rs 3,00,000 crore for the first time ever. Railways
Capital support of Rs.64,587 crore proposed in 2019-20 from the budget
Overall capital expenditure programme to be of Rs. 1,58,658 crore
Operating Ratio expected to improve from 98.4 per cent in 2017-18, to 96.2 percent in 2018-19 (RE) and
to 95 percent in 2019- 20 (BE). Entertainment Industry
Indian filmmakers to get access to Single window clearance as well for ease of shooting films.
Regulatory provisions to rely more on selfdeclaration.
To introduce anti-camcording provisions in the Cinematograph Act to control piracy. MSME and Traders
2 percent interest subvention on an incremental loan of Rs 1 crore for GST registered SMEs.
At least 3 percent of the 25 per cent sourcing for the Government undertakings will be from women owned SMEs.
Renewed Focus on Internal trade; DIPP renamed to Department for Promotion of Industries and Internal trade.