(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.

Digital Villages

  •  The Government to make 1 lakh villages into Digital Villages over next five years.
     

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