Earlier, Union Budget was presented every year on the last working day of February by the Finance Minister of India in Parliament. Since 2017, then Finance Minister Arun Jaitley started to present the Union budget on 1 February in the Parliament.
First of all, let us know what Union Budget is and why it is presented every year.
If we want to define Union Budget, according to Article 112 of the Indian Constitution, the Union Budget of a year is a statement of the estimated receipts and expenditure of the government for that particular year. The Union Budget is also termed as the Annual Financial Statement.
Due to the bad health of Finance Minister Shri Arun Jaitley, the Railway minister Shri Piyush Goyal is appointed as interim Finance minister.
The major announcement made by Finance Minister Shri Piyush Goyal, while presenting the Interim Union Budget 2019-20 on 1 February are as follows: -
We will understand the major challenges and roadmaps which have been set this year in various sectors by the Finance Minister Mr. Piyush Goyal, with the help of the following points:
Basic Income Tax rebate up to INR 5 lakh.
INR 6000 Direct income support to 12 crore marginal farmers.
Pension scheme for unorganized sector workers with monthly income up to INR 15000. Assured INR 3000 monthly pension after 60 years of the age. Highest ever allocation for defense i.e. 3 lakh crore.
2% interest subvention to affected farmers and additional 3% relief on timely loan payment.
All farmers affected by severe natural disasters to get 2% interest subvention and an additional 3% subvention on timely loan repayment.
Under Pradhan Mantri Kisan Samman Nidhi scheme, INR 6,000 per year will be given directly into the bank account to each farmer having up to 2-hectare land.
Under the National Gokul mission, INR 750 crore allocated to set up Rashtriya Kamdhenu Aayog for cow welfare.
2% interest subvention to farmers for animal husbandry.
Create a separate department for fisheries.
Announced a hike in minimum support price by 1.5 times for all 22 crops.
To give 8 crores free LPG connections to rural households under Pradhan Mantri Ujjwala Yojana to ensure cleaner fuel and health assurance. As of now, total 6 crore connections have been given already under the scheme.
A single window clearance for filmmaking to be made available to filmmakers.
Introduced anti-camcording provision to Cinematography Act to fight piracy.
The Finance Minister announces higher allocation for MNREGA for rural job creation.
The taxation process will be simplified and done electronically within two years.
The income tax exemption limit increased to INR 5 lakh from the current INR 2.5 lakh. Individual taxpayers with annual income up to INR 5 lakh to get a full tax rebate.
Individuals with gross income up to INR 6.5 lakh will not need to pay any income tax if they make investments in provident funds and prescribed equities.
Exemption on levy of income tax on notional rent on a second self-occupied house is also now proposed. Currently, income tax on notional rent is payable only if one has more than one self-occupied house.
Recommendations to GST council for reducing GST rates for home buyers.
Fiscal deficit has been come to 3.4%, CAD (Current Account Deficit) likely to be 2.5% of GDP this year.
The government has hiked TDS limit to INR 40,000 from INR 10,000 on the post office, bank savings.
No TDS on rental income up to INR 2,40,000 per year.
Standard Deduction raised to INR 50000 a year from previous INR 40000 per year.
Gratuity limit increased from INR 10 lakh to 30 lakh rupees.
Construction of Rural Roads has been tripled. Pradhan Mantri Gram Sadak Yojana INR 19,000 crore in FY 2019-20.
National Artificial Intelligence portal to be developed soon.
Jan Dhan Aadhar Mobile scheme announced to make 1 lakh digital villages in 5 years.
The government has increased Capital Expenditure for the Railways to INR 1.59 lakh crore.
Vande Bharat Express, an indigenously developed semi high-speed train, to be launched.
Pradhan Mantri Gram Sadak Yojana (PMGSY) is being allocated INR 19,000 crore in 2019-20 as against INR 15,500 crore in 2018-19.
All households will be provided with electricity connection by March 2019. Till now, 143 crores LED bulbs have been provided in a mission mode which has resulted in saving of INR 50,000 crore for the poor and middle class.
To provide medical treatment to nearly 50 crore people in the country under Ayushman Bharat healthcare programme. Around 10 lakh patients have already been benefited through free medical treatment.
North-east states to get 21% higher budget allocation at ?58,166 crore in financial year 2020.
INR 76,800 crore allocated for welfare of SCs/STs.
All households will be provided with electricity connection by March 2019.
Finally, in a short conclusion of the Union Budget 2019, the Finance Minister Arun Jaitley tried to please the farmers and rural population.
Presenting the Interim Budget 2019, Mr. Piyush Goyal has also unveiled the 10 important dimensions of the government’s vision for India in 2030. Here we are presenting the list of 10 dimensions of the vision 2030 of India as following:
1) Physical & Social Infra
2) Digital India
3) Clean and Green India
4) Rural Industrialization
5) Clean Rivers
6) Oceans and Coastline
8) Self-sufficiency in Food Production
10) Minimum government and max governance
Eduncle provides all the details and major highlights of the Union Budget 2019-20. You can share your thoughts with us on the Union Budget 2019-20. Share your views or comments in the comment box provided below.