Budget 2019 Highlights you must know in order to answer during Interviews or writing any essay during any selection process.
Interim Budget for 2019 was presented in Parliament by Union Finance Minister Piyush Goyal on 1st Feb 2019. Let’s have a cursory glance on the Interim Budget 2019 :
- Tax rebate to small taxpayers and salaried employees: It entails full tax rebate for the individuals with income up to Rs. 5 lakhs. Also, individuals with gross income of up to Rs. 6.5 lakh need not pay any tax provided they make investments in provident fund and prescribed equities.
- Tax rate, surcharge or education cess same for all taxpayers, with the highest slab rate of tax being 30%
- Standard tax deduction raised from Rs. 40,000 to Rs. 50,000 for salaried persons.
- Pradhan Mantri Kisan Samman Nidhi Scheme: According to this scheme, a package of Rs. 6000 per annum is proposed to be provided to farmers having less than 2 hectares of land.
- TDS (tax deducted at source) threshold on rental income increased from Rs. 1.8 lakh to Rs. 2.4 lakh.
- For farmers pursuing animal husbandry, 2% interest subvention is provided
- Farmers affected by natural calamity to get 2% interest subvention and an additional 3% interest subvention upon timely repayment.
- Vande Bharat Express, a high-speed train, to be launched.
- For the Northeast region, there is a 21% increase in the fund allocation for infrastructural development.
- Within the next two years, all the tax return verification to be done electronically. No interface with the taxpayer.
- In the next five years, a target of one lakh digital villages is set to be achieved.
- 60,000 crores have been allocated for MGNREGA(Mahatma Gandhi National Rural Employment Guarantee Act)
- Free LPG connection to poor people
- Custom duty abolished on thirty-six capital goods.
- 22nd AIIMS to come up in Haryana.
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Budget 2019 Highlights making Economic impact:
Seeing the budget through the positive lens, because of tax exemption for individuals up to a salary of Rs. 5 lakh per annum, the proposed budget will bring down the inflation from 10.4 to 4.6. Since the priority for every economy is to tame inflation, it is indeed a positive impact on the economy. Also, an increase of 0.1% fiscal deficit, i.e., fiscal deficit target of 3.4 % is a good sign.
Looking at the other side of the story, there’s great distress in farmers. Though Interim Budget for 2019 is beneficial for farmers, the severe problems of unemployment, under-employment and disguised unemployment in the rural economy are not being addressed head-on like they should be.
Budget 2019 Highlights making Social Impact:
With the increased spending on animal husbandry, poultry and fisheries sectors have a positive social impact. Also, an interest subvention plan for small-and-medium-sized businesses could benefit companies with exposure to rural India. In addition to it, the budget has come out with a massive spending plan for the country’s farmers: A 750 billion-rupee farm income support program. This shows that it is a budget for the appeasement of majority of the people though what matters is how these are implemented on the ground.
Budget 2019 Highlights making Impact on upcoming elections:
This budget is a decent political budget as it is full of gifts for the middle class, farmers and all the other section of the society that previously put their faith in the BJP led NDA government. It looks like it will help BJP out in the upcoming elections, but only time will tell the degree of its impact on the polls.
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