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BUDGET 2019 (INTERIM)

Government presented its last budget of term. Finance Minister Piyush Goyal presented 6th and final budget of Narendra Modi led government on 1st February 2019. This was an interim budget since elections are scheduled in 2019.  Interim Budget is a temporary budget passed by old government till the time new government is not elected.

HIGHLIGHTS

  • Full Income Tax rebate for annual income up to 5 lakh.
  • Individuals with gross income of up to ₹6.5 lakh need not pay any tax if they make investments in provident funds and prescribed equities.
  • TDS threshold on rental income raised from 1.8 lakh to 2.4 lakh.
  • Tax free gratuitylimit increased to 20 lakh from 10 lakh.

"Around 3 crore middle-class taxpayers will get tax exemption due to these measure.” Piyush Goyal

  • Package of ₹6000 per annum for farmers with less than 2 hectares of land. Scheme will be called Pradhan Mantri Kisan Samman Nidhi.
  • Vande Bharat Express to be launched. It is an indigenously developed semi high-speed train.
  • One lakh digital villages planned in the next five years.
  • Fund allocation to the Northeast region increased to ₹ 58,166 crore, a 21% rise .
  • Anti-camcorder regulations to be introduced in the Indian Cinematograph Act.
  • Single window clearance for Indian filmmakers.
  • 25% of sourcing for government projects will be from the MSME, of which three per cent will be from women entrepreneurs.
  • ESI cover limit increased to ₹ 21,000. Minimum pension also increased to ₹ 1000.
  • Mega pension scheme for workers from the organised sector with an income of less than ₹15,000. They will be able to earn ₹ 3000 after the age of 60. The scheme will be called PM Shramyogi Maan Dhan Yojana.
  • 2% interest subvention for farmers pursuing animal husbandry.
  • 26 weeks Maternity Leaves to empower women.
  • More than 3 lakh crores for Defence.
  • All farmers affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment.
  • Decision taken to increase MSP by 1.5 times the production cost for all 22 crops.
  • Haryana to get 22nd AIIMS.