#Budget2019: Modi Government Has Made Vikas a People's Movement says India's Finance Minister
The government said India is poised to become a $5 trillion economy in the next 5 years and it aspires to become a $10 trillion economy in the next 8 years
The Budget is something all citizens wait for dearly. What makes it special is the holistic approach that is often taken year after year that helps determine the ruling government’s intent on investments, expenditure and its vision for the nation.
The Budget 2019 saw the vision for New India. Considering this is the present government’s last Budget ahead of Elections, Interim Finance Minister Piyush Goyal went full throttle to project the vision of the government for India’s future.
“This Budget is Vikas Yatra for the country. India is changing because of its people. Our Govt has made Vikas a People Movement,” Goyal said in a fiery speech as he presented the Budget 2019 in the Parliament.
‘India solidly back on track and marching towards growth and prosperity’
The government said India is poised to become a 5 trillion dollar economy in the next 5 years and it aspires to become a 10 trillion dollar economy in the next 8 years.
Goyal claimed that India was the brightest spot (on the economic map) of the world and that the country had witnessed the fastest GDP growth in the last five years.
Calling India a launch pad for international players, Goyal said India has become the second largest hub for startups. He lauded India's youth have turned job creators from job seekers.
“We have prepared the foundation for sustainable progress and prosperity for our people; we are moving towards realizing the dream of New India by 2022,” Goyal said.
The FM claimed that the growth rate delivered was far higher than performance under the UPA government.
The Finance Minister said fiscal deficit is likely to be 2.5 per cent in 2019-20 and revised 2018-19 estimate to 3.4 per cent.
The Top #5 Announcements that Make for Headline from India’s Budget 2019:
- PM Kisan Samman Nidhi package at INR 75,000 crores launched effective December 1, 2018
- Farmers owning up to 2 hectares to get assured income of INR 6,000 Per Year
- Assured income to be transferred via Direct Benefit Transfer in 3 equal installments
- In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2 per cent interest subvention & additional 3 per cent interest subvention upon timely repayment
- 2 per cent interest subvention to farmers pursuing animal husbandry and fisheries
Pension for Low Income Workers
- Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, announced
- Monthly pension of INR 3,000 to be paid out after retirement age of 60 under the New Pension Scheme
- This scheme may become the world's biggest pension scheme for unorganized sector in five years
- FM allots INR 3 lakh crore for defence spending
- Have disbursed INR 35000 crore under One Rank One Pension (OROP) scheme
- Substantial hike in military service pay has been announced
Taxpayers – Salaried Class
- Reducing tax burden on middle class a priority says FM Piyush Goyal
- Taxable annual income up to INR 5 lakh to get full tax rebate
- Standard tax deduction for salaried persons raised from INR 40,000 to INR 50,000
Taxpayers – Business Class
- GST-registered MSME units to get 2 per cent interest subvention on loan of INR 1 crore
- Businesses with less than INR 5 crore annual turnover, comprising over 90 per cent of GST payers, will be allowed to return quarterly returns
- Tax deducted at source threshold on interest on bank and post office deposits raised from INR 10,000 to INR 40,000
- Tax deducted at source threshold on rental income raised from INR 1.8 lakh to INR 2.4 lakh
- Ministerial Panel to recommend ways to reduce GST for home buyers; No tax on notional rent on a second house.