Farmers, tax cuts, Interim Budget Highlights 2019

The interim budget was produced by temporary Union Finance Minister Piyush Goyal.

The budget announcement touched across broad range of issues. The highlight of the budget today was the scheme for farmers, and the income tax benefits for the common man.

The government laid the foundation stone to “Vision 2030”, where our economy would have crossed the 10 trillion dollar mark. The focus would be on the nextgen infrastructure, electric vehicles, digital India, clean rivers and safe drinking water to all.

What were the announcements?

1. The address starting of with Mr. Goyal crediting the transformational reforms of the NDA government over the past 4 years.

2. India is the fastest growing economy in the world saw inflation at 2.19% for the month of December.

3. The decline in the current account fiscal deficit to 2.5% of GDP when compared to 3.4% for the year 2018-19.

4. Mr. Goyal spoke on to ensure a clean banking sector as banks and creditors recovered about ₹3 lakh crore.

5. 98% of rural India falls under the sanitation coverage, and 5 lakh villages are open defecation free.

6. The government has allocated ₹60,000 crore for MNREGA for the upcoming financial year 2019-20.

7. ₹19,000 crore is allocated for Gram Sadak Yojana, the construction of rural roads tripled since the NDA took over.

8. The government constructed 1.53 lakh houses since 2014, and hopes to electrify all willing households by March 2019.

9. The government’s health care scheme Ayushmann Bharat has treated 10 lakh people since its inception last year.

10. Mr. Goyal announced the opening of a new AIIMS in his home state of Haryana.

11. A farmer income support scheme called PM Kisan Yojana will deposit ₹6000 per year into farmers bank accounts.

12. The government looks to have a new separate department for fishery.

13. An assured monthly pension of ₹3000 to workers in the unorganised sectors.

14. A record ₹3 lakh crore budget was allocated to the defence sector, and ₹58,166 crore for development of North East.

15. Individual taxpayers with income upto ₹5 lakh will receive a full tax rebate and TDS threshold on interest on bank, post office deposit raised to ₹40,000.

The BJP government has given a poll budget, the government in admission of guilt has finally done something for the farmers at the very end.

The big question that the government needs to answer is how they would fund their poll schemes. Also the minister failed to comment on job creation, or the survey that puts employment at a 45 year low.

The government kept quiet on its pet projects like smart cities, make in India and also failed to announce schemes for the corporate sector.