Budget 2019, much-awaited union budget 2019 was presented by interim Finance Minister Piyush Goyal in Lok Sabha. For some, it doesn’t bring any change but for some this budget is revolutionary. Financeshad brings the key highlights of Budget 2019 India let us checkout what works and what doesn’t.
Key decisions for farmers
Source : static.independent.co.uk
- Marginal and small farmers are given direct incentive of Rs. 6000 per year to the vulnerable landholding farmer families and will meet the emergent needs of farmers before harvest season.
- Also a loan incentive is given to calamity-hit farmers and interest subvention is provided at 2 per cent and for those who will pay the debt on time, incentive is given at 3 percent.
- Government have proposed a separate department for Fisheries as India is the second largest fish producing country in the world.
Key decisions for Income Tax payers
Source : accountingweb.com
- Individual taxpayers with annual income up to 5 lakh will get full tax rebate and looking at the deductions we can say if proper investment is done individuals with gross income up to 6.5 lakhs won’t have to pay any tax.
- TDs threshold limit on rental income increased from 1.8 lakh to 2.4 lakh rupees and for interest on Bank/post office savings threshold limit increase from Rs. 10000 to Rs. 40000.
- The ceiling of payment of Gratuity increased to 30 lakhs from 10 lakhs.
- Standard deduction for salaried employees increased from Rs. 40000 to Rs. 50000.
- In the event of death of a laborer during service, the amount paid by EPFO has enhanced from Rs. 2.5 lakh to Rs. 6 lakh.
- Custom duties has been abolished from 36 capital goods item.
Key decisions for Women Empowerment
Source : rencenter.org
- Allocation of Rs. 1330 for the mission for protection and empowerment of women.
- According to Piyush Goyal, India is moving from ‘Women Development’ to ‘Women led Development’ and schemes for the same has been introduces by government.
- Government also declared 26 weeks of maternity leaves to empower the women.
- One of the schemes for women empowerment was the Ujjwala Yojna which embarked upon the programme to deliver 8 crores free LPG connections 6 crores connections have already been given and others will get their connections this year.
Key decisions for Education sector
Source : psierp.com
- An increase of about 10 per cent is there from the last budget in the education sector. The government have allocated about 93 thousand crores for education sector.
- In order to improve the education in Technical system, government have provided 6223 crores to IITs.
- Government is also focusing on tax free education to boost ed-tech and also giving boost to skill development.
Other important decisions
Source : marketing-mojo.com
- Government is highly promoting concepts of startups, make in India and stand up India schemes.
- Government have allocated an all-time high budget of 3 lakh crores for defense which is a 6.87% increase from last year’s budget. Although there is increase in budget, it doesn’t cater much due to inflation rates prevailing in the country.
- Government have proposed to have single window approval for Indian filmmakers.
- In spite of this budget, some sectors are completely as it is and no new schemes are introduced for manufacturing and service industries.
- No new policies are introduced to increase revenue and employment.
- Income tax slab rate is benefiting poor but striking out the rich as they have to pay higher tax on income above 5 lakh.
Let us hope that the steps taken will develop the country as a whole.