Interim Budget 2019 Live: Piyush Goyal present Modi government’s last budget

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Union Minister Piyush Goyal is presenting the Narendra Modi government’s last budget today in the parliament. He’s been given the additional responsibility of the finance ministry in the absence of Arun Jaitley, who’s currently undergoing treatment for soft tissue cancer in the US.

This is an interim budget in light of this year’s Lok Sabha polls, scheduled for April and May. A newly elected government after May will present the full budget.

Experts are expecting announcements to lure farmers and low-income segments of the society in view of the parliamentary polls.

Here are the key highlights of Goyal’s speech:

  • Income Tax exemption limit raised to ₹5 lakh
  • Standard tax deduction for salaried persons raised from Rs 40,000 to Rs 50,000: Finance Minister
  • Individual taxpayers having annual income upto 5 lakhs will get full tax rebate. Person with gross income of Rs 6.50 lakh may not be able to pay income tax if they invest in savings.
  • Defence budget increased to beyond Rs 3 lakh crore
  • GST collections in January 2019 has crossed Rs 1 lakh crore
  • Small companies with less than Rs 5 crore turnover will have file GST only every quarter
  • The Group of Ministers is examining how prospective house buyers can benefit from lower GST
  • Defence budget increased to beyond Rs 3 lakh crore as opposed to Rs 2.79 lakh crore previously
  • A single window clearance for filmmaking to be made available to filmmakers, anti-camcording provision to also to be introduced to Cinematography Act to fight piracy
  • Minimum wages increased by 42 %, which is the highest ever, for all categories of workers in the last 5 years
  • Job-seekers have now become job creators, says Piyush Goyal
  • Farmers severely affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment of loans
  • Farmers severely affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment of loans
  • A pension scheme is being launched called Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with the contribution of 100 rupees per month, for workers in unorganised sector after 60 years of age
  • Instead of rescheduling of crop loans, the farmers severely affected by natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment
  • Under the Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three instalments, to be transferred directly to farmers’ bank accounts, for farmers with less than 2 hectares landholding
  • Piyush Goyal makes huge announcement, says Ayushman Bharat scheme on health insurance to cover 50 crore population. Originally, the scheme was to cover 10 crore population with Rs 2,000 crore budgetary allocation
  • Poos have first right on India’s resources. That’s why our government has reserved 10% reservation in jobs for poor.
  • The last five years saw India being universally recognised as a bright spot in the world economy; we are the fastest growing large economy in the world economy today
  • Fiscal deficit for 2018/19 seen at 3.4 percent of GDP
  • Inflation is a hidden and unfair tax; from 10.1% during 2009-14, we have broken the back of back-breaking inflation
  • India is firmly back on track and marching towards growth
  • Goyal has started presenting his interim budget, says ‘I rise to present interim budget for 2019-20. I am deeply concerned by the absence of Arun Jaitley.’
  • Piyush Goyal arrives in parliament with his famous red suitcase

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