Budget 2019: Farmers to Get Direct Annual Income of Rs 6,000.

Vishal Chauhan, 01/02/2019
Budget 2019: Farmers to Get Direct Annual Income of Rs 6,000.

While presenting the interim Budget, Piyush Goyal on Friday, 1 February, announced the Pradhan Mantri Kisan Yojana to help vulnerable farmers get direct income support of Rs 6,000 per year. The scheme is for farmers with less than 2 hectares of landholding.

Key Announcements of Piyush Goyal’s Budget Presentation:

  • The government allocated Rs 60,000 crore to MNREGA for FY19-20.
  • Government announces Pradhan Mantri Kisan Yojana to help vulnerable farmers get direct income support of Rs 6,000 per year.
  • Unorganised sector workers will get Rs 3,000 pension monthly after the age of 60.
  • Piyush Goyal also announced that the gratuity payment limit has been increased from Rs 10 lakh to Rs 20 lakh.
  •  The defence budget has been enhanced beyond Rs 3 lakh crore.
  • Allocation for the north eastern region has been proposed to be increased to Rs 58,166 crore, which will be a 21 percent rise over the previous year.

India Poised to Become a 10 Trillion Dollar Economy in 8 Years

Piyush Goyal said that India is poised to become a 5 trillion dollar economy in the next 5 years and the government aspires that the country becomes a 10 trillion dollar economy in the next 8 years.

GST Collections in January 2019 Crosses Rs 1 lakh Crore: Goyal

The GST collection in January 2019 has crossed Rs 1 lakh crore, said Piyush Goyal announced while presenting the interim Budget.

Goyal hailed GST and said that the reform has benefited consumers and businesses.

“Our government implemented the GST which is the biggest taxation reform since independence. 17 different taxes were consolidated into one GST and India became one market,” he said.

Direct Tax Collections Increased to Rs 12 Lakh Crore

Direct tax collections have been increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore, Piyush Goyal said in the Budget presentation. He also said that the tax base is up from Rs 3.79 crore to 6.85 crore.

Goyal also said that the government has improved technology to improve the income tax department.

“Within the next two years almost all verification and assessment of returns will be done electronically,” he announced.

“18 percent increase in direct tax collections in 2017-18, 1.06 crore people included in the tax base. Also, more than 1 crore people have filed IT returns for the first time, after demonetization,” Goyal added.

Budget 2019: Filmakers to Get Single Window Clearance for Filmmaking

Piyush Goyal announces that a single window clearance for filmmaking will be made available to filmmakers. Here is how the stocks reacted to the announcement:

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Budget 2019: Allocation for North Eastern Region Proposed to Be Rs 58,166 crore

Allocation for the north eastern region has been proposed to be increased to Rs 58,166 crore, which will be a 21 percent rise over the previous year.

Budget 2019: Defence Budget Enhanced Beyond Rs 3 Lakh Crore

Piyush Goyal announced that the defence budget has been enhanced beyond Rs 3 lakh crore. He also said that 'One Rank One Pension', which was pending for the last 40 years, has been implemented by the Modi government and that Rs 35,000 crore has been disbursed for the soldiers under the scheme.

Budget 2019: Gratuity Payment Limit Increased from Rs 10 Lakh to 20 Lakh

Piyush Goyal announces that gratuity payment limit has been increased from Rs 10 lakh to Rs 20 lakh.

Unorganised Sector Workers to Get Rs 3,000 Pension After 60

Piyush Goyal announces Pradhan Mantri Shram Yogi Mandhan scheme under which the unorganised sector workers will get Rs 3,000 pension monthly, with the contribution of 100 rupees per month, after the age of 60.

Farmers to Get Direct Income Support of Rs 6,000 per Year

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Government announces Pradhan Mantri Kisan Samman Nidhi to help vulnerable farmers get direct income support of Rs 6,000 per year.

Rs 6,000 per year will be given in three instalments and will be transferred directly to the farmers' bank accounts. The scheme is for farmers with landholding up to 2 hectares. This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore, said Goyal.

Goyal also announced that farmers severely affected by natural calamities will get 2 percent interest subvention and additional 3 percent interest subvention upon timely repayment.

GST Collections in January 2019 Crosses Rs 1 lakh Crore: Goyal

The GST collection in January 2019 has crossed Rs 1 lakh crore, Piyush Goyal announced while presenting the interim Budget.

Goyal hailed GST and said that the reform has benefited consumers and businesses.

“Our government implemented the GST which is the biggest taxation reform since independence. 17 different taxes were consolidated into one GST and India became one market,” he said.

Direct Tax Collections Increased to Rs 12 Lakh Crore

Direct tax collections have been increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore, Piyush Goyal said in the Budget presentation. He also said that the tax base is up from Rs 3.79 crore to 6.85 crore.

Goyal also said that the government has improved technology to improve the income tax department.

“Within the next two years almost all verification and assessment of returns will be done electronically,” he announced.

Budget 2019: Filmmakers’ to Get Single Window Clearance for Filmmaking

Piyush Goyal announces that a single window clearance for filmmaking will be made available to filmmakers.

Allocation for North Eastern Region Proposed to Be Rs 58,166 crore

Allocation for the north eastern region has been proposed to be increased to Rs 58,166 crore, which will be a 21 percent rise over the previous year.

Budget 2019: Defence Budget Enhanced Beyond Rs 3 Lakh Crore

Piyush Goyal announced that the defence budget has been enhanced beyond Rs 3 lakh crore. He also said that 'One Rank One Pension', which was pending for the last 40 years, has been implemented by the Modi government and that Rs 35,000 crore has been disbursed for the soldiers under the scheme.

Budget 2019: Gratuity Payment Limit Increased from Rs 10 Lakh to 20 Lakh.

Piyush Goyal announces that gratuity payment limit has been increased from Rs 10 lakh to Rs 20 lakh.

Unorganised Sector Workers to Get Rs 3,000 Pension After 60

Piyush Goyal announces Pradhan Mantri Shram Yogi Mandhan scheme under which the unorganised sector workers will get Rs 3,000 pension monthly, with the contribution of 100 rupees per month, after the age of 60.

Farmers to Get Direct Income Support of Rs 6,000 per Year

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Government announces Pradhan Mantri Kisan Yojana to help vulnerable farmers get direct income support of Rs 6,000 per year.

Rs 6,000 per year will be given in three instalments and will be transferred directly to the farmers' bank accounts. The scheme is for farmers with less than 2 hectares of landholding. This initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore, said Goyal.

Goyal also announced that farmers severely affected by natural calamities will get 2 percent interest subvention and additional 3 percent interest subvention upon timely repayment.

Budget 2019: Goyal Allocates Rs 60,000 Crore to MNREGA for FY19-20

While allocating Rs 60,000 crore to MNREGA, Goyal said that efforts have been initiated to bring full representation for economically weak classes, by giving them reservation in jobs and education.

Piyush Goyal Begins Presenting Interim Budget amid Ruckus

Interim Finance Minister Piyush Goyal has begun presenting Prime Minister Narendra Modi-led government’s sixth and interim Budget amid ruckus by the Opposition.

Piyush Goyal Begins Presenting Interim Budget amid Ruckus

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Interim Finance Minister Piyush Goyal has begun presenting Prime Minister Narendra Modi-led government’s sixth and interim Budget amid ruckus by the Opposition.

Here Are The Key Highlights From The Presentation:

  • I can proudly say India is back on track and marching on path of growth and prosperity.
  • We contained double digit inflation and restored fiscal balance.
  • Inflation is a hidden and unfair tax; from 10.1% during 2009-14, we have broken the back of back-breaking inflation.
  • We have controlled inflation. We brought down inflation to average 4.6 percent, lower than that of any other government. Inflation in 2018 was 2.19%.
  • If we would have not controlled inflation, our families would have been spending 30-40% more.
  • Current account deficit is expected to be 2.5% this year.
  • Almost 3 lakh crore has already been recovered in favour of banks and creditors, big defaulters have also not been spared by our government.
  • India has been recognised as brightest spot in the world in last 5 years.
  • Rs 19,000 crore to Pradhan Mantri Gram Sadak Yojana Construction of rural roads had tripled under Pradhan Mantri Sadak Yojana.

What is an Interim Budget?

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Interim Budget is presented by the incumbent government in its last year in office, with the general elections due to be held during the upcoming financial year.

This Budget is not for the entire year but for a short period of time, that is, the transitory period between two governments.

By practice, the interim Budget does not contain major policy decisions that are likely to affect the expenditure of the next government. However, if the interim Budget is presented before the announcement of dates of the general election, the government is free to announce any policy decisions through it.

Budget Expectations: What to Expect on Personal Finance

  • Changes in Basic Exemption Limit: There is widespread expectation that the basic exemption limit of income tax for the general category will be raised from Rs 2.5 lakh to Rs 3 lakh. In that case, the exemption limit for senior and super senior citizens will also be raised.
  • Increase in Standard Deduction Limit: In the last budget, the government had re-introduced the standard deduction rule for the salaried class. However, exemptions on conveyance allowance and medical reimbursement were revoked.

Don't Expect Much from the Budget: Yogendra Yadav

Farmers’ activist Yogendra Yadav said that he does not expect much from the government’s interim Budget for farmers.

'Sabka Saath, Sabka Vikas' Will Reflect Today: Narendra Singh Tomar

Union Minister Narendra Singh Tomar said that the government’s agenda of ‘sabka saath, sabka vikas’ will reflect in the interim Budget.

“Sabka Saath, Sabka Vikas has been our government's mantra and it will reflect in the Budget,” he said.

TDP MPs Protest outside Parliament

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Telugu Desam Party (TDP) MPs dress in black to protest against the central government ahead of the presentation of the interim Budget. They are protesting in Parliament premises demanding special category status for Andhra Pradesh.

'This Will Be a Budget for the Farmers': Union Minister for Agriculture

Union Minister of Agriculture and Farmers' Welfare Minister Radha Mohan Singh said that like the previous Budgets of the NDA government, this Budget too will be for the farmers.

“The last five budgets have been dedicated to the farmers, the government's sixth budget will also be for the farmers, and it will empower them.” he said.

  • Sensex Goes Further Up By 151.44 Points Ahead of Interim Budget
  • Sensex rises by 151.44 points, currently at 36,408.13.
  • Markets Open Higher, Rupee Opens Flat Ahead of Budget 2019
  • Sensex opens higher at 36,311.74 points, Nifty opens at 10,851.35 points ahead of Budget presentation.
  • Rupee opened flat at 71.10 per dollar against yesterday's close of 71.08.

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