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Interim Budget 2019: Highlights

Interim Budget 2019: Highlights

A look at the major highlights of the FM’s Budget speech:

–  The people of India gave a strong mandate to the Government, under leadership of PM, structural reforms undertaken, reversed policy paralysis and restored the nation’s image

– The last five years saw India being universally recognized as a bright spot in the world economy; we are the fastest growing large economy in the world economy today

– 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

– Inflation is a hidden and unfair tax; from 10.1% during 2009-14, we have broken the back of back-breaking inflation

– Inflation in December 2018 was just 2.1%

– Fiscal deficit has been brought down to 3.4% in the revised estimate of 2018-19; Fiscal deficit is likely to be 2.5% in 2019-20

– The next-gen reforms in last five years have set the stage for decades of high growth

– Number of measures implemented to ensure clean banking, a resolution friendly mechanism has been instituted for recovery of non-performing loans

– Close to 3 lakh crore already recovered in favour of banks and creditors, big defaulters too not spared by our government

– Recapitalization of banks amounting to 2.6 lakh crore has been done; confident that given the pace of reforms in banking sector, other banks too will recover

– India is solidly back on track and marching towards growth and prosperity

– From empty promises in the past, targeted expenditure has been undertaken to improve quality of life in villages; we aim to bring development, preserving the soul of villages

– Pace of construction of rural roads has been tripled under our tenure

– During 2014-18, 1.53 crore houses have been constructed under PM Awas Yojana

– Ayushman Bharat, the world’s largest healthcare programme, launched to provide medical care to nearly 50 crore people, resulting in 3,000 crore savings by families of poor sections; 21 AIIMSs operating or being established, 14 of these have been announced since 2014;22nd AIIMS to be set up in Haryana

– The 4R approach and a number of measures have been implemented to ensure clean banking: 1.Recognition 2.Resolution 3.Recapitalization 4.Reforms

– Under Pradhan Mantri Kisan Samman Nidhi, Rs. 6, 000 per year for each farmer, in three installments, to be transferred directly to farmers’ bank accounts, for farmers with less than 2 hectares land holding; this initiative will benefit 12 crore small and marginal farmers, at an estimated cost of Rs. 75,000 crore, this will enable farmers to earn a respectable living

– In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment

– India has beocme the 2nd largest hub of start ups; national programme on AI envisaged

– Defence budget enhanced beyond Rs. 3 lakh crore

– Single window clearance for filmmaking to be made available to Indian filmmakers, anit-camcording provision to be introduced to Cinematography Act to combat film privacy

– Within almost two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by tax officials

– Businesses with less than Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns

– GST collections in January 2019 has crossed Rs. 1 lakh crore

– 10 most important dimensions that will guide the Government in Vision 2030:

1) To build next-gen infrastructure – physical as well as social – for a 10 trillion dollar economy and to provide Ease of Living

2) To build a Digital India that reaches every citizen, our youth will lead us in this, by creating innumerable startups and jobs

3) Clean and Green India – an India that drives electric vehicles, with renewables becoming major source of energy, bringing down import dependence and increasing energy security for our people

4) Expanding rural industrialization using modern industrial technologies, based on Make In India approach, using grassroot MSMEs and startups across the country

5) Clean Rivers – with safe drinking water to all Indians, sustaining and nourishing life, using micro-irrigation techniques; long coastline can be pivotal for the economy, using strength of blue economy and SagarMala

6) Oceans and coastlines is the sixth dimension of our vision for 2030

7) India becoming launchpad of the world, placing an Indian astronaut in space by 2022

8) Self-sufficiency in food and improving agricultural productivity with emphasis on organic food 

9) Health India with distress-free and comprehensive wellness system for all is the ninth dimension of our vision for 2030

10) Minimum government, maximum goernance 

– Fiscal deficit as a proportion of GDP – 3.4% for the coming year, considering need for income support for farmers

– Expenditure to rise by 13% from RE 2018-19 to BE 2019-20

– Rs. 56,619 crore made in BE 2018-19 for welfare of SCs and STs, increased to Rs. 62,474 crore in RE 2018-19 has been further increased to Rs. 76,800 crore in BE 2019-20

– Individual taxpayers with annual income up to Rs. 5 lakh to get full tax rebate

– TDS threshold on interest on bank and post office deposits raised from Rs. 10,000 to 40,000

– TDS threshold on rental income raised from Rs. 1.8 lakh to 2.4 lakh

– This is not just an Interim Budget, this is a vehicle for the developmental transformation of the nation

– Development became a Jan Andolan (people’s movement) under the present government due to the people of this country

WATCH the first and EXCLUSIVE interview of Finance Minister Piyush Goyal after presentation of Interim Budget 2019 – 3 PM onward only on DD News!