Interim Budget 2019: Government’s 10-point vision for 2030 presented
By MYBRANDBOOK
Piyush Goyal, who has been appointed as the interim finance minister presented his maiden Union Budget in the Lok Sabha today. While a full-fledged budget will be presented once the new Central government is formed after the general elections due in March-April, this interim budget, as has been the custom, will seek the Parliament’s nod for meeting the expenditure for the next few months of the new fiscal.
In his speech, while taking the opportunity to throw some light on the various schemes introduced by the Modi Government in the past years, Goyal claimed that India is poised to become a 5 trillion dollar economy in the next five years, and a 10 trillion dollar economy in the next eight years.
On inflation, Goyal commented that India has controlled double-digit inflation. “From 10.1% during 2009-14, inflation in December 2018 was just 2.1%. We have broken the back of back-breaking inflation.”
On GST, Goyal remarked that the implementation of GST has brought a relief of 80,000 crore rupees to the Indian consumers and most items of daily use now brought in the 0-5% tax bracket. Further India has become one common market through tax consolidation, inter-state movements have become faster through e-way bills and Ease of Doing Business has improved.
Fiscal deficit pegged at 3.4 per cent in the Interim Budget, while Capital expenditure is pegged at 3.36,292 lakh crore. Expenditure is expected to rise by 13% from revised estimate 2018-19 to budget estimate 2019-20, Goyal said.
Goyal in his Budget speech announced the following -
* Committee under NITI Aayog to be set up to identify and denotify nomadic and semi-nomadic communities; Welfare Development Board to be set up under Ministry of Social Justice and Empowerment for welfare of hard-to-reach communities and for tailored strategic interventions.
* Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan to provide assured monthly pension of 3000 rupees per month, with contribution of 100 rupees per month, fo workers in unorganized sector after 60 years of age.
* Under Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three installments to be transferred directly to farmer’s bank accounts, for farmers with less than 2 hectares land holding. This initiative is likely to benefit 12 crore small and marginal farmers, at an estimated cost of Rs 75,000 crore.
* Individual tax payers with income up to Rs. 5 lakh taxable income will get full tax rebate. Even those earning ₹6.5 lakh will not have to pay tax, if they invest in specified savings. The tax slabs, however, will remain unchanged and according to Goyal, an estimated three crore middle class tax payers will be benefited.
“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,” he said.
* Further, TDS on fixed deposits and postal deposits will be exempted for interest earned up to Rs. 40,000 from Rs. 10,000 currently.
* Goyal presented the government’s proposed 10-point vision for 2030
* a next-gen infrastructure
* a Digital India
* a pollution free India that drives on electric vehicles.
* Expanding rural industrialization
* Clean Rivers with safe drinking water
* developing the coastline and harnessing the blue economy
* placing an Indian astronaut in space
* Making India self-sufficient in food, exporting food and organic farming
* Healthy India, a distress-free healthcare and comprehensive wellness system
* Maximum Governance.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : Dilip Asbe
At present, Dilip Asbe is heading National Payments Corporation of Ind...
ICONS OF INDIA : RAJIV MEMANI
As Chair of the EY Global Emerging Markets Committee, Rajiv connects e...
Icons Of India : MUKESH D. AMBANI
Mukesh Dhirubhai Ambani is an Indian businessman and the chairman and ...
C-DOT - Center of Development of Telematics
India’s premier research and development center focused on telecommu...
RailTel Corporation of India Limited
RailTel is a leading telecommunications infrastructure provider in Ind...
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
Indian Tech Talent Excelling The Tech World - ANJALI SUD, CEO – Tubi
Anjali Sud, the former CEO of Vimeo, now leads Tubi, Fox Corporation...
Indian Tech Talent Excelling The Tech World - Aman Bhutani, CEO, GoDaddy
Aman Bhutani, the self-taught techie and CEO of GoDaddy, oversees a co...
Indian Tech Talent Excelling The Tech World - Dheeraj Pandey, CEO, DevRev
Dheeraj Pandey, Co-founder and CEO at DevRev , has a remarkable journe...