In the budget 2019, which was presented on Friday, Mr. Piyush Goyal keeping in mind about the development of youths, taxpayers and farmers announced massive concessions.
Here all the interim budget highlights presented by Mr. Piyush Goyal in the absence of Mr. Arun Jaitely.
Budget 2019 – Agriculture, Animal Husbandries and fisheries
Piyush Goyal announced a new scheme in the agriculture to drive the rural development entails payment of ₹6,000 yearly to each of the 12 crore marginal farmers in the nation. The scheme named –Pradhan Mantri Kisan Samman Nidhi will engage an annual outlay of ₹75,000 crore, Finance Minister Piyush Goyal said while explaining the interim Budget in the Lok Sabha on Friday.
Income tax
Goyal declared full tax refund for income up to Rs 5 lakh in Budget 2019. So, those with income up to Rs 5 lakh and another Rs 1.5 lakh in investments totaling Rs 6.5 lakh will have to disburse no tax. Will advantage nearly 3 crore middle-class income earners. Finance Minister also declared Standard Deduction from 40,000 to 50,000.
Women development
To help housewives in their household activities declared the distribution of 6 crore LPG connections. The Government also asserted that 7000 of the beneficiaries of Mudra Yojana are the women in India. 15.56 crores of 7.23 lakhs loans have been disbursed under Mudra Yojana for women. Provision of Maternity leave of 26 weeks for women also added in the speech.
Nidhi Yadav, Creative Head & Founder AKS Clothings says that “ The Union Budget presented by Shri Piyush Goyal is aimed to benefit people as well as the businesses. I welcome the Government’s decision to source 25 percent material from SMEs and 3 percent from only women-owned SMEs. Removing hurdles from the path of women entrepreneurs is must to leverage women empowerment in the country. Also, as getting funds in the infancy stage is always a big challenge for small businesses, government’s announcements of launching an online portal that can sanction loans up to Rs 1 crore, within 59 minutes is, of course, good news to SMEs. Further, the RBI’s recent decision to permit a one-time restructuring of loans that any MSME has defaulted, but is not non-performing as of 1 January, will help in the revival of many promising startups.”
Employment
Elaborating about the startup culture, Mr. Goyal said that “Now job seekers became job creators, as India is the second largest startup all over the world. He also said that MNREGA allocation has been set 60000 crores to create more jobs.
Finance Minister while concluding the budget said that it is not an interim budget, but a vehicle for the development of India.