Union Budget key highlights

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Union Finance Minister Piyush Goyal announces the last Union budget of Narendra Modi-led NDA government in in the Parliament.

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Here are the key highlights:

  • “We have reversed the policy paralysis,” says Piyush Goyal as he rises to present the Interim Budget, “India is solidly back on track.”
  • “We brought down average inflation to 4.6% lower than inflation during tenure of any other govt”
  • If we had not controlled inflation, our families would have been spending 35-40% more on basic amenities today, says Goyal.
  • Fiscal deficit revised target for FY19 – 3.4%. Current account deficit target for FY19 – 2.5% of GDP.: Piyush Goyal.
  • Our govt had the power to ask RBI to review the NPA situation of banks and stop the culture of phone banking, says: Goyal.
  • The government is committed to providing electricity to every house. LED will help save Rs 50,000 crore in electricity bills in the next few years, he added.
  • Allocation for North Eastern Region proposed to be increased to 58,166 crore in this year, a 21% rise over previous year: Piyush Goyal.
  • Farmers with less than 2 hectare land will be given Rs 6,000 per year as direct transfer, says Goyal.
  • Ayushman Bharat, the world’s largest healthcare programme, was launched to provide medical care to nearly 50 crore people, resulting in Rs 3,000 crore savings by poor families: Goyal.
  • Govt approves PM Kisaan Samman Nidhi. Direct Benefit Support of Rs 6,000 crore to farmers with landholdings below 2 hectares to be transferred directly into bank account of beneficiary farmers in three installments of Rs 2,000 each funded by Govt of India.
  • Around 12 crore farmers to benefit from the scheme.: Piyush Goyal.

  • This will cost the govt around Rs 75,000 crore: Goyal.
  • As a tribute to Mahatma Gandhi, world’s largest behavioural change movement Swachh Bharat initiated; more than 98% rural sanitation coverage has been achieved; more than 5.45 lakh villages declared ODF: Piyush Goyal.

  • 10 crore workers to benefit from the scheme: Piyush Goyal.
  • There are a total of 42 crore workers in the unorganised sector in numerous industries. We must provide comprehensive social security coverage: Piyush Goyal.
  • Workers who receive grievous injuries will now get Rs 6 lakh from Rs 2.5 lakh through EPFO: Piyush Goyal.
  • Instead of rescheduling of crop loans, those farmers severely affected by natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment: Piyush Goyal.
  • We had promised to implement One Rank One Pension. We have already disbursed over Rs 35,000 crore after implementing the scheme in true spirit: Piyush Goyal.
  • Construction of rural roads has been tripled; 15.8 lakh out of a total 17.84 lakh habitations have been connected with pucca roads under PMGSY.
  • PMGSY allocated 19,000 crore rupees in 2019-20 (BE): Goyal.

  • Indian Railways has experienced the safest year in its history. All unmanned level crossings on broad guage network have been completely eliminated, says Goyal.
  • Indian Railways budget outlay Rs1,48,658 crore.
  • India is the fastest highway developer in the whole world, 27 kms of highways built each day, projects stuck for decades completed; Sagar Mala will help faster handling of import and export cars: Finance Minister.
  • Our government hopes to create 1 lakh digital villages in the next 5 years. Jan Dhan, Aadhaar mobile, and direct benefit transfer have been game changers: Goyal.
  • Aadhaar is now near-universally implemented and helped ensure poor get the benefit of govt schemes directly in their bank accounts, Goyal says.
  • Cost of data and voice calls in India is possibly the lowest in the world: Goyal.
  • Tax collections have increased significantly. The number of returns filed have also risen: Finance Minister.
  • Unmanned system to be created for scrutiny of income tax returns: Goyal.
  • Reducing tax for the middle class has been a priority, he says.
  • Most items of daily use are now in the 0-5% slab making GST beneficial for the middle class: Goyal.
  • Our govt wants GST burden on homebuyers to reduce. So we have requested the GST Council to set up a group of ministers who will now work out how to reduce the burden on homebuyers: Goyal.
  • We are poised to become $5 trillion economy in the next 5 years, says Goyal.
  • Aspire to become $10 Tn economy in next 8 years thereafter: Goyal.
  • Placing an Indian astronaut in space by 2022 is also a part of Vision 2030, says Finance Minister Piyush Goyal.
  • See India as a modern, technology-driven, high growth and transparent society as part of Vision 2030:

  • Confident of reaching Rs 80,000 Cr divestment target: Finance Minister.

  • Finance Minister thanks taxpayers for their contribution toward the well being of the society and providing basic amenities to the poor. “The tax you pay will provide healthcare to 50 crore brothers, sisters and children,” Goyal says.
  • Some benefits must therefore also be passed on the middle class tax payers. Keeping this in view I propose to reduce the tax burden on tax payers. The salary earners, pensioners and senior citizens should not wait to get clarity on their taxes: Goyal.
  • Individual tax payers with taxable annual income up to Rs 5 lakh will get full tax rebate.
  • Government announces tax exemption for income up to Rs 5 lakh per year: Finance Minister Piyush Goyal in Parliament.

  • So those with income up to Rs 5 lakh and another Rs 1.5 lakh in investments totalling Rs 6.5 lakh will have to pay no tax. Will benefit nearly Rs 3 crore middle class income earners: Goyal.
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