Union Budget 2019 Highlights: Tax relief for salaried, middle class, assured income for farmers, pensions for unorganised workers

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Union Budget 2019 Highlights: in major relief for salaried and middle classes, Finance Minister Piyush Goyal is presenting the India Budget 2019 in Parliament. Budget expectations are high from the Modi government. Common people, salaried class, farmers and industry captains have pinned hopes on Prime Minister Narendra Modiand Finance Minister Piyush Goyal to make announcements on key things like Income Tax, Universal Basic Income and farm credits. The Modi government’s sixth union Budget and first Interim budget is crucial given that it is taking place months ahead of the Lok Sabha elections 2019. Any major announcement will have major political significance. The Economic Survey 2019 was not presented. But Union Cabinet Minister Arun Jaitley hinted that larger interests in the economy will decide what goes into the Union Budget 2019.
Union Finance Minister Piyush Goyal on the first budget has task cut out. Since this is the final union budget of the Modi government before Lok Sabha elections 2019, the ruling dispensation is expected to some major populist announcements.

Finance Minister Piyush Goyal has said in Parliament that India has been recognized as the bright spot in the world economy and is considered as the fastest growing large economy. FM Goyal said that Current Account Deficit (CAD) to come down from 5.6 per cent to 2.19 per cent this year.

Referring to the spectrum auction and coal block auction, Finance Minister Piyush Goyal has pitched for transparency. He said that the Real Estate Development and Regulation Act of 2016 and Benami Properties Act have shown the central government’s intent for maintaining transparency.

The Modi government has built 1.53 crore houses under the housing scheme. FM Goyal claimed that the number of houses built is five times more than before. FM Goyal said that back in 2014, 2.5 crore households were without electricity. He said that under Saubhagya Yojona, the central government has provided almost every house a free electricity connection .

Finance Minister Piyush Goyal has announced Pradhan Mantri Kisan Samman Nidhi. Under the ‘Pradhan Mantri Kisan Samman Nidhi’, the government will transfer Rs 6,000 per annum for each small and marginal farmers. The money will be transferred in three installments and will be sent to farmers’ bank accounts. This scheme will benefit 12 crore small and marginal farmers with a holding of less than 2 hectares of land. The central government will be spending at an estimated cost of Rs 75,000 crore.

Finance Minister Piyush Goyal has said that EPFO membership has increased by 2 crore in past two years. FM Goyal said that contribution to new pension scheme has been increased to 14 per cent from 4 per cent. FM Goyal said that the gratuity limit has been increased from Rs 10 lakh to Rs 30 lakh.

Finance Minister Piyush Goyal has underscored that the women have been the central government’s top most priority. Out of total, 75 per cent beneficiaries are under Pradhan Mantri Mudra Yojana. FM Goyal has also said that working women are entitled for 26 weeks of maternity leave. Apart from these, the Pradhan Mantri Matritva Yojana is empowering women across the country.

Finance Minister Piyush Goyal said that the Central government has launched a pension scheme named Pradhan Mantri Shram Yogi Mandhan. Under this, workers in unorganized sector will get a monthly pension of 3000 rupees per month after 60 years of age.

Finance Minister Piyush Goyal in his budget speech 2019 said that the defence budget has enhanced beyond Rs 3 lakh crore. FM Goyal has said that Rs 35,000 crore has been disbursed for soldiers under ‘One Rank One Pension’.

Finance Minister Piyush Goyal said that the direct tax collections increased to Rs 12 lakh crore from Rs 6.38 lakh crore; FM Goyal said that all assessment and verification of Income Tax returns will be done electronically. In a good news for salaried class, FM Piyush Goyal in his budget speech said that income tax returns will be processed within 24 hours and refunded simultaneously.

People having annual earnings upto Rs 5 lakh, will be exempted from paying Income Tax