Key points of the Interim Budget 2019-20 and Vision Document 2030

Reference

On February 1, the present central government presented an interim budget for the year 2019-20 . Corporate Affairs, Rail and Coal Minister Piyush Goyal presented this interim budget, which is taking additional charge of Finance Minister due to Arun Jaitley's unhealthiness. Presenting the Interim Budget 2019-20, the next year, the Vision Document 2030 of the Central Government is about the creation of a new India . Vision Document 2030 has been said to create a new India, where poverty, malnutrition, dirt and illiteracy will be discussed in the past. In India, technology-driven, high growth will have a uniform and modern transparent society.

What happens to the interim budget?

The interim budget is called a vote on account . Some people call it a waiver demand and a mini budget. For a limited period through vote-on-account, the government's necessary expenditure is approved. The year the Lok Sabha elections are held, the government presents an interim budget. After the election, the government formed to present a full budget.

Income tax limit increased

Now, those earning annually up to Rs 5 lakh will not have to pay income tax .

Those who invest in provident fund, special savings, insurance etc., whose income is up to Rs 6.50 lakh, they will not have to pay any kind of tax.

At the same time, do not pay any tax to high-income persons with additional deductions such as interest loan interest up to Rs 2 lakh, interest on education loans, contribution to national pension scheme, medical insurance, medical expenses of senior citizens, etc. Will happen. 

Standard deduction has been increased from 40 thousand to 50 thousand rupees.

It is proposed to increase the TDS limit from 10 thousand to 40 thousand rupees on the interest received on the deposited deposits in the bank or post office.

In order to provide relief to small taxpayers, it is proposed to increase the TDS limit from Rs. One lakh 80 thousand to two lakh 40 thousand rupees for tax deduction.

The limit of gratuity increased from Rs 10 lakh to Rs 20 lakh and the ESI limit from Rs 15 thousand to 21 thousand rupees.  

Increase in defense, home and rail budget

3,05,296 crore has been earmarked for defense budget for 2019-20 . Thus, the defense budget has crossed the Rs 3 lakh crore mark for the first time.

64,587 crore rupees have been allocated for the Railways . Total capital expenditure of Railways is Rs. 1,58,658 crores.

Apart from this, Rs. 1,03,927 crores have been allocated for the Home Ministry. 

Heavy rise in agricultural budgets

In the interim budget, nearly two and a half times more provisions have been made for agriculture compared to the previous budget. This time Rs 1,40,763 crores has been kept for agriculture.

Initiation of Kisan Samman Nidhi Yojana

Under this scheme, direct income support will be made available to small farmers holding small land holders of land up to 2 hectare at the rate of Rs. 6000 per annum.

This income assistance will be transferred directly to the bank accounts of the beneficiary farmers in three equal installments of Rs. 2000.

This scheme will be financed by the Government of India and it is expected to benefit about 12 crore small and marginal farmers from the families.

This scheme will be deemed effective from 1st December, 2018 and the first installment will be paid during the year for the period upto March 31, 2019.

This plan will cost an annual expenditure of 75 thousand crores and this will give small farmer families a certain supplementary income.

Prime Minister, Labor-Yogi Mansion, Large Pension Scheme

Pradhan Mantri Shram Yogi Mansa Mansa Pension Scheme is proposed to be started for the unorganized sector workers of monthly income upto Rs. 15 thousand rupees  . 

Under this, the monthly contribution of a small amount of monthly amount of Rs 3000 will be obtained from the age of 60 years during the working age.

The workers of the unorganized sector who join this pension scheme at the age of 29 will have to contribute only Rs.100 / - per month till the age of 60 years.

At the age of 18, the workers who join this pension scheme will have to contribute only Rs. 55 per month.

The government will deposit the same amount every month in the pension account of the workers. 

A sum of Rs. 500 crores has been allocated for this scheme and it will be implemented from the present year.   

Constitution of the Committee for Nomadic

A committee will be constituted under the policy commission, whose work will be formally categorized as non-notified, nomadic and semi-nomadic communities. A welfare development board under the Ministry of Social Justice and Empowerment will also be constituted by the government, whose purpose is to implement the welfare and development programs of non-notified, nomadic and semi-nomadic communities. The board will also ensure the implementation and implementation of special strategies for reaching communities. Let us know that development and welfare programs are not accessible to these communities, because the nomadic and semi-nomadic community wanders from one place to another for life. The Renka Commission and the Eidet Commission have worked on identifying these communities and have created a list of these communities.

National Kamdhenu Yojna and National Gokul Commission for Cow

National Kamdhenu Commission will be constituted for respect and protection of cows. The implementation of this scheme will help in increasing the breed and the number of cows by continuous genetic upgradation of cow's resources. National Gokul Commission will also be constituted, which will also take care of the implementation of law and welfare schemes effectively for the cows. For this, a provision of Rs. 750 crores has been made.

Department of Fisheries will be formed separately

In view of the development of the fisheries sector, it has been decided to set up separate fisheries department. There is also a proposal to give benefits of 2% interest concession to the farmers running cattle ranching and fishing activities through loans through Kisan Credit Card. Apart from this, repayment of the loan will be given to the additional interest rebate of 3%.

10 special dimensions of Vision Document 2030

Creating physical and social infrastructure for an economy of $ 10 trillion and a comfortable life. 

Building such a digital India where the young class will lead it by generating millions of jobs in the start-up and eco-system at a mass level in the creation of Digital India. 

Pay special attention to electrical vehicles and renewable energy to make India a pollution free nation . 

Generating large scale employment through the expansion of rural industrialization using modern digital technologies . 

Efficient use of water in irrigation through safe rivers and minor irrigation techniques with safedrinking water for all Indians . 

Strengthening the country's development through the coastal and sea routes, accelerating the efforts being made under the Sagarmala program . 

India has become the 'launch pad' of leaving the satellites of the world and the goal of sending space astronauts to the space program -Gaganan and the Indian astronaut by 2022-reflects this dimension. 

To make India self-reliant in food production and food exports most biologically and export foodgrains to meet the world's food requirements. 

By 2030, healthy India and a better health care and comprehensive health system as well as Ayushmann India and women's participation will also be an important component of this. 

Giving India the form of a minimum government, a state with maximum rule, where the governance of the colleagues and officers running on shoulder-side with a chosen government can be embodied.

Key points of the Interim Budget 2019

The fiscal deficit was reduced and the current account deficit was controlled.

Additional 25 percent seats will be provided in educational institutions .

India has become the world's launch pad in the field of space .

In the transport sector revolution, India will lead the world through e-vehicles.

One lakh digital villages will be built in the next five years .

Budget allocation of North Eastern Region increased by 21 percent to Rs 58,166 crore.

Now those earning up to Rs. 21 thousand rupees per month will get bonus up to 7 thousand rupees . Prior to that, income earning up to Rs 10,000 per month was upto 3500 rupees.

60 thousand crores have been allocated for MNREGA .

19 thousand crores allocation for Pradhan Mantri Gram Sadak Yojana

In inflation control, inflation came down to 2.18 percent in December 2018.

75 thousand crores for the Prime Minister's scheme

Farmers credit cards will be provided to all farmers .

Unmanned crossing finish on the broad gauge network of the railway .

Honorarium of Anganwadi and Asha workers increased 50%

Minimum monthly pension of workers was Rs. 1,000

Single window clearance arrangements for Indian filmmakers will start.