Budget 2019: Budget for new India
Finance Minister Piyush Goyal presented the sixth National Democratic Alliance’s (NDA) and final budget. This budget usually revolves around the two key areas that are income tax and farmer package. Through this budget, many farmers, taxpayers, and laborers will get benefited. As many governments announced schemes for farmers but only for those who own a large acre of land but according to this budget it will provide benefits to that farmer who is always been left out, so the Government of India introduced Pradhan Mantri Kisan Samman Nidhi Scheme, this will give benefits to those farmers who don’t take any loan. The farmers who were affected by the natural disasters will get 2% interest subvention upfront for their loan. Poor farmers will get 6000 per year as income support, and the cash will be directly transferred to their account.
There was a change in the tax process also. The tax breaks for many salaried, middle and pensioners and this was a budget for the middle class. An individual whose total income is up to Rs. 5 lakhs will get a full tax rebate.
This budget allocated 1.58 trillion to the Indian Railways so that they can expand railway infrastructure.
The defence budget 2019-20 was increased to three lakh crore. And additional funds will be provided if it is necessary.
The mega pension scheme for unorganized sectors workers was announced which make sure that assured pension of Rs.3000 per month is provided to the people working in the informal sector after the age of 60. And the Government will contribute equally to the pension accounts of these people.
Rs 750 crore is allocated under Rashtriya Gokul Yojana for the protection of the cows. The government missed the Fiscal Deficit target it stands at 3.4% of GDP against the target of 3.3% GDP.