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2019 Interim-Union budget of India

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The 2019 Interim Union Budget of India was presented by acting Finance Minister Piyush Goyal on 1 February 2019.[3] The government introduced Pradhan Mantri Kisan Samman Nidhi and Pradhan Mantri Shram Yogi Mandhan.

2019 (2019) Union Budget of India
Emblem of India
Submitted2 February 2019
Submitted byPiyush Goyal, Minister of Finance (India) (Additional Charge)
PartyBJP
Total revenue₹2,732,903 crore (equivalent to ₹34 trillion or US$410 billion in 2023)[1]
Total expenditures₹3,401,639 crore (equivalent to ₹42 trillion or US$510 billion in 2023)[2]
‹ 2018
2019›

Highlights

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In the budget, the fiscal deficit for 2019–20 will be 3.94% of GDP. The budget set aside ₹6,000 (US$72) for farmers having up to 2 hectares of land. The amount is available in 3 equal installments of Rs.2000 each under Pradhan Mantri Kisan Samman Nidhi. ₹3,000 (US$36) per month pension after 60 years of age to unorganized sector labor under Pradhan Mantri Shram Yogi Mandhan. Subscribers have to pay a monthly amount of Rs.100 if aged 29 years and Rs.55 if a subscriber is of 18 years of age. Income tax relief u/s 87A for income up to ₹500,000 (US$6,000). Standard deduction of ₹50,000 (US$600) for salaried class.[4]

In the 2018 Budget, the outlay was revised for six key social schemes focused on enhancing the welfare of farmers and the poor, in addition to announcing a new scheme aimed at direct cash transfers to farmers. Apart from that, allocation across three other schemes focused on rural India have been raised.[5]

References

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  1. ^ "Receipts" (PDF). Ministry of Finance, Government of India. Archived from the original (PDF) on 19 February 2019. Retrieved 29 January 2018.
  2. ^ "SUMMARY OF EXPENDITURE" (PDF). Ministry of Finance, Government of India. Archived from the original (PDF) on 19 February 2019. Retrieved 29 January 2018.
  3. ^ "Budget 2019: Full text of Piyush Goyal's budget speech". Mint. 1 February 2019. Retrieved 1 February 2019.
  4. ^ "Budget 2019 highlights: Standard deduction to be raised, no tax on second house", Live Mint, 1 February 2019
  5. ^ "Budget 2019: Government's Expenditure Plan Across Key Rural Schemes". BloombergQuint.
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