Friday went according to script as Finance Minister Piyush Goyal rolled out a please-all 'interim' budget for the year 2019-20 .
It included big tax sops, including an announcement that there will be no taxes for those earning upto Rs 5 lakh a year (up from Rs 250000), direct income support - Rs 6000 per year - for farmers who have under 2 hectares of land, monthly pension - Rs 3000 - for workers in the informal sector, a hike in gratuity limit to Rs 30 lakh from Rs 10 lakh and many more sops.
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Minister without portfolio Arun Jaitley had indicated that the interim budget may go "beyond the traditional " vote-on-account as tackling agricultural challenges "can't afford to wait". This 'interim' budget did stretch even his expectations and was in many ways, like Congress leader Mallikarjun Kharge said, an "election manifesto", and beyond laying out a vision plan that attempted to stretch to 2030.
Quick expert take on the budget from our columnist Shankkar Aiyar:
Budget 2019 is well written and well presented. Cogent about economic cause and political consequence
It ticks all the boxes - farmers, middle class, organised and unorganised workers, pensioners and women
The sops promise stimulus to demand and therefore are positive for the economy
1: Leaves out landless and tenant farmers
2: The math of fiscal management is fuzzy given the shortfall in disinvestment and GST
Budget math: As done by Shankkar Aiyar it showed that the government will have to borrow Rs 80.36 crore per hour to fund its plans.
More highlights below:
BREAKING: Big tax announcements
At last! Goyal gets to talk trains
Kodak Moment— Shankkar Aiyar (@ShankkarAiyar) February 1, 2019
Railway Minister gets to speak about Railway Budget as Finance Minister #Budget2019
* Not a single unmanned railway crossing on the broad gauge in India , says Goyal
* Vande Bharat Express that will "provide speed, service and safety to citizens" announced, says the Finance Minister. An aside. If those factors need highlighting, what is he saying about existing trains?
Pradhan Mantri Kisan Samman Nidhi approved, says Goyal; to provide direct income support for farmers
Expert view from our columnist Shankkar Aiyar: Cost Rs 75000 Crore/Year; Big question: What about landless/tenant farmers?
PM KISAN— Shankkar Aiyar (@ShankkarAiyar) February 1, 2019
Kisan with less than 2 hectares
That's Rs 500/pm
12 Crore Beneficiaries
Q: What about landless/tenant farmers?
Announced a hike in minimum support price by 1.5 times for all 22 crops
Also, an attempt to reward distressed farmers who repay loans: All farmers severely affected by severe natural calamities will get 2% interest waiver and additional 3% interest waiver upon timely repayment of loans. This is in place of loan waivers
Rs 17 a day is an insult to farmers: Rahul Gandhi
Friends of BJP have prepared this budget: HDK
I want to ask if this budget was prepared by officials of Finance dept or RSS? In this budget, Narendra Modi has given cotton candy for farmers. When I announced loan waiver scheme, PM mocked it as lollipop. Friends of BJP have prepared this budget: Karnataka CM H D Kumaraswamy
Prime Minister Narendra Modi: This is an Interim Budget. This is just a trailer of the budget which, after elections, will take India on the path to development.
Here’s an explainer on how much tax you will have to pay according to your annual income.
Individual taxpayers having annual income up to Rs 5 lakh will get full tax rebate. [CLICK HERE TO KNOW THE TAX SLAB]
It was a full fledged budget accompanied by an election campaign speech: P Chidambaram
It is not a vote on account but an account for votes: Former Finance Minister P Chidambaram
Opposition has no issues to talk about, they are scared of Modi Ji’s welfare schemes. We don’t do votebank politics, we do development politics: Dharmendra Pradhan
Those sitting in AC rooms cannot understand the plight of the small farmers. Keeping this in mind, we have introduced Pradhan Mantri Kisan Samman Nidhi scheme. This is a historic decision, says Piyush Goyal
The budget has met the expectations of farmers, labourers and middle class. By bearing a cost of Rs 75,000 crore,the govt will implement Pradhan Mantri Kisan Samman Nidhi scheme. This scheme will also benefit those farmers who do not take loans: BJP chief Amit Shah
Home Minister Rajnath Singh on Union Budget 2019: It’s a historic budget, and all the sections of the society will benefit from it.
Concession to farmers and middle classes will have an impact on the elections: Former PM and ex-finance minister Manmohan Singh
The whole exercise has turned out to be a damp squib. We've seen one good thing that is tax exemption for the middle class. Rs 6000 in income support for farmers boils down to Rs 500 per month. Is that supposed to enable them to live with the honour and dignity: Shashi Tharoor
"We have covered all grounds, including job creation. Problems is our statistical mythology is not keeping up with the new realities," MoS, Civil Aviation Jayant Sinha
Sensex at 36,626.90, up by 370.21 points
"Excellent budget that sits well with our ideology and caters to all sections, kisan, jawan, Gau Mata, even the middle class. As a youth myself, I'm happy and grateful to our FM and Modiji," Poonam Mahajan, BJP MP
All sections of the society including farmers, middle class, poor and women have been mentioned in this budget. This budget will help achieve the dream of a 'New India': Uttar Pradesh CM Yogi Adityanath
Senior Congress leader Mallikarjun Kharge says, "This is not Budget, it is an election manifesto!"
FM underlines 10 most important dimensions that will guide the Government in Vision 2030
This is not just an Interim Budget, this is a vehicle for the developmental transformation of the nation: FM Piyush Goyal
Rs 3000 per month pension for workers in unorganized sector, Rs 6000 per year in income support for farmers with under two hectares of land major takeaways so far, says our business correspondent Sunitha Natti.
Committed to eliminating the scourge of black money; anti-black money measures taken have brought an undisclosed income of about 1.30 lakh crore rupees to the fore; 3.38 lakh shell companies were deregistered: FM
GST has been continuously reduced, resulting in relief of 80,000 crore rupees to consumers; most items of daily use for poor and middle class are now in the 0%-5% tax bracket: FMGST collections in January 2019 has crossed 1 lakh crore rupee
- 99.54% returns have been accepted without any scrutiny.
- Within almost two years, almost all assessment and verification of I-T returns will be done electronically by an anonymized tax system without any intervention by tax officials.
- Direct tax collections from 6.38 lakh crore rupees in 2013-14 to almost 12 lakh crore rupees; tax base up from 3.79 crore to 6.85 crore.
- Simplification of direct tax system will benefit taxpayers; direct tax reduced and tax interface made simpler and faceless to make life easier; resulting in increase in tax collections and return filings.
Impactful steps taken in reducing tax, bringing benefits for middle class citizens: FM
Out of 8 crore free LPG connections under Ujjwala scheme, 6 crore connections to poor women have already been provided: FM
Allocation for the North Eastern Region proposed to be increased to 58,166 crore in this year, a 21% rise over previous year: FM
* Defence budget enhanced beyond Rs 3 lakh crore
* Govt disbursed over Rs 35,000 crore for One Pension One rank
75 per cent of woman beneficiaries under PM Mudra Yojana, 26 weeks of maternity leave and Pradhan Mantri Matritva Yojana, are all empowering women: FM
FM announces launch of a pension scheme Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with the contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age.
Gratuity limit increased from 10 lakh to 30 lakh rupees.
Without disturbing the existing reservation system, a 10% reservation for Economically weaker sections in educational institutions and government jobs has been ensured: FM
Ayushman Bharat the world's largest healthcare programme launched to provide medical care to almost 50 crore people, resulting in 3,000 crore savings by poor families: FM
22nd AIIMS to be set up in Haryana: FM
It's revisiting the highs time for the government
* 1.53 lakh houses connstructed under PM Awas Yojana: FM Shri Piyush Goyal
* Rs 170000 crore spent for bringing food at affordable rates to poor people
* Pace of construction of rural roads has been tripled
* * A 4R - Recognition, Resolution, Recapitalization, Reforms - approach to ensure clean banking
Efforts taken to bring full representation for economically weak backward classes, by giving them reservation in jobs and education: FM
GST, banking reforms, insolvency code are path-breaking moves
Bad loans: Close to Rs 3 lakh crore recovered from creditors, claims Piyush Goyal
Aggressive fiscal deficit target for upcoming year?
Fiscal deficit likely to be 2.5% in 2019-20, says Piyush Goyal
Markets in the green
Sensex is up 143 points and NSE is up over 39 points.
Telugu Desam Party MPs protest against Interim Budget
Delhi: Telugu Desam Party (TDP) MPs dress in black to protest against the central government ahead of the presentation of the interim #Budget2019. They are protesting in Parliament premises demanding special category status for Andhra Pradesh. pic.twitter.com/ANy29nazko— ANI (@ANI) February 1, 2019
Populist schemes will be introduced keeping an eye on Lok Sabha polls: Mallikarjun Kharge
Budgets they've presented so far haven’t really benefitted general public. Only ‘Jumlas’ will come out today. They've only 4 months, when will they implement the schemes?
Union Ministers Swaraj, Rajnath Singh, and Ravi Shankar Prasad arrive at the parliament
Sensex up 100 points on Budget day
The BSE benchmark Sensex jumps over 100 points ahead of the Union Budget. Top gainers include Hero MotoCorp, HCL Tech, Bharti Airtel, Bajaj Finance and Infosys. Vedanta Corp was the biggest loser on the Index.
Government's sixth budget will empower the farmers: Radha Mohan Singh
Further investment in railways will certainly be increased: Manoj Sinha
The printed copies of Budget 2019-20 being security checked by sniffer dog
Income tax exemption threshold to rise?
Goyal, who stepped in as interim finance minister after Arun Jaitley had to fly to New York for medical treatment, is widely expected to raise income tax exemption thresholds.
Piyush Goyal arrives at the Parliament house
Piyush Goyal will present interim Budget 2019-20 in the Parliament at 11am today.