„15‟ Pib.nic.in INTERIM BUDGET 2019-20 PRESS INFORMATION BUREAU GOVERNMENT OF INDIA *** BUDGET SUMMARY WITH MAJOR HIGHLIGHTS OF THE INTERIM BUDGET 2019-20 INTERIM BUDGET 2019-20 PRESENTED IN PARLIAMENT TODAY HAS A MAJOR SCHEME FOR FARMERS AND PROVIDES FOR INCOME TAX SOPS THIS INTERIM BUDGET IS TO BE VIEWED AS A MEDIUM FOR A PROGRESSIVE PATH FOR THE COUNTRY, THE FINANCE MINISTER SAYS SHRI PIYUSH GOYAL SAYS GOVERNMENT HAS BROUGHT DOWN AVERAGE INFLATION TO 4.6%, LOWER THAN THE INFLATION DURING THE TENURE OF ANY OTHER PREVIOUS GOVERNMENT. New Delhi, dated February 1, 2019 Magha 12, 1940 Interim Budget 2019-20 was presented in Parliament today by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal. Besides having a major Scheme for the farmers, it provides tax sops and sets the Developmental Agenda for the years to come. A New Deal for 12 Crore Small and Marginal farmers with direct income support, a path breaking Pension initiative for 10 Crore unorganized sector workers, exempting income up to Rs 5 lakhs from Income Tax, reforms in stamp duty, highest ever budgetary allocation of Rs 3 lakh crore for Defence, record allocation of funds at Rs 58,166 crore for North Eastern Areas, a new AIIMS for Haryana, single window clearance for Indian film makers at par with foreigners and higher budgetary allocations for Education, Health, Infrastructure and for the welfare of weaker sections including Scheduled Castes and Scheduled Tribes, a Separate Department of Fisheries for welfare of 1.5 crore fisherman are some of the major highlights of the Interim Budget 2019- 20. Major Schemes New Scheme- namely “Pradhan Mantri KIsan SAmman Nidhi (PM-KISAN)” to extend direct income support at the rate of Rs. 6,000 per year to farmer families, having cultivable land upto 2 hectares is announced. While presenting the Interim Budget 2019-20, the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal said that “our Government is launching a historic programme PM-KISAN with an outlay of Rs.75,000 crore for the FY 2019-20 and Rs.20,000 crore in the Revised Estimates of FY 2018-19”. Under this Government of India funded Scheme, Rs.2,000 each will be transferred to the bank accounts of around 12 crore Small and Marginal farmer families, in three equal installments. This programme would be made effective from 1st December 2018 and the first installment for the period upto31st March 2019 would be paid during this year itself, Shri Piyush Goyal said.
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„15‟
Pib.nic.in
INTERIM BUDGET 2019-20
PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
***
BUDGET SUMMARY WITH MAJOR HIGHLIGHTS
OF THE INTERIM BUDGET 2019-20
INTERIM BUDGET 2019-20 PRESENTED IN PARLIAMENT TODAY HAS A MAJOR
SCHEME FOR FARMERS AND PROVIDES FOR INCOME TAX SOPS
THIS INTERIM BUDGET IS TO BE VIEWED AS A MEDIUM FOR A PROGRESSIVE
PATH FOR THE COUNTRY, THE FINANCE MINISTER SAYS
SHRI PIYUSH GOYAL SAYS GOVERNMENT HAS BROUGHT DOWN AVERAGE
INFLATION TO 4.6%, LOWER THAN THE INFLATION DURING THE TENURE OF
ANY OTHER PREVIOUS GOVERNMENT.
New Delhi, dated February 1, 2019
Magha 12, 1940
Interim Budget 2019-20 was presented in Parliament today by the Union Minister for
Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal. Besides having a major
Scheme for the farmers, it provides tax sops and sets the Developmental Agenda for the years to
come.
A New Deal for 12 Crore Small and Marginal farmers with direct income support, a path
breaking Pension initiative for 10 Crore unorganized sector workers, exempting income up to Rs
5 lakhs from Income Tax, reforms in stamp duty, highest ever budgetary allocation of Rs 3 lakh
crore for Defence, record allocation of funds at Rs 58,166 crore for North Eastern Areas, a new
AIIMS for Haryana, single window clearance for Indian film makers at par with foreigners and
higher budgetary allocations for Education, Health, Infrastructure and for the welfare of weaker
sections including Scheduled Castes and Scheduled Tribes, a Separate Department of Fisheries
for welfare of 1.5 crore fisherman are some of the major highlights of the Interim Budget 2019-
20.
Major Schemes
New Scheme- namely “Pradhan Mantri KIsan SAmman Nidhi (PM-KISAN)” to extend
direct income support at the rate of Rs. 6,000 per year to farmer families, having cultivable land
upto 2 hectares is announced.
While presenting the Interim Budget 2019-20, the Union Minister for Finance, Corporate
Affairs, Railways & Coal, Shri Piyush Goyal said that “our Government is launching a historic
programme PM-KISAN with an outlay of Rs.75,000 crore for the FY 2019-20 and Rs.20,000
crore in the Revised Estimates of FY 2018-19”.
Under this Government of India funded Scheme, Rs.2,000 each will be transferred to the
bank accounts of around 12 crore Small and Marginal farmer families, in three equal
installments. This programme would be made effective from 1st December 2018 and the first
installment for the period upto31st March 2019 would be paid during this year itself, Shri Piyush
Goyal said.
cont..2/-
-2-
To provide sustained and focused attention towards development of Fisheries, the
Government has decided to create a separate Department of Fisheries. Finance Minister said
that through the measure, the Government wants to promote further growth over 7% to promote
livelihood of about 1.45 crore people dependent on the sector.
The Finance Minister announced 2% interest subvention to the farmers pursuing the
activities of animal husbandry and fisheries, who avail loan through Kisan Credit Card. Further,
in case of timely repayment of loan, they will also get an additional 3% interest subvention.
Allocation of Rs.750 crore for Rashtriya Gokul Mission has been announced for the
current year itself. Setting up of "Rashtriya Kamdhenu Aayog" to upscale sustainable genetic
upgradation of cow resources and to enhance production and productivity of cows has also been
announced. The Aayog will also look after effective implementation of laws and welfare
schemes for cow.
To provide pensionary benefits to at least 10 crore labourers and workers in the
unorganised sector a new Scheme called 'Pradhan Mantri Shram-Yogi Maandhan' is
announced. The Finance Minister said that within next five years it would be one of the largest
pension schemes of the world. A sum of Rs.500 crore has been allocated for the Scheme.
Additional funds will be provided as needed, Shri Goyal added. The scheme will also be
implemented from the current year, he said.
Tax Benefits
Individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required
to pay any income tax. The Finance Minister said that persons having gross income up to Rs.
6.50 lakhs are not required to pay any income tax if they make investments in provident funds,
specified savings and insurance etc. Additional deductions such as interest on home loan up to
Rs. 2 lakh, interest on education loans, National Pension Scheme contributions, medical
insurance and medical expenditure on senior citizens etc, are also provided for in the Interim
Budget 2019-20. Thus tax benefit of Rs. 18,500 crore is proposed to be provided to an estimated
3 crore middle class and small taxpayers comprising self employed, small business, small
traders, salary earners, pensioners and senior citizens.
For salaried persons, Standard Deduction is being raised from the current Rs.40,000 to
Rs.50,000. This will provide additional tax benefit of Rs. 4,700 crore to more than 3 crore salary
earners and pensioners.
Exemption on levy of income tax on notional rent on a second self-occupied house is also
now proposed. Currently, income tax on notional rent is payable if one has more than one self-
occupied house.
TDS threshold on interest earned on bank/post office deposits is being raised from Rs.
10,000 to Rs.40,000.
TDS threshold for deduction of tax on rent is proposed to be increased from Rs. 1,80,000
to Rs.2,40,000 for providing relief to small taxpayers.
The Finance Minister says that the Government wants the GST burden on home buyers to
be reduced and accordingly the GST Council was moved to appoint a Group of Ministers to
examine and make recommendations in this regard at the earliest.
Shri Goyal said that soon, businesses comprising over 90% of GST payers will be
allowed to file quarterly return.
Inflation
The Finance Minister said that the Government has been successful in bringing down
average inflation to 4.6% over last five years, which is lower than the inflation during the tenure
of any other Government. In fact Inflation in December 2018 was down to 2.19% only. Shri
Goyal said if we had not controlled inflation, our families would have been spending around 35-
40% more today on basic necessities such as food, travel, consumer durables, housing etc. The
average rate of inflation during previous five years 2009-2014 was a backbreaking 10.1%, he
pointed out.
Fiscal Deficit
The fiscal deficit has been brought down to 3.4% in 2018-19 RE from the high of almost
6% seven years ago, the Finance Minister mentioned. He said, the Current Account Deficit
(CAD), against a high of 5.6% six years ago, is likely to be only 2.5% of GDP this year. “We
contained the fiscal deficit notwithstanding the Finance Commission's recommendations
increasing the share of the States from 32% to 42% in central taxes, which we accepted in the
true spirit of cooperative federalism, thereby transferring significantly higher amounts to the
States”, Shri Goyal said.
Growth and FDI
The Finance Minister Shri Piyush Goyal stated that a stage for high growth in decades to
come, has now been set, after a wave of next generation path breaking structural reforms over the
last five years, including introduction of Goods and Services Tax (GST) and other taxation
reforms.
The country witnessed its best phase of macro-economic stability during the last five
years. “We are the fastest growing major economy in the world with an annual average GDP
growth during last five years higher than the growth achieved by any Government since
economic reforms began in 1991. From being the 11th largest economy in the world in 2013-14,
we are today the 6th
largest in the world”, the Finance Minister asserted in his Opening Remarks
of his Budget speech.
Shri Goyal said that due to such a stable and predictable regulatory regime, growing
economy and strong fundamentals, India could attract massive amount of as much as $239
billion of Foreign Direct Investment (FDI) during the last 5 years, when most of the FDI was
allowed to come in through the automatic route.
Enhanced allocations for major Schemes
Announcing an allocation of Rs.60,000 crores for MGNREGA for Budget Estimates
2019-20, the Finance Minister said that additional allocations will be made, if required.
Pradhan Mantri Gram Sadak Yojana (PMGSY) is being allocated Rs.19,000 crore in BE
2019-20 as against Rs.15,500 crore in RE 2018-19. During the period 2014-18, a total number of
1.53 crore houses have been built under the Pradhan Mantri Awas Yojana, he announced.
By March, 2019, all households will be provided with electricity connection. Till now,
143 crore LED bulbs have been provided in a mission mode which has resulted in saving of
Rs.50,000 crore for the poor and middle class.
He said through the world‟s largest healthcare programme, Ayushman Bharat, to provide
medical treatment to nearly 50 crore people in the country, around 10 lakh patients have already
benefited through free treatment for medical treatment which would have otherwise cost them
Rs. 3,000 crore. Lakhs of poor and middle class people are also benefiting from reduction in the
prices of essential medicines, cardiac stents and knee implants, and availability of medicines at
affordable prices through Pradhan Mantri Jan Aushadhi Kendras, the Finance Minister added.
Shri Goyal also said that 14 of the 21 AIIMS operating or being established in the
country presently have been announced since 2014. He also announced setting up of a new - the
22nd AIIMS in Haryana.
Allocation for Integrated Child Development Scheme (ICDS) is being increased from
Rs.23,357 crore in RE 2018-19 to Rs.27,584 crore in BE 2019-20.
A substantial increase is proposed in the allocation for welfare of the Scheduled Castes
and Scheduled Tribes. The allocation of Rs.56,619 crore made in BE of 2018-19 for Scheduled
Caste, further increased to Rs.62,474 crore in RE is proposed to be enhanced to Rs.76,801 crore
in BE for 2019-20, an increase of 35.6% over BE of 2018-19. For the Scheduled Tribes also,
proposed allocation in 2019-20 BE is Rs.50,086 crore as against Rs.39,135 crore in BE 2018-19,
an increase of 28%.
The Finance Minister said that a Welfare Development Board to frame special strategies
for the benefit of the hard-to-reach De-notified, Nomadic and Semi-Nomadic communities will
be set up under the Ministry of Social Justice and Empowerment. He said that a Committee
under NITI Aayog will also be set up to complete the task of identifying De-notified, Nomadic
and Semi-Nomadic communities not yet formally classified.
Shri Goyal said under the Ujjwala Yojana aiming delivery of 8 crore free LPG
connections, more than 6 crore connections have already been given and the remaining will get
free gas connections by next year.
The Finance Minister announced that a National Artificial Intelligence Portal will also be
developed soon as a part of the National Programme on 'Artificial Intelligence'.
The Department of Industrial Policy and Promotion will now be renamed as the
Department for Promotion of Industries and Internal Trade.
The Finance Minister stated that the Government e-Marketplace (GeM), created by the
present Government two years ago, resulted in average savings of 25-28% and the platform will
now be extended to all CPSEs. Transactions of over Rs. 17,500 crore have taken place so far.
The Finance Minister announced that for the first time, the country‟s Defence Budget will
be of over Rs.3 lakh crore.
The Finance Minister, Shri Piyush Goyal pointed-out that domestic air traffic passengers
have doubled during the last five years, leading to large number of jobs also being created. The
number of operational airports has crossed 100 with the commissioning of the Pakyong airport in
Sikkim. Arunachal Pradesh came on the air map recently and Meghalaya, Tripura and Mizoram
have come on India‟s rail map for the first time.
Capital support from the budget for Indian Railways is proposed at Rs.64,587 crore in
2019-20 (BE). The Railways‟ overall capital expenditure programme is of Rs. 1,58,658 crore.
The Finance Minister, who is also holding the portfolio of Railway Ministry, announced that the
Operating Ratio is expected to improve from 98.4% in 2017-18 to 96.2% in 2018-19 (RE) and
further to 95% in 2019-20 (BE).
India‟s installed solar generation capacity has grown over ten times in last five years.
Stating this, Shri Goyal said that “our commitment to promote renewable energy is reflected in
setting up the International Solar Alliance, the first treaty based international inter-governmental
organisation headquartered in India. This sector is now creating lakhs of new age jobs, he added.
The Finance Minister announced that in Entertainment industry, which is a major
employment generator, regulatory provisions will now rely more on self-declarations. To
promote entertainment industry, the Single window clearance for ease of shooting films, now
available only to foreigners, will also be made available to Indian filmmakers. “We will also
introduce anti-camcording provisions in the Cinematograph Act to control the menace of
piracy”, he said.
Saying that “We are poised to become a Five Trillion Dollar Economy in the next five
years and aspire to become a Ten Trillion Dollar Economy in the next 8 years thereafter”, Shri
Piyush Goyal said that there has been a Growth of 18% in Direct Tax Collections in 2017-18 and
increase in tax base by as many as 1.06 crore people filing income tax returns for the first time in
FY 2017-18, mainly on account of demonetization.
Shri Goyal said that he is proposing, through the Finance Bill, necessary amendments to
levy Stamp duties on one instrument relating to one transaction and get collected at one place
through the Stock Exchanges. The duty so collected will be shared with the State Governments
seamlessly on the basis of domicile of buying client, he said.
In all the total expenditure is to increase from Rs.24,57,235 crore in 2018-19 RE to
Rs.27,84,200 crore in 2019-20 BE. A rise of Rs.3,26,965 crore or approximately 13.30%. This
reflects a high increase considering low inflation. The fiscal deficit of year 2019-20 is estimated
to be 3.4% of GDP.
The Finance Minister pointed out that after completion of the fiscal deficit consolidation
programme, the Government would now focus on Debt consolidation. He said “We have
maintained the glide path towards our target of 3% of fiscal deficit to be achieved by 2020-21.
India‟s Debt to GDP ratio was 46.5% in year 2017-18. The FRBM Act prescribes that the Debt
to GDP ratio of the Government of India should be brought down to 40% by 2024-25. “Along
with completion of the fiscal deficit consolidation programme, we will now focus on Debt
consolidation”, he added.
***
GG/DSM/RM/KSP/SNC/NB
INTERIM BUDGET 2019-20
PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
*****
HIGHLIGHTS OF INTERIM BUDGET 2019-20
New Delhi, February 1, 2019
Magha 12, 1940
The key highlights of the Interim Budget 2019-20 presented by the Union Minister for Finance,
Corporate Affairs, Railways & Coal, Shri Piyush Goyal in Parliament today are as follows:
New Announcements
Farmers
12 crore small and marginal farmers to be provided with assured yearly income of Rs.
6000 per annum under PM-KISAN
o Outlay of Rs. 75,000 crore for FY 2019-20 with additional Rs. 20,000 crore in RE
2018-19
Outlay for Rashtriya Gokul mission increased to Rs 750 crore
Rashtriya Kamdhenu Ayog to be setup for sustainable genetic up-gradation of the Cow
resources
New separate Department of Fisheries for welfare of 1.5 crore fishermen
2% interest subvention to Farmers for Animal husbandry and Fisheries activities;
additional 3% in case of timely repayment.
Interest subvention of 2% during disaster will now be provided for the entire period of
reschedulement of loan
Labour
Pradhan Mantri Shram Yogi Maandhan scheme to ensure fixed monthly pension to 10
crore unorganized sector workers
o Rs 3000 per month after 60 years of age with an affordable contribution of only
Rs 100/55 per month
Health
22nd
AIIMS to be setup in Haryana
MGNREGA
Rs. 60, 000 crore allocation for MGNREGA in BE 2019-20
Direct Tax proposals
Income upto Rs. 5 lakh exempted from Income Tax
More than Rs. 23,000 crore tax relief to 3 crore middle class taxpayers
Standard Deduction to be raised to Rs. 50,000 from Rs. 40,000
TDS threshold to be raised from Rs. 10,000 to Rs. 40,000 on interest earned on bank/post
office deposits
Existing rates of income tax to continue
Tax exempted on notional rent on a second self-occupied house
Housing and real estate sector to get boost-
o TDS threshold for deduction of tax on rent to be increased from Rs. 1,80,000 to Rs.
2,40,000
o Benefit of rollover of capital gains increased from investment in one residential house
to two residential houses for capital gains up to Rs. 2 crore.
o Tax benefits for affordable housing extended till 31st March, 2020 under Section 80-
IBA of Income Tax Act
o Tax exemption period on notional rent, on unsold inventories, extended from one year
to two years
Fiscal Programme
Fiscal deficit pegged at 3.4% of GDP for 2019-20
Target of 3% of fiscal deficit to be achieved by 2020-21.
Fiscal deficit brought down to 3.4% in 2018-19 RE from almost 6% seven years ago
Total expenditure increased by over 13% to Rs.27,84,200 crore in 2019-20 BE
Capital Expenditure for 2019-20 BE estimated at Rs. 3,36,292 crore
Centrally Sponsored Schemes (CSS) allocation increased to Rs. 3,27,679 crore in BE
2019-20
National Education Mission allocation increased by about 20% to Rs. 38,572 crore in BE
2019-20
Allocation for Integrated Child Development Scheme (ICDS) increased by over 18% to
Rs. 27,584 crore in BE 2019-20
Substantial increase in allocation for the Scheduled Castes and Scheduled Tribes -
o Allocation for SCs increased by 35.6% - from Rs. 56,619 crore in BE 2018-19 to Rs.
76,801 crore in BE for 2019-20
o Allocation for the STs increased by 28% - from 39,135 crore in BE 2018-19 to Rs.
50,086 crore in 2019-20 BE
Government confident of achieving the disinvestment target of 80,000 crore
Focus now on debt consolidation along with fiscal deficit consolidation programme
Poor and Backward Classes
“First right on the resources of country is that of the poor”: FM
25% additional seats in educational institutions to meet the 10% reservation for the poor
Targeted expenditure to bridge urban-rural divide & to improve quality of life in villages
All willing households to be provided electricity connections by March 2019
North East
Allocation to be increased by 21% to Rs. 58,166 crore in 2019-20 BE over 2018-19 BE
Arunachal Pradesh came on the air map recently
Meghalaya, Tripura and Mizoram came on India‟s rail map for the first time
Container cargo movement through improved navigation capacity of the Brahmaputra
Vulnerable sections
A new committee under NITI Ayog to identify all the remaining De-notified nomadic
and semi-Nomadic tribes.
New Welfare development Board under Ministry of social justice and empowerment for
development and welfare of De-notified nomadic and semi nomadic tribes
Defence
Defence budget to cross Rs 3,00,000 crore for the first time ever
Railways
Capital support of Rs.64,587 crore proposed in 2019-20 (BE) from the budget
Overall capital expenditure programme to be of Rs. 1,58,658 crore
Operating Ratio expected to improve from 98.4% in 2017-18
to 96.2% in 2018-19 (RE) and
to 95% in 2019- 20 (BE)
Entertainment Industry
Indian filmmakers to get access to Single window clearance as well for ease of shooting
films
Regulatory provisions to rely more on self-declaration
To introduce anti-camcording provisions in the Cinematograph Act to control piracy
MSME and Traders
2% interest subvention on an incremental loan of Rs 1 crore for GST registered SMEs
Atleast 3% of the 25% sourcing for the Government undertakings will be from women
owned SMEs
Renewed Focus on Internal trade ; DIPP renamed to Department for Promotion of
Industries and Internal trade
Digital Villages
The Government to make 1 lakh villages into Digital Villages over next five years
Other Announcement(s)
New National Artificial Intelligence portal to support National Program on Artificial
Intelligence
Achievements during 2014-19
State of the Economy
India universally recognized as a bright spot of the global economy during last five years
“Country witnessed its best phase of macro-economic stability during 2014-19”, says FM
India is now the 6th
largest economy in the world from being the 11th
largest in 2013-14
Annual average GDP growth during 2014-19 higher than any government since 1991
Government has broken inflation‟s back from backbreaking inflation during 2009-14: FM
Average inflation down to 4.6%, lower than during any other Government
Inflation in December 2018 down to 2.19% only
Fiscal deficit down to 3.4% in 2018-19 RE from the high of almost 6% seven years ago
CAD likely to be only 2.5% of GDP this year against a high of 5.6% six years ago
India attracted massive amount of FDI, worth $239 billion, during the last 5 years
“India is solidly back on track and marching towards growth and prosperity”, says FM
India becomes the fastest growing major economy in the world
Double-digit inflation contained and fiscal balance restored
Liberalization of FDI policy, allowing most FDI to come through the automatic route
Farmers
Assured MSP of minimum 50% to all 22 crops
Interest subvention doubled in last 5 years
Soil Health card, Neem coated Urea game changer in farm sector
Labor
Employment opportunities expanded ; EPFO membership increased by 2 crore
Minimum income for every category of workers increased by 42% in last 5 years
Poor and Backward Classes
10% reservation for the poor in educational institutions and government jobs
Free electricity connection to every household under Saubhagya Yojana
World‟s largest healthcare programme, Ayushman Bharat, for nearly 50 crore people
Aspirational Districts Programme for development in 115 most backward districts
Rs. 1,70,000 crore spent during 2018-19 for cheaper food grains to poor and middle class
143 crore LED bulbs provided in mission mode with the cooperation of private sector
Poor & middle class are saving Rs. 50, 000 crore p.a. in electricity bills due to LED bulbs
10 lakh patients benefited from free treatment under Ayushman Bharat
Jan Aushadhi Kendras providing medicines at affordable prices to poor and middle class
14 out of 21 AIIIMS operating presently have been announced since 2014
Government tripled rural roads‟ construction under the PMGSY
15.80 lakh habitations out of 17.84 lakh connected with pucca roads
Rs. 19,000 crore for PMGSY in BE 2019-20 against Rs. 15,500 crore in RE 2018-19
1.53 crore houses built under PM Awas Yojana during the 2014-18
Women development to women led development
6 crore free LPG gas connections provided under Ujjwala Yojna ; All 8 crore by next
year
70% of MUDRA Loan availed by Women
Maternity leave extended to 26 weeks
Financial support for pregnant women under Pradhan Mantri Matru Vandana
Youth
Over one crore youth trained under Pradhan Mantri Kaushal Vikash Yojana
Self-employment boost through MUDRA, STAND-UP and START-UP India
MSME and Traders
Up-to Rs 1 crore loans can be availed in less than an hour
25%-28% is the average savings due to GeM (Government e-Market place)
Income Tax
Tax collections nearly doubled in five years- from Rs. 6.38 Lakh crore in 2013-14 to
almost Rs. 12 lakh crore this year
80% growth in tax base- from 3.79 crore to 6.85 crore in five years
Tax administration streamlined- Last year, 99.54% of the income-tax returns accepted as
were filed
Technology intensive project approved to improve assessee friendliness –In two years,
returns to be processed in 24 hours and refunds issued simultaneously
Earlier benefits given to middle class-
o Basic exemption limit increased from Rs. 2 lakh to Rs. 2.5 lakh
o Tax rate reduced from 10% to 5% for the tax slab of Rs. 2.5 lakh to Rs. 5 lakh
o Standard deduction of Rs. 40,000 introduced for the salaried class
o Deduction of savings under section 80C increased from Rs. 1 lakh to Rs. 1.5 lakh
o Deduction of interest for self-occupied house property raised from Rs. 1.5 lakh to
Rs. 2 lakh
Special benefits and incentives already given to small businesses and startups-
o Overall compliance processes simplified.
o Threshold for presumptive taxation of business raised from Rs. 1 crore to Rs. 2
crore
o Benefit of presumptive taxation extended for the first time to small professionals
fixing threshold limit at Rs. 50 lakh
o Presumptive profit rate reduced from 8% to 6% to promote a less cash economy
o Tax rate for about 99% companies reduced to 25%
GST
GST made India a common market
GST led to increased tax base, higher collections and ease of trade
Inter-state movements now faster, more efficient, and hassle free
Responsive and sensitive reduction of tax rates - Most items of daily use now in the 0%
or 5% tax slab
Relieving the businesses and service providers-
o Exemptions from GST for small businesses doubled from Rs. 20 lakh to Rs. 40
lakh
o Small businesses having turnover up to Rs. 1.5 crore pay only 1% flat rate and file
one annual return only
o Small service providers with turnover upto Rs.50 lakhs can opt for composition
scheme and pay GST at 6% instead of 18%
o Soon, businesses comprising over 90% of GST payers to be allowed to file
quarterly return
Encouraging GST revenue trends - The average monthly tax collection in the current year
is Rs. 97,100 crore per month as compared to Rs. 89,700 crore per month in the first year
Infrastructure
Civil Aviation – UDAN Scheme
o Number of Operational Airports crossed 100
o Latest: Pakyong airport in Sikkim
o Domestic Passenger traffic doubled in last 5 years
Roads
o India is the fastest highway developer in the world
o 27 kms of highways built each day
o Stuck projects completed - Eastern Peripheral Highway around Delhi
- Bogibeel rail-cum-road bridge in Assam and Arunachal Pradesh
Waterways
o Flagship programme of Sagarmala along the coastal areas
o For first time, container freight movement started on Kolkata to Varanasi inland
waterways
Railways
o „Safest year‟ for railways in its history
o All Unmanned Level Crossings on broad gauge network eliminated.
o Semi high-speed "Vande Bharat Express" introduced - first indigenously
developed and manufactured
Climate Change
International Solar Alliance o To promote renewable energy
o First treaty based international inter-governmental organisation headquartered in
India
o Installed solar generation capacity grown over ten times in last five years
o Now creating lakhs of new age jobs
Digital India Revolution
More than 3 lakh Common Service Centres (CSCs) exist to deliver services to the
citizens
India now leading the world in the consumption of mobile data
Monthly consumption of mobile data increased by over 50 times in the last five years
Under Make in India, mobile and parts manufacturing companies increased from 2 to
more than 268 providing huge job opportunities
Jan Dhan-Aadhaar-Mobile (JAM) and Direct Benefit Transfer
In the last five years, nearly 34 crore Jan Dhan bank accounts opened
Aadhaar now near universally implemented
Ensure the poor and middle class receive the benefits of Government schemes directly in
their bank accounts by eliminating middlemen
Customs and trading across borders
Customs duties on 36 capital goods abolished
Digitization of import and export transactions
RFID technology to improve logistics
Steps against corruption
Government walked the talk on corruption and ushered in a new era of transparency: FM
RERA and Benami Transaction (Prohibition) Act have brought transparency in real estate
The Fugitive Economic Offenders Act, 2018 to help confiscate economic offenders
Government conducted transparent auction of natural resources such as coal & spectrum
Drive against Black money
Undisclosed income of about Rs 1,30,000 crore brought under tax through initiatives like
Black money Law, Fugitive Criminal offenders Act, Demonetisation etc.
Benami assets worth Rs 6,900 crore have been attached
18% growth in Direct tax
Banking Reforms and Insolvency and Bankruptcy Code (IBC)
The IBC has institutionalized a resolution-friendly mechanism
Government has stopped the culture of “phone banking”: FM
Government adopted 4Rs approach of recognition, resolution, re-capitalization & reforms
Government has implemented measures to ensure „Clean Banking‟
Government has already recovered Rs. 3 lakh crore in favor of banks and creditors
Government has invested Rs. 2.6 lakh crore for recapitalization of public sector banks
Cleanliness
Government launched Swachh Bharat Mission as a tribute to 150 years of Gandhi Ji
FM thanks 130 crore Indians for translating Swachh Bharat into a national revolution
India has achieved 98% rural sanitation coverage
5.45 lakh villages have been declared "Open Defecation Free”
Defence
OROP under implementation in full spirit with Rs 35,000 crore already disbursed
Military pay service hiked
Other achievements
Government put a stop to questionable practices of hiding high NPAs
Swachh Bharat Mission as the world‟s largest behavioral change movement
Key message in the Interim Budget 2019-20
Moving towards realizing a „New India‟ by 2022 -
o Clean and healthy India with universal access to toilets, water and electricity to all
o An India where Farmers‟ income would have doubled
o Ample opportunities to youth and women to fulfil their dreams
o An India free from terrorism, communalism, casteism, corruption and nepotism
Vision for the next Decade
Foundation for India‟s growth and development laid in the past 5 years
Poised to become a Five Trillion Dollar Economy in the next five years
Aspire to become a Ten Trillion Dollar Economy in the next 8 years thereafter
Ten dimensions of Vision for India of 2030
India would be a modern, technology driven, high growth, equitable and transparent society
1. To build physical as well as social infrastructure and to provide ease of living
2. To create a Digital India, digitize government processes with leaders from youth
3. Making India pollution free by leading transport revolution with Electric Vehicles and
focus on Renewables
4. Expanding rural industrialisation using modern digital technologies to generate massive
employment
5. Clean Rivers, safe drinking water to all Indians and efficient use of water through micro-
irrigation
6. Besides scaling up of Sagarmala, Coastline and Ocean waters powering India‟s
development and growth
7. Aim at our space programme – Gaganyaan, India becoming the launch-pad of satellites
for the World and placing an Indian astronaut into space by 2022
8. Making India self-sufficient in food, exporting to the world to meet their food needs and
producing food in the most organic way
9. A healthy India via Ayushman Bharat with women having equal rights and concern for
their safety and empowerment
10. Transforming India into a Minimum Government Maximum Governance nation with pro-
active and responsible bureaucracy
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INTERIM BUDGET 2019-20
PRESS INFORMATION BUREAU
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PRADHAN MANTRI KISAN SAMMAN NIDHI ANNOUNCED TO PROVIDE
ASSURED INCOME SUPPORT TO SMALL AND MARGINAL FARMERS
VULNERABLE LANDHOLDING FARMERS HAVING CULTIVABLE LAND UPTO 2
HECTARES TO BE PROVIDED DIRECT INCOME SUPPORT OF RS. 6000 PER YEAR
AROUND 12 CRORE SMALL AND MARGINAL FARMER FAMILIES ARE
EXPECTED TO BENEFIT
New Delhi, February 1, 2019
Magha 12, 1940
To provide an assured income support to the small and marginal farmers, the Government is
launching the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN). While presenting the Interim
Budget 2019-20 in Parliament today the Union Minister for Finance, Corporate Affairs,
TAX BASE INCREASED BY 1.06 CRORE PEOPLE FILING ITR FOR 1ST
TIME
MAINLY ON ACCOUNT OF DEMONETIZATION
New Delhi, February 01, 2019
Magha 12, 1940
The anti-black money measures taken by the Government during the last four and half years in
the form of Black Money Law, the Fugitive Criminal Offenders Act, and Demonetisation, have
brought undisclosed income of about Rs 1,30,000 crore to tax. These measures have also led to
seizure and attachment of assets worth approximately Rs 50,000 crore, and compelled holders of
large cash currency to disclose their source of earnings.
While presenting the Interim Budget 2019-20 in Parliament today the Union Minister for
Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal said, “Our Government is
committed to eliminating the ills of black money from our country.”
During this period, Benami assets worth Rs 6,900 crore and foreign assets worth Rs 1,600 crore
have been attached. As many as 3,38,000 shell companies have been detected and de-registered,
and their directors disqualified.
The Minister said that there is 18% growth in direct tax collection in 2017-18 and increase in tax
base by as many as 1.06 crore people filing income tax returns for the first time in FY 2017-18 is
mainly on account of demonetization.
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INTERIM BUDGET 2019-20
PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
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ONE LAKH VILLAGES TO GO DIGITAL OVER NEXT FIVE YEARS
JAM-DBT – GAME CHANGERS SINCE BANK NATIONALISATION HALF
CENTURY AGO
34 CRORE NEW BANK ACCOUNTS IN LAST FIVE YEARS UNDER JAN DHAN;
AADHAAR REACH NEAR UNIVERSAL
SINGLE WINDOW CLEARANCE FOR FILM SHOOT, AVAILABLE TO
FOREIGNERS, TO BE EXTENDED TO INDIAN FILMMAKERS
CINEMATOGRAPH ACT TO BE AMENDED TO CHECK PIRACY
New Delhi, February 1, 2019
Magha 12, 1940
India having emerged as the world leader in the consumption of mobile data, the
Government now aims to widen its impact by reaching out to the interior and rural areas. While
presenting the Interim Budget 2019-20 in Parliament today, the Union Minister for Finance,
Corporate Affairs, Railways & Coal, Shri Piyush Goyal said the Government will make one lakh
villages into Digital Villages over next five years. This, he said, will be achieved by expanding
the Common Service Centres (CSCs).
“The Common Service Centres are expanding their services and also creating digital
infrastructure in the villages, including connectivity, to convert the villages into Digital
Villages,” said Shri Piyush Goyal. “More than 3 lakh Common Service Centres (CSCs)
employing about 12 lakh people, are digitally delivering several services to the citizens,” he
added.
The Finance Minister said mobile tariff in India is now possibly the lowest in the world,
catapulting India as the world leader in the consumption of mobile data.
“Monthly consumption of mobile data increased by over 50 times in the last five years.
The cost of data and voice calls in India is now possibly the lowest in the world.”
Shri Piyush Goyal said the „Make in India‟ programme has seen India emerging as the
new destination for mobile phone manufacturing industry. “Today, under Make in India, mobile
and parts manufacturing companies have increased from 2 to more than 268 providing huge job
opportunities,” he added.
JAM-DBT, the next big game changer since Bank Nationalisation
The Finance Minister termed the Jan Dhan-Aadhaar-Mobile (JAM) and Direct Benefit
Transfer as game changers.
“Bank nationalisation was first done 50 years ago, but a large part of the country was still
left out of the economic mainstream with no access to formal banking. In the last five years,
nearly 34 crore Jan Dhan bank accounts were opened,” said Shri Piyush Goyal.
The Finance Minister said Aadhaar has ensured better targeted subsidies.
“Aadhaar is now near universally implemented. This has helped ensure the poor and
middle class receive the benefits of Government schemes directly in their bank accounts by
eliminating middlemen,” he said.
Single window clearance for film shoot extended to Indian filmmakers
Recognising India‟s Entertainment Industry as a major job sector, the Finance Minister
declared extension of single window clearance for film shoot to Indian filmmakers. “Single
window clearance for ease of shooting films, available only to foreigners, is now going to be
made available to Indian filmmakers as well,” said Shri Piyush Goyal.
The Finance Minister also announced other measures to ease filmmaking and check
piracy. “Regulatory provisions will rely more on self-declaration. We will also introduce anti-
camcording provisions in the Cinematograph Act to control the menace of piracy,” he said.
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DEFENCE BUDGET HIKED TO Rs. 3,05,296 CRORE
New Delhi, February 1, 2019
Magha 12, 1940
Rs. 3,05,296 crore have been provided in the Budget Estimates for 2019-20, compared to
Rs. 2,82,733 crore provided in 2018-19 Budget Estimates. The figures were revised to Rs.
2,85,423 crore in the Revised Estimates of 2018-19. While presenting the Interim Budget 2019-
20 in Parliament today the Union Minister for Finance, Corporate Affairs, Railways and Coal Sh.
Piyush Goyal said “Our Defence Budget will be crossing Rs.3,00,000 crore for the first time in
2019-20. For securing our borders and to maintain preparedness of the highest order, if
necessary, additional funds would be provided.”
On the issue of strengthening Defence and National Security, the Interim Budget 2019-20
states that our soldiers protect our borders in tough conditions and they are our pride and honour.
The Finance Minister Sh. Goyal said that due care has been taken of their honour. He said that
the issue of One Rank One Pension (OROP) which was pending for the last forty years has been
resolved. He said “The previous Governments announced it in three budgets but sanctioned a
mere Rs.500 crore in 2014-15 Interim Budget; in contrast we have already disbursed over
Rs.35,000 crore after implementing the Scheme in its' true spirit. The Government also
announced substantial hike in the Military Service Pay (MSP) of all service personnel and
special allowances given to Naval and Air Force personnel deployed in high risk duties.”
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INTERIM BUDGET 2019-20
PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
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GOVERNMENT ALLOCATES Rs.64,587 CRORE FOR RAILWAYS IN 2019-20
INFRA ALLOCATION FOR NORTH EASTERN AREAS INCREASED BY 21% TO
Rs. 58,166 CRORE IN 2019-20
New Delhi, February 1, 2019
Magha 12, 1940
In the Interim Budget 2019-20, the Railways has been allocated Rs.64,587 crore. The
Railways‟ overall capital expenditure programme is of Rs.1,58,658 crore. This was stated by the
INTERIM BUDGET 2019-20
Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal, while
presenting the Interim Budget 2019-20 in Parliament today.
Shri Piyush Goyal said - “Indian Railways has experienced the safest year in its history as
all Unmanned Level Crossings on broad gauge network have been eliminated”.
Vande Bharat Express:
Introduction of the first indigenously developed and manufactured semi high-speed
"Vande Bharat Express" will give the Indian passengers world class experience with speed,
service and safety. This major leap in wholly developed technology by our engineers will give an
impetus to the Make in India programme and create jobs.
The Finance Minister stated that “infrastructure is the backbone of any nation‟s
development and quality of life. Whether it is highways or railways or airways or even
digi-ways, we have gone beyond incremental growth to attain transformative
achievements.”
Infra in North East Region:
The number of operational airports has crossed 100 with the commissioning of the
Pakyong airport in Sikkim. Domestic passenger traffic has doubled during the last five years
leading to large number of jobs being created also. Today, India is the fastest highway developer
in the world with 27 kms of highways built each day. Projects stuck for decades like the Eastern
Peripheral Highway around Delhi or the Bogibeel rail-cum-road bridge in Assam and Arunachal
Pradesh have been completed. The flagship programme of Sagarmala along the coastal areas of
the country will develop ports for faster handling of import and export cargo. For the first time,
container freight movement has started on inland waterways from Kolkata to Varanasi. Our
Government will introduce container cargo movement to the North East as well, by improving
the navigation capacity of the Brahmaputra river.
The Finance Minister announced that the people of North East have received significant
benefits of infrastructure development in this Interim Budget. Arunachal Pradesh came on the air
map recently and Meghalaya, Tripura and Mizoram have come on India‟s rail map for the first
time. Allocation for the North Eastern Areas is being proposed to be increased by 21% to `
Rs.58,166 crore in 2019-20 BE over 2018-19 BE.
Boost to Renewable Energy:
The Finance Minister “while presenting the Interim Budget stated that India provided
leadership to the global effort to address the problem of climate change. Our commitment
to promote renewable energy is reflected in setting-up the International Solar Alliance, the
first treaty based international inter-governmental organisation headquartered in India.
India‟s installed solar generation capacity has grown over ten times in last five years. This
sector is now creating lakhs of new age jobs.”
India's import dependence on crude oil and natural gas has been a source of big concern
to our Government. While we have taken a large number of measures to moderate the increasing
demand through usage of bio fuel and alternate technologies, urgent action is needed to increase
hydrocarbon production to reduce imports. A high level Inter-Ministerial Committee, constituted
by our Government, has made several specific recommendations, including transforming the
system of bidding for exploration, changing from revenue sharing to exploration programme for
Category II and III basins. The Government is in the process of implementing these
recommendations, the Minister said.
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RS. 1330 CRORE PROVIDED IN THE INTERIM BUDGET 2019-20 FOR THE
MISSION FOR PROTECTION AND EMPOWERMENT FOR WOMEN
New Delhi, February 1, 2019
Magha 12, 1940
An amount of Rs.1330 Crore has been provided in the Interim Budget for 2019-20 for the
Mission for Protection and Empowerment for Women. This is an increase of Rs. 174 Crore over
the Revised Estimates of 2018-19 for the Mission.
While taking several welfare initiatives for women, the emphasis of the Government has
been to move from „women‟s development‟ to „women led development‟ during the last 4.5
years. While presenting the Interim Budget 2019-20 in Parliament today, the Union Minister for
Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal said that the Government
embarked upon the programme to deliver 8 crore free LPG connections under the Ujjawala
Yojana. 6 crores connections have already been given and the remaining will get free gas
connections by next year. “Ujjwala is a remarkable success story of our Government programme, defined by a bold yet practical Vision of a responsible and compassionate leadership”, the Finance Minister said.
INTERIM BUDGET 2019-20
Shri Piyush Goyal further added that More than 70% of the beneficiaries of Pradhan Mantri MUDRA Yojana are women who are getting affordable and collateral-free loans to start their own businesses.
Highlighting the benefits of Maternity leave of 26 weeks and Pradhan Mantri Matru Vandana Yojana for pregnant women, the Finance Minister said that these initiatives have provided financial support to women while empowering them to participate in work.
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INTERIM BUDGET 2019-2020
PRESS INFORMATION BUREAU
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A COMMITTEE UNDER NITI AAYOG TO BE SET -UP TO COMPLETE TASK OF
IDENTIFYING DE-NOTIFIED, NOMADIC AND SEMI-NOMADIC COMMUNITIES
NOT YET FORMALLY CLASSIFIED
New Delhi, February 01, 2019
Magha 12, 1940
A Committee under NITI Aayog will be set-up to complete the task of identifying De-notified,
Nomadic and Semi-Nomadic communities not yet formally classified. While presenting the
Interim Budget 2019-20 in Parliament today, the Union Minister for Finance, Corporate Affairs,
Railways and Coal, Shri Piyush Goyal said that the Government will also set-up a Welfare
Development Board under the Ministry of Social Justice and Empowerment specifically for the
purpose of implementing welfare and development programmes for De-notified, Nomadic and
Semi-Nomadic communities. The Board shall ensure that special strategies are designed and
implemented to serve these hard to-reach communities.