The 2019 interim budget was announced today by Piyush Goyal. In an effort to capitalise on the upcoming Lok Sabha elections, some major sops were declared for the middle class, the farmers and unorganised workers.
Here are some of the key highlights of the 2019 budget.
1. Govt to allocate Rs. 75,000 crore per year to support farmers' incomes.
2. Rs. 6000 per year direct cash transfer to farmers owning less than 2 hectares of land.
3. Individual taxpayers with income up to Rs. 5 lakh don't have to pay income tax.
People with gross income up to Rs. 6.5 lakh have to pay no tax if they make investments. However, nothing changes with respect to tax slabs. If your income after exemptions is Rs. 5 lakh or less, then you don't have to pay tax.
4. Defence budget increased to over Rs. 3 lakh crore, the highest defence budget ever.
5. Mega Pension Yojana to provide assured monthly pension of Rs. 3000 per month for workers in unorganized sector after 60 years of age.
This will be done along with contribution of 100 rupees per month.
6. Pension for workers and labourers increased from Rs. 3500 to Rs. 7000.
7. Allocation of Rs. 19,000 crore for construction of rural roads in 2019-20.
8. Allocation of Rs. 60,000 crore for UPA’s flagship Mahatma Gandhi National Rural Employment Gurantee Act (MGNREGA).
9. Increased allocation for Rashtriya Gokul Mission to Rs. 750 crore for the current year.
A National Cow Commission will also be coming up. The Rashtriya Kamdhenu Aayog will work to enhance productivity of cows and look after their welfare.
10. Standard deduction of salaried individuals increased from Rs. 40,000 to Rs. 50,000.
11. The gratuity limit has been raised to Rs. 30 lakh.
Gratuity is the money that is paid by an employer to an employee at the end of his or her service.
12. Tax rebates on home rent increased from Rs. 1.8 lakh to Rs. 2.4 lakh.
While this interim budget seems to appeal to most of the problem points of the population, the implementation of it is in the hands of the next government.