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2019 Interim-Union budget of India

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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›

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.

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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