New Delhi, February 1: The President of India in the commencement speech of the Interim Budget, had discussed the progress path of the nation. With the nation together striving to the ‘New India’, the acting Finance Minister on Friday presented the Interim Budget providing significant tax benefits to the middle class individuals and salaried persons. The Ministry this time also focussed on the MSME sector and companies providing employment opportunities meanwhile.
Goyal, during the budget session also paved the way for numerous governmental schemes benefitting the farmers and the poverty trapped society at large. “The first right on the nation's resources goes to the poor," Piyush Goyal said while informing that Rs. 60,000 crore was allocated for the MNREGA, and if needed more funds will be given by the government.
Farmers distress :
The government has made a historic plan called the PM Kishan programme. “Those small farmers who have less than two hectares will get a support of Rs. 6,000. It will be transferred directly to the bank accounts of farmers in three instalments of Rs. 2,000. In 2014, 2.5 crore families were without electricity, living in the 18th century. We have brought electricity to all villages," Piyush Goyal said. "We have also brought the world's largest medical insurance programme, Ayushman Bharat. So far 10 lakh people have got help within the scheme”, he added.
“About 12 crore farmer families will benefit from the programme; it will be implemented from December 2018 itself. It will cost the government Rs.75,000 crore annually and the scheme will be 100 per cent funded by the government”, he added further. Meanwhile, Agriculture Minister Radha Mohan Singh said that guidelines will be issued for the implementation of the Pradhan Mantri Kisan Samman Nidhi.
"When natural calamities strike, farmers are generally unable to repay their crop loan. Presently, the crop loans are rescheduled for such affected farmers and they get the benefit of interest subvention of 2 per cent for the first year of rescheduled loans. Our government has now decided that all farmers affected by severe natural calamities, where the assistance is provided from the National Disaster Relief Fund, will be provided the benefit of interest subvention of 2 per cent, and prompt subvention of 3 per cent for the entire period reschedulement of the loan", Goyal confirmed.
Radhtriya Kamdhenu Aayog :
Stressing at the cow security shield, the acting Finance Minister Goyal said that the Radhtriya Kamdhenu Aayog is scheduled to be set up for cows. "The government will never step back from protection of the gau mata," Piyush Goyal said. Two per cent interest subvention for animal husbandry, fisheries and farmers has been announced. It is under the NDA reigns that the fisheries and the animal husbandry sectors of the society have been given equal importance to that of the farmers.
Women Empowerment :
To ensure cleaner fuel and health assurance, we embarked on PM Ujjwala Yojana, a programme to give eight crore free LPG connections to rural households, six crore connections given already been provided to the users. 75 per cent of women beneficiaries under PM Mudra Yojana, 26 weeks of maternity leave and Pradhan Mantri Matritva Yojana, are all empowering women. Along with the 26 weeks of maternity leave for the pregnant women, the government also stands to grant financial support during their period.
Defence Budget :
Further focussing over the Defence Budget, the Finance Minister said that for the first time, the defence Budget has been raised to over Rs. 3 lakh crore. “Our soldiers who protect our borders are the pride and honour of the nation. In our election manifesto we promised one rank, one pension. We have resolved this and disbursed over Rs.35,000 crore in the last few years for our jawans”, he added.
Infrastructure Budget :
"India is the fastest highway developer in the whole world, 27 km of highways are built each day. Projects stuck for decades have been completed. Sagar Mala will help faster handling of import and export cars," Piyish Goyal said explaining the infrastructural developments within last four years. “India now has over 100 operational airports. And when there is such progress, it is only natural that jobs are also created. Indian Railways has experienced the safest years in its history. All unmanned level crossings are completely eliminated on broad gauge networks”, he said. The government aims at developing the physical and social infrastructure by 2030. It marks one of the vision of ‘India 2030’, he added.
Tax collections and anti-corruption move:
“We are committed to eliminating the ills of black money and anti-black money measures taken have brought undisclosed income of about Rs.1.30 lakh crore to the surface. However, 3.38 lakh shell companies have been deregistered. We are poised to become a $5 trillion economy in the next five years and we further aspire to become a $10 trillion economy in the next eight years," the acting Finance Minister said. "There has been 18 per cent increase in direct tax collections in 2017-18, 1.06 crore people included in tax base; more than 1 crore citizens filed income tax returns for the first time, after demonetisation," Piyush Goyal added.
From small and marginal farmers to nomadic communities, and from unorganised labourers to the middle class, Budget 2019 has shown the commitment of PM Narendra Modi's government to the welfare of every section of the society.