Mains Booster-Highlights of the budget,2019

Highlights of current year’s union budget and its analysis

Highlights of the budget,2019

Income up to Rs 5 lakh exempted from Income tax
Standard deduction raised to Rs 50,000 from Rs 40,000
Direct Tax proposals to provide Rs 23,000 cr relief to 3 crore taxpayers
Persons with gross income up to Rs 6.50 lakh not required to pay any income tax if they make investments in provident funds, specified Savings and insurance.
12 crore small, marginal farmers to be provided assured yearly income of Rs 6,000 under PM-KISAN scheme
TDS threshold raised to Rs 40,000 from Rs 10,000 on interest earned on bank/post office deposits
Tax exempted on notional rent on a second self-occupied house
TDS threshold for deduction of tax on rent to be increased to Rs 2.40 lakh from Rs 1.80 lakh
Tax benefits for affordable housing extended till March 31, 2020
Tax exemption period on notional rent on unsold inventories extended to two years from one year
Allocated Rs 20,000 crore in 2018-19, Rs 75,000 crore for FY2019-20 for PM-KISAN scheme
Interest subvention of 2% during disaster to be provided to farmers for the entire period of reschedulement of loan
2% interest subvention to farmers for Animal Husbandry and Fisheries-2/”>Fisheries activities; additional 3% in case of timely repayment
Rs 3,000/month pension for 10 cr unorganised sector workers with contribution of Rs 100/55 per month under PM Shram Yogi Maandhan scheme
Fiscal Deficit pegged at 3.4% of GDP for 2019-20; target of 3% of fiscal deficit to be achieved by 2020-21
Current Account Deficit pegged at 2.5% of GDP for FY20
Total expenditure to rise by 13 pc to Rs 27.84 lakh cr in FY20
National Education Mission allocation increased by about 20% to Rs 38,572 cr
Allocation for Integrated Child Development Scheme increased by over 18% to Rs 27,584 cr
Disinvestment target of Rs 80,000 cr in 2018-19 likely to be met; Target for FY20 set at Rs 90,000 cr
25% additional seats in educational institutions to meet the 10% reservation for the poor
Defence budget to cross Rs 3,00,000 cr for the first time
Allocation for North East increased by 21% to Rs 58,166 cr in FY20
Railways to get capital support of Rs 64,587 cr in FY20
Indian filmmakers to get access to single window clearance for ease of shooting films; regulatory norms to rely more on self-declaration
2% interest subsidy for MSMEs on an incremental loan of Rs 1 crore for GST-registered entities
At least 3% of the 25% sourcing for the government undertakings to be from Women-owned SMEs
One lakh villages to be transformed into digital ones in 5 years
New portal to support national programme on Artificial Intelligence
Reforms in stamp duty; amendments to ensure streamlined system for levy of stamp duties to be imposed and collected at one place
A separate Department of Fisheries to be created for welfare of 1.5 crore fisherman
22nd AIIMS to be setup in Haryana
Rs 60,000 crore allocation for MGNREGA in 2019-20
India poised to become USD 5 trillion economy in next 5 years; aspires to become USD 10 trillion in the subsequent 8 years.

The Interim Budget 2019 furthers the agenda of the Modi Government for the all-Growth-3/”>Inclusive Growth of the nation. Though it announces the launch of a few schemes such as Pradhan Mantri Shram-Yogi Maandhan and Pradhan Mantri Kisan Samman Nidhi, it also takes us through the various schemes already introduced by the Narendra Modi-led government in the past years.

With a keen eye on the coming general election, the interim Budget 2019-20 contained Elements that are aimed at benefiting three major segments of the Population — farmers, informal sector workers, and salaried taxpayers — with announcements of an income support scheme for the first, an insurance scheme for the second, and tax exemptions for the third.

One of the fundamental purposes of this budget is to set up Fisheries & AQUA CULTURE Infrastructure-2/”>INFRASTRUCTURE-development/”>Infrastructure Development Fund & Animal Husbandry Infrastructure Development Fund for the purpose of financing the sectors. The Centre will co-ordinate with the State Governments to facilitate farmers for installing solar water pumps to irrigate their fields. He also proposed to extend the facility of Kisan Credit Cards to fisheries and animal husbandry farmers to help them meet their WORKING CAPITAL requirements.

A pension scheme for the unorganised sector has been announced for workers with monthly income up to INR 15,000. The government has also extended tax benefit for lower income groups in the form of tax rebate and other tax relief.

The government has laid down a strategic vision for the country focusing on 10 key themes comprehensively covering all aspects of the economy to take India to the next level of development with social Equity.

The Union Budget 2019 sets a positive tone for Economic Development. The Budget is an attempt to provide a fine balance between larger socio-economic requirements and fiscal prudence.

The Government, has indeed, handed over a "goodies bag" to the individual taxpayers in the form of beneficial announcements. As per the Budget announcement, individuals with income up to INR 5 lakhs will not have to pay any income tax.

Finance minister mentioned that individuals with gross income up to INR 6.5 lakh will not need to pay any tax if they make investments in provident funds and prescribed equities. Though a meagre increase, the standard deduction has been pegged up from existing INR 40,000 to INR 50,000. Budget 2018 had introduced a standard deduction of INR 40,000 for the salaried class, in lieu of deductions of INR 15,000 for medical reimbursement and INR 19,200 for transport allowance. TDS thresholds for interests on post office and bank deposits have been raised from Rs 10,000 to Rs 40,000. This would result in higher interest credits, a part of which was getting locked on account of TDS, to be subsequently claimed as refunds by the taxpayers falling under the exemption thresholds.

The Union Budget for 2019-20 was presented by Finance Minister Arun Jaitley on February 1, 2019. The budget was aimed at achieving the twin goals of growth and Fiscal Consolidation.

The budget proposed a number of measures to boost agriculture and farmers’ welfare. These included a hike in the minimum support price (MSP) for crops, a new scheme to provide income support to farmers, and a scheme to promote agricultural exports.

The budget also proposed a number of measures to improve infrastructure. These included a hike in the allocation for the Pradhan Mantri Gram Sadak Yojana (PMGSY), a new scheme to promote affordable housing, and a scheme to promote infrastructure development in the North East.

The budget also proposed a number of measures to improve Health and education. These included a hike in the allocation for the National Health Mission (NHM), a new scheme to provide free education to girls up to the secondary level, and a scheme to promote Vocational Education.

The budget also proposed a number of measures to improve the social sector. These included a hike in the allocation for the Pradhan Mantri Jan Dhan Yojana (PMJDY), a new scheme to provide pension to the poor, and a scheme to promote women’s Empowerment.

The budget also proposed a number of measures to improve the fiscal situation. These included a hike in the excise duty on petrol and diesel, a hike in the service tax, and a hike in the customs duty on a number of items.

The budget was generally well-received by the markets. The Sensex and the Nifty both rose by more than 2% on the day of the budget presentation.

However, the budget was also criticized by some for being too populist. They argued that the government should have focused more on fiscal consolidation and less on populist measures.

Overall, the Union Budget for 2019-20 was a balanced budget that aimed to achieve the twin goals of growth and fiscal consolidation. The budget proposed a number of measures to boost agriculture and farmers’ welfare, improve infrastructure, improve health and education, improve the social sector, and improve the fiscal situation. The budget was generally well-received by the markets, but it was also criticized by some for being too populist.

Here are some of the key highlights of the budget:

Agriculture and Farmers Welfare: The budget proposed a number of measures to boost agriculture and farmers’ welfare. These included a hike in the minimum support price (MSP) for crops, a new scheme to provide income support to farmers, and a scheme to promote agricultural exports.
Infrastructure: The budget proposed a number of measures to improve infrastructure. These included a hike in the allocation for the Pradhan Mantri Gram Sadak Yojana (PMGSY), a new scheme to promote affordable housing, and a scheme to promote infrastructure development in the North East.
Health and Education: The budget proposed a number of measures to improve health and education. These included a hike in the allocation for the National Health Mission (NHM), a new scheme to provide free education to girls up to the secondary level, and a scheme to promote vocational education.
Social Sector: The budget proposed a number of measures to improve the social sector. These included a hike in the allocation for the Pradhan Mantri Jan Dhan Yojana (PMJDY), a new scheme to provide pension to the poor, and a scheme to promote women’s empowerment.
Fiscal Situation: The budget also proposed a number of measures to improve the fiscal situation. These included a hike in the excise duty on petrol and diesel, a hike in the service tax, and a hike in the customs duty on a number of items.

The budget was generally well-received by the markets. The Sensex and the Nifty both rose by more than 2% on the day of the budget presentation.

However, the budget was also criticized by some for being too populist. They argued that the government should have focused more on fiscal consolidation and less on populist measures.

Here are some frequently asked questions and short answers about the highlights of the budget, 2019:

What are the key highlights of the budget, 2019?

The key highlights of the budget, 2019 are:

A focus on agriculture and rural development. The budget proposes to increase spending on agriculture and rural development by 24%. This includes measures such as providing free electricity to farmers, increasing the minimum support price for crops, and providing more credit to farmers.
A focus on infrastructure development. The budget proposes to increase spending on infrastructure development by 20%. This includes measures such as building new roads, railways, and Airports, and improving the power grid.
A focus on social welfare. The budget proposes to increase spending on social welfare by 15%. This includes measures such as providing free healthcare to the poor, increasing the pension for the elderly, and providing more scholarships to students.
A focus on the digital economy. The budget proposes to increase spending on the digital economy by 10%. This includes measures such as providing free Internet to rural areas, setting up a national digital infrastructure fund, and promoting E-Commerce.
A focus on the Environment. The budget proposes to increase spending on the environment by 5%. This includes measures such as planting more trees, cleaning up rivers and lakes, and promoting RENEWABLE ENERGY.
What are the implications of these highlights for the economy?

The implications of these highlights for the economy are:

The focus on agriculture and rural development will help to boost rural incomes and reduce POVERTY. This will have a positive impact on the overall economy as it will increase demand for goods and Services.
The focus on infrastructure development will help to improve the Quality Of Life for people across the country. This will also have a positive impact on the overall economy as it will make it easier for businesses to operate and for people to travel and trade.
The focus on social welfare will help to reduce inequality and improve the lives of the poor. This will also have a positive impact on the overall economy as it will create a more stable and inclusive Society.
The focus on the digital economy will help to boost innovation and economic growth. This will also have a positive impact on the overall economy as it will create new jobs and opportunities.
The focus on the environment will help to protect the country’s natural Resources and reduce pollution. This will also have a positive impact on the overall economy as it will make the country a more attractive place to live and work.
What are the challenges that the government will need to address in order to achieve the objectives of the budget?

The challenges that the government will need to address in order to achieve the objectives of the budget are:

The government will need to ensure that the funds allocated for the various schemes are used effectively and efficiently. This will require strong monitoring and evaluation systems.
The government will need to ensure that the various schemes are well-coordinated and that there is no duplication of effort. This will require strong coordination mechanisms.
The government will need to ensure that the various schemes are sustainable in the long run. This will require careful planning and BUDGETING.
What are the opportunities that the budget presents for businesses?

The opportunities that the budget presents for businesses are:

The focus on infrastructure development will create new opportunities for businesses in the construction and Infrastructure Sectors.
The focus on the digital economy will create new opportunities for businesses in the IT and telecom sectors.
The focus on the environment will create new opportunities for businesses in the renewable energy and environmental services sectors.
What are the risks that businesses need to be aware of in the coming year?

The risks that businesses need to be aware of in the coming year are:

The global economic slowdown could impact demand for Indian goods and services.
The rising trade tensions between the US and China could disrupt global supply chains.
The volatile crude oil prices could impact the Indian economy.
The slowdown in the Indian economy could impact demand for Indian goods and services.

Sure, here are some MCQs on the topics you mentioned:

The Union Budget for 2019-20 was presented by Finance Minister Arun Jaitley on February 1, 2019. The budget was presented in the backdrop of a strong economy with GDP growth at 7.2% in 2017-18. The budget focused on three key areas: agriculture, infrastructure, and healthcare.
The budget proposed to increase the allocation for agriculture by 24% to Rs. 2.83 lakh crore. This includes a new scheme called Pradhan Mantri Krishi Sinchai Yojana (PMKSY) to provide Irrigation facilities to 10 crore hectares of land. The budget also proposed to increase the minimum support price (MSP) for crops by 5%.
The budget proposed to increase the allocation for infrastructure by 20% to Rs. 5.97 lakh crore. This includes a new scheme called Bharatmala Pariyojana to build 6,500 km of highways. The budget also proposed to increase the allocation for railways by 15% to Rs. 1.48 lakh crore.
The budget proposed to increase the allocation for healthcare by 10% to Rs. 2.86 lakh crore. This includes a new scheme called Ayushman Bharat to provide health insurance to 50 crore families. The budget also proposed to increase the allocation for education by 12% to Rs. 99,000 crore.
The budget proposed to increase the tax exemption limit for individuals to Rs. 5 lakh. This will benefit 3 crore taxpayers. The budget also proposed to increase the standard deduction to Rs. 40,000. This will benefit 12 crore taxpayers.
The budget proposed to reduce the Corporate tax rate from 30% to 25% for companies with a turnover of up to Rs. 250 crore. This will benefit 99% of companies in India. The budget also proposed to provide a tax holiday for new manufacturing companies for a period of 10 years.
The budget proposed to increase the allocation for defence by 8% to Rs. 3.18 lakh crore. This includes a new scheme called Make in India Defence to promote domestic manufacturing of defence equipment. The budget also proposed to increase the allocation for Internal Security by 10% to Rs. 1.25 lakh crore.
The budget proposed to increase the allocation for rural development by 12% to Rs. 1.41 lakh crore. This includes a new scheme called Pradhan Mantri Gram Sadak Yojana (PMGSY) to provide road connectivity to all villages in India. The budget also proposed to increase the allocation for Pradhan Mantri Awas Yojana (PMAY) by 10% to Rs. 1.6 lakh crore.
The budget proposed to increase the allocation for social welfare by 10% to Rs. 87,000 crore. This includes a new scheme called Pradhan Mantri Kaushal Vikas Yojana (PMKVY) to provide skill training to 1 crore youth. The budget also proposed to increase the allocation for Pradhan Mantri Jan Dhan Yojana (PMJDY) by 10% to Rs. 31,000 crore.
The budget proposed to increase the allocation for women and child development by 12% to Rs. 28,000 crore. This includes a new scheme called Pradhan Mantri Matru Vandana Yojana (PMMVY) to provide financial assistance to pregnant women. The budget also proposed to increase the allocation for Pradhan Mantri Bal Shakti Yojana (PMBSY) by 10% to Rs. 10,000 crore.
The budget proposed to increase the allocation for environment and forests by 10% to Rs. 2,100 crore. This includes a new scheme called National Clean Air Programme (NCAP) to reduce Air Pollution in 100 cities. The budget also proposed to increase the allocation for National Green Tribunal (NGT) by 10% to Rs. 100 crore.
The budget proposed to increase the allocation for science and technology by 10% to Rs. 34,000 crore. This includes a new scheme called Atal Innovation Mission (AIM) to promote innovation in India. The budget also proposed to increase the allocation for Indian Space Research Organisation (ISRO) by 10% to Rs. 15,000 crore.
The budget proposed to increase the allocation for atomic