Saturday, February 2, 2019

Interim Budget 2019-20 Sector Wise Important Highlights

Interim Budget 2019-20 has been Presented by Union Finance Minister Piyush Goyal. Here in this Article we are Providing you Gist of Union Budget 2019-20 with Sector wise Important Highlights. 

Union Budget is One of the Most Crucial Report of Document for Every Competitive Exam Aspirant, For all the Upcoming Government Exam either in Banking/Insurance Industry, Railways, Staff Selection Commission (SSC) or Any Other Competitive Exam will ask 3-5 Questions from this Union Budget 2019-20.

Agriculture Sector and Farmers Welfare 

  • 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 
Pradhan Mantri Kisaan Samman Nidhi Yojna

Labour and Unorganized Sector

  • 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


  • 22nd AIIMS to be setup in Haryana
Union Budget 2019-20 : Announcement for Healthcare Sector

  • 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 
Union Budget 2019-20 Direct Tax Collection

Housing and Real Estate Sector 
  • TDS threshold for deduction of tax on rent to be increased from Rs. 1,80,000 to Rs. 2,40,000 
  • 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.
  • Tax benefits for affordable housing extended till 31st March, 2020 under Section 80- IBA of Income Tax Act 
  • 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 
  • Government confident of achieving the disinvestment target of 80,000 crore 
  • Focus now on debt consolidation along with fiscal deficit consolidation programme
Union Budget 2019-20 Fiscal Provisions

Substantial increase in allocation for the Scheduled Castes and Scheduled Tribes - 
  • 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
  • Allocation for the STs increased by 28% - from 39,135 crore in BE 2018-19 to Rs. 50,086 crore in 2019-20 BE 
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 3 
  • All willing households to be provided electricity connections by March 2019
North East Region
  • 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 

Poor and 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 
  • Defense budget to cross Rs 3,00,000 crore for the first time ever 
  • 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) 
Union Budget 2019-20 Allocation for Railway in A Glance

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 

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