Tax Bonus For Middle Class, Cash Benefit For Farmers: Here's How The Govt Wooed Everyone In the Budget
The Narendra Modi-led BJP government today delivered its last budget of the tenure before the upcoming Lok Sabha elections. The budget 2019 is seen as a major populist move by the government to appease the middle class ahead of Lok Sabha polls. The government has also promised to develop One lakh digital villages in the next five years.
In his maiden budget, finance minister Piyush Goyal, hit a masterstroke when he announced that those with an annual salary of up to Rs 5 lakh will not have to pay income tax.
The Narendra Modi-led BJP government, today, delivered its last budget of the tenure before the upcoming Lok Sabha elections. Goyal highlighted the achievements of Modi government in the last 4.5 years and said, ¡°This is not an interim Budget,¡± but a vehicle for the nation¡¯s development. Development became a Jan Andolan (people's movement) under the present Government.¡±
Here are the biggest announcements made by the government that could prove to be gamechanger ahead of the Lok Sabha elections 2019:
1 - People having annual earnings up to Rs 5 lakh will be exempted from paying Income Tax. Additionally, people with income more than Rs 5 lakh and up to Rs 6.5 lakh will also not have to pay any tax if investments made
Close to 3 crore middle-class taxpayers are expected to benefit tax exemption due to this measure
2 - Standard tax deduction for salaried persons raised from 40,000 rupees to 50,000 rupees
3 - Vulnerable farmers to receive annual income support Rs 6,000 per year under new scheme
4 - Farmers affected by natural disasters to receive 2% interest subvention, additional 3 percent if they repay loans on time. Government to provide 2% interest subvention for farmers pursuing animal husbandry, fisheries
6 - Government to allocate Rs 600 billion for a rural employment scheme in 2019-20
7 - Defence budget raised to beyond Rs 3 trillion in 2019/20
8 - Government to allocate Rs 645.87 billion for railways capital expenditure in 2019-20
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9 - In a major women empowerment move, government announced 26 weeks of maternity leaves
10 - Single window approval for Indian filmmakers. ¡°Single window clearance for ease of shooting films which was earlier only available for foreign film makers will now be available for Indian filmmakers as well,¡± said Goyal.
The government has also promised to develop One lakh digital villages in the next five years.
The budget 2019 is seen as a major populist move by the government to appease the middle class of the country ahead of Lok Sabha polls.