Many expected the Budget to be written with one eye on the election; perhaps this should be revised to "both eyes on the election". The government put farmers and the unorganized sector (two groups severely hit in incomes in the last two years) in focus for the budget. It announced a Rs. 75,000 crore income scheme for small farmers, as well as a 'mega pension scheme' for the unorganized sector. These, the government said, would be direct transfers. The government has also committed to continued simplification in GST filings and tax filings.
The revised fiscal deficit is at 3.4%, blowing past targets. The medium-term objective of a fiscal deficit of 3 percent of GDP has now been deferred to 2020-21.
Goyal also announced reduction in taxes for taxpayers - upto Rs. 5 lakh income will have full tax rebate, and therefore will not be required to pay any tax. Those with gross incomes with Rs. 6.5 lakh may not face taxes if they make investments in specified savings. Goyal says that exemptions and deducations may bring additional people with higher incomes under the no tax slab.
Standard deduction for taxpayers raised from Rs. 40,000 to Rs. 50,000. Tax exemptions on second homes announced.
TDS deduction on rent threshold raised to Rs. 1,40,000. Threshold on bank and office deposit to Rs. 40,000.
Live feed:
Piyush Goyal is all fire and brimstone, saying that the government "has broken the back of inflation" and that India has seen "path breaking moves" as far as reforms are concerned in his Budget2019 speech.
"There are 29 AIIMs being established in the country", Goyal says, talking over both applause on the BJP side and shouting from the opposition.
The shouting grows louder as Piyush Goyal talks about rural development, particularly water investments and financial inclusion.
Piyush Goyal announces new income support for farmers with land holdings less than 2 hectares. This will be a direct money transfer of Rs. 6000 a year, he says, delivered in three Rs. 2000 instalments.
The government says this will benefit 12 crore families.
Goyal calls these "the most vulnerable farmer families". The scheme amount adds up to Rs. 75,000 crore
Goyal has announced welfare schemes for 'Gau mata', with Rs. 750 crore budgeted.
Separate department for Fisheries announced. All farmers in fisheries and animal husbandry affected by "severe calamities" will be provided interest subvention of 2%.
Addressing the NSSO job report, Piyush Goyal contradicts it saying that lakhs of new jobs have been created.
"Half of India's GDP comes from the unorganized sector," Piyush Goyal says. He announces social security coverage for their old age.
Goyal announces a "mega pension yojana" for workers in the unorganized sector, of a monthly pension of Rs. 3000 after they hit the age of 60. It will be implemented from the current year. Will impact 10 crore people.
Goyal announces 8 crore free LPG connections, and a target of 8 crore for next year.
"national artifical intelligence" development portal announced. Generally, governments are not the greatest at leading tech development; its usually enablement of the private sector via funding and access that works better.
The employment dilemma: So far the only job-related effort announced is training youth to "become job creators rather than job seekers".
Defence allocation crosses Rs. 3 lakh crore, Goyal says, for the first time in India. He has to raise his voice over opposition legislators who might be shouting about Rafaele.
27 km of highway is built everyday, Goyal says. Domestic air traffic has also jumped, doubling in the past five years.
Container freight movement via waterways to be expanded to the North East.
Boosted allocation for the rural employment guarantee programme increased by Rs 5000 crores to Rs 55,000 crores in the 2019-20 interim budget.
Allocation for the North East region up 21% to Rs 58,166 crore.
"Rs 3 lakh crore has been recovered" from corporate loan defaulters, Goyal says.
Monthly consumption of mobile data has increased 50 times over the last five years, Goyal says.
Goyal: 34 crore Jan Dhan accounts opened in last five years. Direct Tax collection has increased from Rs 6 lakh crore in 2013-14 to Rs 12 lakh crore this year.
New tax system: all income tax returns processed in 24 hours, and refunds processed immediately within next two years.
12% GST for cinemagoers.
Pradhan Mantri Gram Sadak Yojana road scheme to get Rs.19,000 crore in FY20
Goyal says "black money" and the opposition erupts in boos.
Rs. 1.3 lakh crore in assets revealed via black money efforts, Goyal says. 3,38,000 shell companies have been deregistered, he says.New one crore+ people are filing tax for the first time, Goyal says.
Women welfare and security looks to be "a long term vision" for 2030, by which Goyal believes women will see equal opportunity and safety. No new schemes are efforts for now, however.
2030 Vision is the focus of Goyal's last part of the speech. Again a pitch for re-election.
Goyal announces reduction in taxes for taxpayers - upto Rs. 5 lakh income will have full tax rebate, and therefore will not be required to pay any tax. Those with gross incomes with Rs. 6.5 lakh may not face taxes if they make investments in specified savings. Goyal says that exemptions and deducations may bring additional people with higher incomes under the no tax slab.
