Budget 2019 Highlights: Populist push in Interim Budget before LS polls, Opposition says it has no value
Budget 2019 Highlights: Prime Minister Narendra Modi said the interim budget touches all sections of the society and includes everyone, asserting that it is a merely a "trailer" of what will guide India towards prosperity after the Lok Sabha polls. However, the Congress dubbed the budget as the BJP's "jumlebaz (filled with gimmicks) manifesto" for the polls, while the NCP termed it as a "lollipop". Attacking the government for not announcing farm loan waiver, the opposition parties alleged that since it had not offered anything to the people in its previous budgets, it has now made populist announcements to assuage prevailing dissent among the public.
ABP News Bureau
Last Updated:
01 Feb 2019 07:08 PM
Railway Budget at a Glance
Railway Budget at a Glance
The Congress dubbed the budget as the BJP's "jumlebaz (filled with gimmicks) manifesto" for the polls, while the NCP termed it as a "lollipop".
Attacking the government for not announcing farm loan waiver, the opposition parties alleged that since it had not offered anything to the people in its previous budgets, it has now made populist announcements to assuage prevailing dissent among the public.
Attacking the government for not announcing farm loan waiver, the opposition parties alleged that since it had not offered anything to the people in its previous budgets, it has now made populist announcements to assuage prevailing dissent among the public.
BJP president Amit Shah Friday hailed the interim budget for "benefiting" all sections of the society and asserted that it has underscored the Modi government's dedication to the aspirations of the country's youth, farmers and the poor.
The budget touches everybody, will spur growth and generate employment, he told reporters and also praised the government for "maintaining" fiscal discipline.
"This budget gives relief to every section of society in some way," he said, referring to its announcements and schemes for farmers, unorganised sector workers and income tax payers.
With its sops for farmers and the middle class- two crucial voting blocs- among others, the BJP believes that the budget will it woo them ahead of the Lok Sabha election.
The perceived farm crisis is said to be a key reason for the saffron party's defeat in the state elections where it also suffered reverses in urban centres.
Shah dubbed the raising of income tax exemption to Rs 5 lakh as "historic", saying the Modi government has surpassed the expectation of the middle class by announcing a number of concessions for it.
The decision to provide Rs 6000 annually to farmers will be a "milestone" towards meeting the government's goal of doubling their income by 2022, he said, adding that a loan waiver helps peasants only once and merely those who take loans while this scheme will benefit all of them and every year.
The budget touches everybody, will spur growth and generate employment, he told reporters and also praised the government for "maintaining" fiscal discipline.
"This budget gives relief to every section of society in some way," he said, referring to its announcements and schemes for farmers, unorganised sector workers and income tax payers.
With its sops for farmers and the middle class- two crucial voting blocs- among others, the BJP believes that the budget will it woo them ahead of the Lok Sabha election.
The perceived farm crisis is said to be a key reason for the saffron party's defeat in the state elections where it also suffered reverses in urban centres.
Shah dubbed the raising of income tax exemption to Rs 5 lakh as "historic", saying the Modi government has surpassed the expectation of the middle class by announcing a number of concessions for it.
The decision to provide Rs 6000 annually to farmers will be a "milestone" towards meeting the government's goal of doubling their income by 2022, he said, adding that a loan waiver helps peasants only once and merely those who take loans while this scheme will benefit all of them and every year.
Defence budget pegged at Rs 3.05 lakh crore - An outlay of Rs 3.05 lakh crore was Friday set aside for the defence budget for 2019-20 which was a hike of around Rs 20,000 crore compared to allocation of Rs 2.85 lakh crore in the current fiscal.
Making a big populist push in its final budget before elections, the Narendra Modi-government Friday exempted people with an earning of up to Rs 5 lakh from payment of income tax, announced an annual cash dole-out of Rs 6,000 to small farmers and provided a monthly pension of Rs 3,000 to workers in the unorganised sector.
Interim Budget buoys market, Sensex | Interim Budget announcements of higher tax exemption limit and key measures for the rural economy and SME sector buoyed the Indian equity market on Friday.
However, the two key indices -- Sensex and NSE Nifty50 -- ceded some of the day's gains as key finance and banking stocks ended lower.
Auto stocks gained over 2 per cent while the metal stocks lost 3 per cent.
Index-wise, the Sensex closed 212.74 points or 0.59 per cent higher at 36,469.43 points after hitting a high of 36,778.14, while the Nifty ended the Budget day's trade at 10,893.65, up 62.70 points.
However, the two key indices -- Sensex and NSE Nifty50 -- ceded some of the day's gains as key finance and banking stocks ended lower.
Auto stocks gained over 2 per cent while the metal stocks lost 3 per cent.
Index-wise, the Sensex closed 212.74 points or 0.59 per cent higher at 36,469.43 points after hitting a high of 36,778.14, while the Nifty ended the Budget day's trade at 10,893.65, up 62.70 points.
Interim Budget buoys market, Sensex | Interim Budget announcements of higher tax exemption limit and key measures for the rural economy and SME sector buoyed the Indian equity market on Friday.
However, the two key indices -- Sensex and NSE Nifty50 -- ceded some of the day's gains as key finance and banking stocks ended lower.
Auto stocks gained over 2 per cent while the metal stocks lost 3 per cent.
Index-wise, the Sensex closed 212.74 points or 0.59 per cent higher at 36,469.43 points after hitting a high of 36,778.14, while the Nifty ended the Budget day's trade at 10,893.65, up 62.70 points.
However, the two key indices -- Sensex and NSE Nifty50 -- ceded some of the day's gains as key finance and banking stocks ended lower.
Auto stocks gained over 2 per cent while the metal stocks lost 3 per cent.
Index-wise, the Sensex closed 212.74 points or 0.59 per cent higher at 36,469.43 points after hitting a high of 36,778.14, while the Nifty ended the Budget day's trade at 10,893.65, up 62.70 points.
Speaking to ANI, Finance Minister Piyush Goyal questioned, "Why is it that they(Congress) never bothered for the healthcare of the farmers like we did? Why is it that they never bothered to ensure electricity to all as we did? Except making tall promises they did nothing."
Interim Budget 2019-20: How Govt will Spend
Interim Budget 2019-20: How Govt will Spend
Interim Budget 2019-20: How Govt will Spend
Congress President Rahul Gandhi pressed an attack on Modi government and said the scheme to provide direct income support of Rs 6,000 each to poor and marginal farmers, was an "insult" to everything the farmers stand and work for. Finance Minister Piyush Goyal in his Interim Budget 2019-20, announced the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) providing direct income support of Rs 6,000 to farmers with a land holding up to two hectares.
Congress President Rahul Gandhi pressed an attack on Modi government and said the scheme to provide direct income support of Rs 6,000 each to poor and marginal farmers, was an "insult" to everything the farmers stand and work for. Finance Minister Piyush Goyal in his Interim Budget 2019-20, announced the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) providing direct income support of Rs 6,000 to farmers with a land holding up to two hectares.
West Bengal CM Mamata Banerjee on Budget said, "This govt has no moral authority or responsibility to place the budget for 5 years when they'll not be in power; the govt will go for expiry. After expiry, if you give medicine, is there any value? What will be the value? This is absolutely valueless."
Karnataka CM Kumaraswamy says, "I want to ask if this budget was prepared by officials of Finance dept or RSS? In this budget, Narendra Modi has given cotton candy for farmers. When I announced loan waiver scheme, PM mocked it as lollipop. Friends of BJP have prepared this budget."
Presenting an interim budget for 2019-20 in Parliament on Friday, Union Minister for Finance and Corporate Affairs Piyush Goyal proposed the launch of a scheme named 'Revitalising Infrastructure and Systems in Education (RISE) by 2022' with a total investment of Rs 1 lakh crore in the next four years to step up investments in research and related infrastructure in premier educational institutions, including health institutions.
The government allocated Rs 608.87 crore for research and innovation, a massive increase from previous allocation of Rs 350.23 crore.
The government allocated Rs 608.87 crore for research and innovation, a massive increase from previous allocation of Rs 350.23 crore.
Presenting an interim budget for 2019-20 in Parliament on Friday, Union Minister for Finance and Corporate Affairs Piyush Goyal proposed the launch of a scheme named 'Revitalising Infrastructure and Systems in Education (RISE) by 2022' with a total investment of Rs 1 lakh crore in the next four years to step up investments in research and related infrastructure in premier educational institutions, including health institutions.
The government allocated Rs 608.87 crore for research and innovation, a massive increase from previous allocation of Rs 350.23 crore.
The government allocated Rs 608.87 crore for research and innovation, a massive increase from previous allocation of Rs 350.23 crore.
Budget 2019 - Education Section: The Centre earmarked Rs 93,847.64 crore for the education sector for 2019-20, which is an increase of over 10 per cent from last budget allocation.
While Rs 37,461.01 crore has been allocated for higher education, an amount of Rs 56,386.63 crore has been earmarked for school education.
Last year, then finance minister Arun Jaitley had allocated Rs 85,010 crore for the education sector.
While Rs 37,461.01 crore has been allocated for higher education, an amount of Rs 56,386.63 crore has been earmarked for school education.
Last year, then finance minister Arun Jaitley had allocated Rs 85,010 crore for the education sector.
On farmers, PM said, "For farmers there have been several schemes by different govts from time to time, but only 2-3 crore farmers were included under these schemes. But now PM Kisan Samman Nidhi scheme will benefit over 12 crore farmers who own 5 acres or less than 5 acres of land."
PM said, "It's generosity and honesty of middle class and upper middle class which provides tax to the nation through which schemes are formulated and there is welfare of poor. There was always the demand to exempt those, with annual income upto Rs 5 Lakh, from taxation. Our govt fulfilled this."
PM said, "From middle class to labourers, from farmers’ growth to the development of businessmen, from manufacturing to MSME sector, from growth of the economy to development of New India, everyone has been taken care of in this interim budget."
Prime Minister Narendra Modi while addressing the nation today said that the Interim budget is a trailer for what will take India towards prosperity after Lok Sabha polls. Poverty falling at a record rate due to efforts of this govt, PM added.
Former PM Manmohan Singh criticised the Interim Budget presented by Finance Minister Piyush Goyal earlier today. Speaking to a news channel, Dr Singh said that the incumbent government will have major implifications on the upcoming General Elections. He also said that the BJP government presented an Election Budget.
Those sitting in AC rooms cannot understand the plight of the small farmers. Keeping this in mind, we have introduced Pradhan Mantri Kisan Samman Nidhi scheme. This is a historic decision: Piyush Goyal said in a post-Budget press conference.
The whole exercise has turned out to be a damp squib. We've seen one good thing that is tax exemption for the middle class. Rs 6000 in income support for farmers boils down to Rs 500 per month. Is that supposed to enable them to live with the honour and dignity: Congress leader Shashi Tharoor
Giving the breakup of revenue and expenditure, PIB took to Twitter and said an image with the breakup of Central Government revenue and expenditure. This image below explains where rupee comes from and where it goes.
Giving the breakup of revenue and expenditure, PIB took to Twitter and said an image with the breakup of Central Government revenue and expenditure. This image below explains where rupee comes from and where it goes.
"All sections of the society incl farmers, middle class, poor and women have been mentioned in this budget. This budget will help achieve the dream of a New India," said UP Chief Minister Yogi Adityanath.
Union Minister Nitin Gadkari also took to Twitter and expressed happiness over the increase in income tax slab by Piyush Goyal in his BUdget speech. "By increasing taxable income to Rs 5 Lakh, the household income of middle class will further improve. Hon. FM has also targeted to rejuvenate all the leading rivers of India within next 10 years. We are confident to complete it within the given timeline," Gadkari tweeted.
This is not just an Interim Budget, this is a vehicle for the developmental transformation of the nation. Development became a Jan Andolan (people's movement) under the present Government: FM Piyush Goyal
On behalf of all the people of India and our Government, thank all our taxpayers for their valuable contribution to nation-building and for providing a better quality of life to poor and marginalized: FM Goyal said
TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees: FM Piyush Goyal
Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crore rupees; can be exercised once in a lifetime: FM Piyush Goyal
Big Cheer for salaried middle class; Govt announces no tax deduction for up to Rs 5 lakh income: FM Goyal
Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities: FM Piyush Goyal
FM Piyush Goyal allocates Rs 64,587 crore for Railways in FY-20.
Direct tax collections up from Rs 6.38 lakh crore rupees in 2013-14 to almost 12 lakh crore rupees; tax base up from 3.79 crore to 6.85 crore: Piyush Goyal
We are poised to become a 5 trillion dollar economy in the next 5 years and we aspire to become a 10 trillion dollar economy in the next 8 years: FM Goyal
GST has been continuously reduced resulting in relief of Rs 80,000 crore rupees to the consumers; Most items of daily use are now in the 0%-5% tax bracket: FM Goyal in his speech
1,70,000 crore spent for bringing food at affordable rates to poor people: FM
Speaking about development of women in the country, PM said that 75% of woman beneficiaries under PM Mudra Yojana, 26 weeks of maternity leave and Pradhan Mantri Matritva Yojana, are all empowering women.
Allocation for North Eastern Region proposed to be increased to Rs 58,166 crore in this year, a 21% rise over previous year: FM Piyush Goyal
FM Piyush Goyal: Within nearly two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by officials
A single window clearance for filmmaking to be made available to filmmakers, anti-camcording provision to also to be introduced to Cinematography Act to fight piracy: FM Goyal
Piyush Goyal: We have already disbursed Rs 35,000 crore for our soldiers under One Rank One Pension and even a substantial hike in military service pay has been announced.
75 per cent of woman beneficiaries under Pradhan Mantri Mudra Yojana, 26 weeks of maternity leave and the Pradhan Mantri Matritva Yojana, are all empowering women in the count: FM Goyal
Under the Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three instalments, to be transferred directly to farmers' bank accounts, for farmers with less than 2 hectares landholding: FM Goyal
A pension scheme is being launched called Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with the contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age: Piyush Goyal in his budget speech
Ayushman Bharat, the largest healthcare programme in world, launched to provide medical care to nearly 50 crore people, resulting in 3,000 crore savings by families of poor sections: FM Goyal
6000 rupees per year for each farmer, in three instalments, to be transferred directly to bank accounts of farmer for with less than 2 hectares landholding: Goyal in his budget speech
For welfare of farmers and for doubling their income, historic decision taken to increase MSP by 1.5 times the production cost for all 22 crops: FM Piyush Goyal
Efforts taken to bring full representation for economically weak backward classes, by giving them reservation in jobs and education, Goyal said during his Budget speech.
As a tribute to MahatmaGandhi, largest behavioural change movement SwachhBharat initiated; more than 98 per cent rural sanitation coverage has been achieved; more than 5.45 lakh villages declared ODF: mindset change achieved, becoming a Jan Andolan: FM Goyal said.
Massive support from BJP MPs and outrage from Opposition can been seen every time FM Piyush Goyal is making a statement on work done by his party over the past 5 years.
Number of measures implemented to ensure clean banking, a resolution friendly mechanism has been instituted for recovery of non-performing loans: FM Goyal during his Budget speech
Government has taken efforts to bring full representation for economically weak backward classes, by giving them reservation in jobs and education, FM Goyal said in his Budget speech
From empty promises in the past, targeted expenditure has been undertaken to improve quality of life in villages and we aim to bring development, preserving the soul of villages: FM Goyal
Speaking about government new upper caste poor quota announcement, Goyal said that 10 per cent reservation has been brought in for economically weaker sections. The poor have the first right on government policies.
Almost 3 lakh crore has already been recovered in favour of banks and creditors, big defaulters have also not been spared by our government: FM Goyal.
Inflation is a hidden and unfair tax; from 10.1% during 2009-14, we have broken the back of back-breaking inflation, says Piyush Goyal.
Inflation in December 2018 was 2.1 per cent and Fiscal deficit has been brought down to 3.4 per cent in the revised estimate of 2018-19: FM Goyal
From being 11th largest in the world in 2016, we are today the 6th largest. Our government has broken the back of back breaking inflation: Piyush Goyal
We are moving towards an India which is cleaner and healthier, where everyone will has clean houses and even farmers income will double, says Piyush Goyal in opening of his budget speech.
We are heading towards a New India as we move forward to 75th year of Independence in 2022: Piyush Goyal said while starting his Budget speech.
Lok Sabha speaker Sumitra Mahajan arrives as the Budget session starts. FM Piyush Goyal starts his Budget speech.
Since morning, Govt sources have been sending budget pointers to media houses, now if these pointers are there in FM speech then it tantamounts to a leak. It would be a serious issue of breach of secrecy: Congress leader Manish Tiwari.
PM Modi-led Union cabinet has approved the Budget. Piyush Goyal to present it shortly.
As India is expected to get bullet train between Mumbai and Ahmedabad in 2022-23. During his Rail Budget speech Goyal is expected to talk of high-speed train networks for Indian Railways as the next level in the coming years.
They will try to introduce populist schemes in the Budget keeping an eye on Lok Sabha polls. Budgets they have presented so far haven’t really benefitted general public. Only Jumlas will come out today. They have only 4 months when will they implement the schemes: Congress leader Mallikarjun Kharge.
The last five budgets have been dedicated to the farmers, the government sixth budget will also be for the farmers, it will empower them:Union Minister of Agriculture and Farmers, Welfare Minister Radha Mohan Singh.
Expectations around income tax exemption being raised, 80C limit being hiked from the present limit of Rs 1.5 lakhs and increase in medical insurance tax exemption are being made by industry experts.
Piyush Goyal is all set to present the Interim Budget in the Parliament at 11 am. Stay tuned to our special live blog on all the Live action from the Budget.
As Piyush Goyal is set to present the Union Budget today, Indian start ups markets including real estate, automobile, healthcare, education, payments and others expect positive changes in the policies.
Interim Finance Minister Piyush Goyal leaves Rashtrapati Bhavan for Parliament
Benchmark indices witnessed a firm opening ahead of Budget announcement with Nifty holding above 10,850 level. ahead of Budget announcement with Nifty holding above 10,850 level.
Sensex gains 55.05 points, Nifty up 20.40 points ahead of 2019 Interim Budget
Swaraj India president Yogendra Yadav talked to ABP News on the upcoming interim budget 2019.He said that he has no expectation from this budget for farmers.
Interim Finance Minister leaves President House, after taking President Kovind's nod for parliament to present budget.
'Sabka Saath, Sabka Vikas' has been our government's mantra and it will reflect in the Budget, says Union Minister of Parliamentary Affairs Narendra Singh Tomar.
FM Piyush Goyal arrives Finance Ministry
Background
Budget 2019 Highlights: Reaching out to a large electorate ahead of the Lok Sabha polls, the government Friday announced a cash dole for small farmers, a mega pension scheme for the unorganised sector and doubled the threshold tax exemption limit to Rs 5 lakh. Finance Minister Piyush Goyal presented the interim Budget for the 2019-20 in the Lok Sabha. He doled out tax sops to middle class, including raising standard deduction to Rs 50,000, and provided concessions on interest income from bank deposits and rent.
Prime Minister Narendra Modi said the interim budget touches all sections of the society and includes everyone, asserting that it is a merely a "trailer" of what will guide India towards prosperity after the Lok Sabha polls. In his remarks after the interim budget was presented in Parliament, Modi said it empowers people and referred to a host of budgetary announcements and schemes to drive home his point.
However, the Congress dubbed the budget as the BJP's "jumlebaz (filled with gimmicks) manifesto" for the polls, while the NCP termed it as a "lollipop". Attacking the government for not announcing farm loan waiver, the opposition parties alleged that since it had not offered anything to the people in its previous budgets, it has now made populist announcements to assuage prevailing dissent among the public.
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