2019 Interim-Union budget of India

Last updated

2019 (2019) Union Budget of India
Emblem of India.svg
Submitted2 February 2019
Submitted by Piyush Goyal, Minister of Finance (India) (Additional Charge)
Party BJP
Total revenue 2,732,903 crore (equivalent to 34 trillionorUS$410 billion in 2023) [1]
Total expenditures 3,401,639 crore (equivalent to 42 trillionorUS$510 billion in 2023) [2]
  2018
2019

The 2019 Interim Union Budget of India was presented by acting Finance Minister Piyush Goyal on 1 February 2019. [3] The government introduced Pradhan Mantri Kisan Samman Nidhi and Pradhan Mantri Shram Yogi Mandhan.

Contents

Highlights

In the budget, the fiscal deficit for 2019–20 will be 3.94% of GDP. The budget set aside 6,000 (US$72) for farmers having up to 2 hectares of land. The amount is available in 3 equal installments of Rs.2000 each under Pradhan Mantri Kisan Samman Nidhi. 3,000 (US$36) per month pension after 60 years of age to unorganized sector labor under Pradhan Mantri Shram Yogi Mandhan. Subscribers have to pay a monthly amount of Rs.100 if aged 29 years and Rs.55 if a subscriber is of 18 years of age. Income tax relief u/s 87A for income up to 500,000 (US$6,000). Standard deduction of 50,000 (US$600) for salaried class. [4]

In the 2018 Budget, the outlay was revised for six key social schemes focused on enhancing the welfare of farmers and the poor, in addition to announcing a new scheme aimed at direct cash transfers to farmers. Apart from that, allocation across three other schemes focused on rural India have been raised. [5]

Related Research Articles

<span class="mw-page-title-main">Ministry of Agriculture and Farmers' Welfare</span> Agriculture ministry of India

The Ministry of Agriculture and Farmers Welfare, formerly the Ministry of Agriculture, is a branch of the Government of India and the apex body for formulation and administration of the rules and regulations and laws related to agriculture in India. The three broad areas of scope for the Ministry are agriculture, food processing and co-operation. The agriculture ministry is headed by Minister of Agriculture and Farmers' Welfare which is currently held by Shivraj Singh Chouhan. Kailash Choudhary and Shobha Karandlaje are the Ministers of State. Sharad Pawar, serving from 22 May 2004 to 26 May 2014, has held the office of Minister of Agriculture for the longest continuous period till date.

Social security in India includes a variety of statutory insurances and social grant schemes bundled into a formerly complex and fragmented system run by the Indian government at the federal and the state level. The Directive Principles of State Policy, enshrined in Part IV of the Indian Constitution reflects that India is a welfare state. Food security to all Indians are guaranteed under the National Food Security Act, 2013 where the government provides highly subsidised food grains or a food security allowance to economically vulnerable people. The system has since been universalised with the passing of The Code on Social Security, 2020. These cover most of the Indian population with social protection in various situations in their lives.

<span class="mw-page-title-main">Piyush Goyal</span> Indian politician (born 1964)

Piyush Vedprakash Goyal is an Indian politician and chartered accountant who is serving as Minister of Commerce and Industry since 2019. He also served as Minister of Textiles and Minister of Consumer Affairs, Food and Public Distribution. He was elevated to the Cabinet Minister position on 3 September 2017. Formerly a Member of Parliament for Rajya Sabha from the state of Maharashtra, he is also the former Leader of the House in Rajya Sabha. Goyal was elected as member of 18th Lok Sabha Representing Mumbai North Lok Sabha constituency.

<span class="mw-page-title-main">Agricultural insurance in India</span>

Agriculture in India is highly susceptible to risks like droughts and floods. It is necessary to protect the farmers from natural calamities and ensure their credit eligibility for the next season. For this purpose, the Government of India introduced many agricultural social insurances throughout the country, the most important one of them being Pradhan Mantri Fasal Bima Yojana.

<span class="mw-page-title-main">2015 Union budget of India</span> Government budget

The 2015 Union budget of India refers to 2015–2016 Union budget of India. The beginning of the budget printing began on 19 February 2015 with the traditional halwa ceremony. From 20 February until the presentation of budget about 100 government employees remained locked up in the North Block of the Secretariat Building, New Delhi, which houses the budget printing press, to maintain secrecy. The budget was presented on 28 February by Finance Minister Arun Jaitley.

Pradhan Mantri Suraksha Bima Yojana is a government-backed accident insurance scheme in India. It was originally mentioned in the 2015 Budget speech by Finance Minister Late Arun Jaitley in February 2015. It was formally launched by the Prime Minister Narendra Modi on 8 May in Kolkata.

<span class="mw-page-title-main">Atal Pension Yojana</span> Indian national pension scheme

Atal Pension Yojana, formerly known as Swavalamban Yojana is a government-backed pension scheme in India, primarily targeted at the unorganised sector. It was mentioned in the year 2015 Budget speech by the Finance Minister Arun Jaitley. It was launched by Prime Minister Narendra Modi on 9 May 2015 in Kolkata. Its main objective is to help towards economic security of those people who become depressed after their working age and take retirement from professional life.

Pradhan Mantri Krishi Sinchai Yojana is a national mission to improve farm productivity and ensure better utilization of the resources in the country. The budget of 53 billion (US$640 million) in a time span of one year 2015-2016 has been allocated to this scheme. The decision was taken on 1 July 2015 at the meeting of Cabinet Committee on Economic Affairs, approved with an outlay of 50000 crore for period of 5 years.

<span class="mw-page-title-main">Pradhan Mantri Fasal Bima Yojana</span> Indian agricultural insurance scheme

The Pradhan Mantri fasal bima yojana (PMFBY) launched on 18 February 2016 by Prime Minister Narendra Modi is an insurance service for farmers for their yields. It was formulated in line with One Nation–One Scheme theme by replacing earlier two schemes Agricultural insurance in India#National Agriculture Insurance Scheme and Modified National Agricultural Insurance Scheme by incorporating their best features and removing their inherent drawbacks (shortcomings). It aims to reduce the premium burden on farmers and ensure early settlement of crop assurance claim for the full insured sum.

<span class="mw-page-title-main">Pradhan Mantri Ujjwala Yojana</span> Indian government energy scheme

Pradhan Mantri Ujjwala Yojana was launched by Prime Minister of India Narendra Modi on 1 May 2016 to distribute 50 million LPG connections to women of Below Poverty Line (BPL) families. A budgetary allocation of 80 billion (US$960 million) was made for the scheme. The scheme was replaced by the Ujjwala Yojana 2.0 in 2021.

Samman may refer to:

Rythu Bandhu scheme, also known as Farmer's Investment Support Scheme (FISS), is a welfare program to support farmer’s investment for two crops a year by the Government of Telangana. The government is providing 58.33 lakh (5.8 million) farmers ₹5000 per acre per season to support the farm investment, twice a year, for rabi (winter) and kharif (rainy) seasons. This is a first direct farmer investment support scheme in India, where the cash is paid directly.

Pradhan Mantri Kisan Samman Nidhi is an initiative by the government of India that give farmers up to 6,000 (US$72) per year as minimum income support. The initiative was announced by Piyush Goyal during the 2019 Interim Union Budget of India on 1 February 2019. The scheme has cost 75,000 crore per annum and came into effect December 2018.

Pradhan Mantri Shram Yogi Maandhan is a social welfare scheme launched by the Ministry of Labour and Employment of the Government of India in February 2019 for poor labourers in the unorganised sector from minimum 18 years of age to maximum 40 years. According to government figures, about 42 crore people in India are associated with the unorganized sector. These people have a chance to take advantage of this scheme.

The All India Institutes of Medical Sciences (AIIMS) is a group of autonomous government public medical universities of higher education under the jurisdiction of Ministry of Health and Family Welfare, Government of India. These institutes have been declared by an Act of Parliament as Institutes of National Importance. AIIMS New Delhi, the forerunner institute, was established in 1956. Since then, 24 more institutes were announced.

Atal Bhujal Yojana is a groundwater management scheme launched by Prime Minister Narendra Modi on the 95th birth anniversary of former Prime Minister Atal Bihari Vajpayee, on 25 December 2019. The purpose of the scheme is to improve groundwater management in seven states of India.

<span class="mw-page-title-main">Pradhan Mantri Matsya Sampada Yojana</span> Initiative by Government of India

The Pradhan Mantri Matsya Sampada Yojana (PMMSY)(http://pmmsy.dof.gov.in/) is an initiative launched by the Government of India to establish a comprehensive framework and reduce infrastructural gaps in the fisheries sector. The scheme was announced by the Finance Minister, Nirmala Sitharaman during her speech in the parliament of India while presenting the Union budget for 2019–20 on 5 July 2019. The government intends to place India in the first place in Fish production and processing by implementing Neeli Kranti (transl. Blue Revolution). This scheme is in line with governments aim to double the farmers' income by 2022–23.

Gramin Bhandaran Yojana, or Rural Godown Scheme, is an Indian government initiative to offer subsidies to individuals or organizations which build or repair rural godowns.

YSR Rythu Bharosa is a program launched by the Government of Andhra Pradesh to financially assist farmers by depositing an amount of ₹13,500 per annum in three installments, in association with Pradhan Mantri Kisan Samman Nidhi with the state government contributing ₹7500 and the center ₹6000.

References

  1. "Receipts" (PDF). Ministry of Finance, Government of India . Archived from the original (PDF) on 19 February 2019. Retrieved 29 January 2018.
  2. "SUMMARY OF EXPENDITURE" (PDF). Ministry of Finance, Government of India . Archived from the original (PDF) on 19 February 2019. Retrieved 29 January 2018.
  3. "Budget 2019: Full text of Piyush Goyal's budget speech". Mint. 1 February 2019. Retrieved 1 February 2019.
  4. "Budget 2019 highlights: Standard deduction to be raised, no tax on second house", Live Mint, 1 February 2019
  5. "Budget 2019: Government's Expenditure Plan Across Key Rural Schemes". BloombergQuint.