Interim Finance Minister Piyush Goyal today presented the interim budget in parliament
Source: IT News
Delhi, February 01 2019:
Among others Defence Budget will be enhanced beyond Rs 3 lakh crore, Goyal presented the parliament house.
"Our Defence Budget this year is over Rs 3 lakh crore, if necessary additional funds will also be provided," Mr Goyal said amid thumping of desks by Prime Minister Narendra Modi and others.
The Finance Minister underlined 10 most important dimensions that will guide the government in Vision 2030 and will help to build next-gen infrastructure - physical as well as social - for a 10 trillion dollar economy and to improve the 'Ease of Living' .
"India has already become second largest start ups in the world," the Finance Minister said.
Regarding economy the FM said that India is poised to become a 5 trillion dollar economy in the next five years and aspires to become a 10 trillion dollar economy in the next eight years.
'We are poised to become a 5 trillion dollar economy in the next five years, we aspire to become a 10 trillion dollar economy in the next eight years,' Mr Goyal said presenting Interim Budget 2019-20 in the Lok Sabha.
A total 18 per cent increase in direct tax collections in 2017-18 as 1.06 crore new people included in tax base after demonetisation, he said.
GST collection said the government has committed Rs 1 lakh crore, he said.
Mr Goyal said the government was committed to eliminating the ills of black money.
'Black money measures taken have brought undisclosed income of about Rs 1.30 lakh crore to the surface and 3.38 lakh shell companies deregistered,' he said.
Businesses with less than Rs 5 crore annual turnovers, comprising over 90 percent of GST payers, will be allowed to return quarterly returns, he said.
A total 14 per cent growth in state tax collections was guaranteed and underwritten by Government of India, the Minister said.
Businesses with less than Rs 5 crore annual turnover, comprising over 90 per cent of GST payers, will be allowed to return quarterly returns, Mr Goyal said amid frequent thumping of desks by members.
The budget also focuses for Support of bonanza for farmers; separate Department of Fisheries in Budget 2019-20 proposals.
" Pradhan Mantri Kisan Samman Nidhi - under which Rs 6000 per hectare in a year will be deposited directly in the bank accounts of about 12 crore farmers in the country", the FM said .
It also announced creation of a separate Department of Fisheries, taking it away from the Union Ministry of Agriculture and Farmers' Welfare.
The Centre will bear the cost of the entire scheme PM Kisan Samman Nidhi.
Announcing this in the Lok Sabha while presenting the Budget for 2019-20, Union Finance Minister Piyush Goyal said he was providing Rs 75,000 crore for the income support scheme and another Rs 20,000 crore in the Revised Estimate for the current year (2018-19) itself.
Prime Minister Narendra Modi was also seen thumping his desk with a smile.
Mr Goyal said that the amount will be deposited in farmers' accounts in three instalments in a year, of which Rs 2000 per hectare will be deposited right away.
"This will help farmers with acquiring farm inputs such as quality seeds, irrigation, neem-coated urea and credit' .
The Minister also announced a raise in interest subvention of timely repayment of farm credit.
"Farm credit is Rs 11.68 lakh crore,' he said recognising the good work done by farmers.
In keeping with the policy of the government, the Minister announced the formation of a Rashtriya Kamdhenu Ayog to upscale the production and productivity of cows.
An additional Rs 750 crore has been allocated for the National Gokul Mission.
Mr Goyal also announced 'sustained and focused' attention to the fisheries and animal husbandry sector that have grown.
Significantly, he announced an additional 3 per cent income sub-vention for farmers involved in fisheries taking the entire interest sub-vention upto 5 per cent, at par with crop loan discounts.
To make all farmers come under the Kisan Credit Card scheme, the government has simplified the forms, he said.
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