Budget 2019: Key Highlights for UPSC 2019
Here’s the key highlights of Budget 2019 that you must study for UPSC 2019. This post is brought to you by Skholar, a complete dedicated platform for civil services exam aspirants. You can now visit Skholar, take a Free UPSC 2019 Mock Test and get All India Standing. Happy Learning.
- Current account deficit (CAD) likely to be 2.5 per cent of GDP
- Fiscal deficit brought down to 3.4% in FY19.
- Inflation in December 2018 down to 2.19%
- Capital expenditure for FY20 set at Rs 3.36 lakh crore
- Expenditure target for FY20 set at Rs 27.84 lakh crore
- Full tax rebate for Individual taxpayers with income upto Rs 5 lakh
- No Tax in making investment in provident funds and prescribed equities for People with gross income upto 6.5 lakh
- All income tax returns will now be processed in 24 hours and refunds will be issued simultaneously.
- Within next 2 years, all assessment of returns to be done electronically
- TDS threshold on rental income raised from Rs. 1.8 lakh to Rs. 2.4 lakh
- TDS threshold on interest on bank,post office deposit raised to 40,000
- Standard deduction raised from Rs 40,000 to Rs 50,000
- No tax on notional rent on second self-occupied house
- Capital Gainsexemption under Section 54 will be available on two house properties
- Thebenefits under Sec 80 (i) BA being extended for one more year, for all housing projects approved till end of 2019-20.
- Most items of daily use under 0-5% tax slab
- Businesses with less than₹ 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns
- Mega Pension Scheme
- Government launches Mega Pension Scheme,Pradhan Mantri Shram Yogi Mandhan, for social security coverage of unorganised labour. The Unorganised labour will get ₹3,000 per month after the age of 60 Pensioners will have to contribute Rs 100 per month and the Government will contribute equally in pension accounts under this scheme.
- Farmers severely affected by severe natural calamities to get 2 per cent interest subvention and additional 3 percent interest subvention if loans are repaid in time
- Two percent interest subsidy to be given to farmers involved in animal husbandry activities through Kisaan Credit Card scheme.
- Govt to create separate department of fisheries
- 2% interest subvention for animal husbandry & fisheries farmers
- PM Kisan Samman Nidhi:₹75,000 crore of budgetary allocation. Farmers owing 2 hectares land will get Rs 6,000 per year – to be transferred annually in three installments
- Employees’ State Insurance eligibility cover limit has been raised to₹21,000 per month from ₹15,000 per month
- Workers who suffer grievous injuries will receive₹6 lakh from ₹ 5 lakh through Employee Provident Fund Organisation (EPFO)
- Gratuity limit increased from₹10 lakh to ₹ 30 lakh
- ₹60,000 crore allocated to MNREGA
- GST registered MSME units to get 2 per cent interest subvention on loan of Rs 1 crore
- ₹38,572 crore allocated for the National Education Mission
- Rs 76,800 crore allocated for welfare of Scheduled Castes (SCs) and Scheduled Tribes (STs)
- Centre will implement special strategy for uplift of nomadictribes
- 1 lakh digital villages to be set up soon
- Allocation for North Eastern states increases to 21%,amounting to Rs 58,166 crores.
- Sanction of 15.56 lakh loans amounting Rs 7.23 lakh crore under the Mudra scheme.
- Economically weak given 10% quota
Pradhan Mantri Gram Sadak Yojana
- ₹19000 crore allocated for Gram Sadak Yojana
- Capital expenditure raised to Rs 64,586 crore in FY20 from Rs 53,060 crore in FY19
- Defence Budget increasesto over Rs 3 lakh crore for the financial year 2019-20
Rashtriya Gokul Yojana for protection of cows
- ₹750 crore allocated under Rashtriya Gokul Yojana for protection of cows.
- ‘Rashtriya Kamdhenu Aayog‘ to be set up for implementation of policies and schemes for welfare of cows.
PM Ujjwala Yojana
- Total of 8 crore LPG connection to be distributed by next year
- AnotherAll India Institutes of Medical Sciences (AIIMS) to be set up in Haryana (this would be the 22nd AIIMS in the country)
- Single window clearance to be made available for film-makers to ease shooting of films.In order to combat film piracy, Anti-camcording provision to be introduced to Cinematography Act.
- National Centre for Artificial Intelligence under consideration. NationalAI portal to be developed soon.