New Announcements
Farmers
- 12 crore small and marginal farmers to be provided with assured yearly income of Rs. 6000 per year under PM-KISAN.
- Outlay for Rashtriya Gokul mission increased to Rs 750 crore.
- Rashtriya Kamdhenu Ayog to be setup for sustainable genetic up-gradation of the Cow resources.
- New separate Department of Fisheries for welfare of 1.5 crore fishermen.
- 2% interest subvention to Farmers for Animal husbandry and Fisheries activities; additional 3% in case of timely repayment.
- Interest subvention of 2% during disaster will now be provided for the entire period of re-schedulement of loan.
- Pradhan Mantri Shram Yogi Maandhan scheme to ensure fixed monthly pension to 10 crore unorganized sector workers.
- 22nd AIIMS to be setup in Haryana.
- Rs. 60, 000 crore allocation for MGNREGA in 2019-20.
- Income upto Rs. 5 lakh exempted from Income Tax.
- More than Rs. 23,000 crore tax relief to 3 crore middle class taxpayers.
- Standard Deduction to be raised to Rs. 50,000 from Rs. 40,000.
- TDS threshold to be raised from Rs. 10,000 to Rs. 40,000 on interest earned on bank/post office deposits.
- Existing rates of income tax to continue.
- Tax exempted on notional rent on a second self-occupied house.
- Fiscal deficit pegged at 3.4% of GDP for 2019-20.
- Target of 3% of fiscal deficit to be achieved by 2020-21.
- Fiscal deficit brought down to 3.4% in 2018-19 RE from almost 6% seven years ago.
- Total expenditure increased by over 13% to Rs.27,84,200 crore in 2019-20.
- Capital Expenditure for 2019-20 BE estimated at Rs. 3,36,292 crore.
- Centrally Sponsored Schemes (CSS) allocation increased to Rs. 3,27,679 crore in 2019-20.
- National Education Mission allocation increased by about 20% to Rs. 38,572 crore in 2019-20.
- Allocation for Integrated Child Development Scheme (ICDS) increased by over 18% to Rs. 27,584 crore in BE 2019-20.
- Substantial increase in allocation for the Scheduled Castes and Scheduled Tribes: Allocation for SCs increased by 35.6% – from Rs. 56,619 crore in BE 2018-19 to Rs. 76,801 crore in for 2019-20 and allocation for the STs increased by 28% – from 39,135 crore in BE 2018-19 to Rs. 50,086 crore in 2019-20.
- Government confident of achieving the disinvestment target of 80,000 crore.
- Focus now on debt consolidation along with fiscal deficit consolidation programme.
- 25% additional seats in educational institutions to meet the 10% reservation for the poor.
- Targeted expenditure to bridge urban-rural divide & to improve quality of life in villages.
- All willing households to be provided electricity connections by March 2019.
- Allocation to be increased by 21% to Rs. 58,166 crore in 2019-20 over 2018-19.
- Arunachal Pradesh came on the air map recently.
- Meghalaya, Tripura and Mizoram came on India’s rail map for the first time.
- ontainer cargo movement through improved navigation capacity of the Brahmaputra.
- A new committee under NITI Ayog to identify all the remaining De-notified nomadic and semi-Nomadic tribes.
- New Welfare development Board under Ministry of social justice and empowerment for development and welfare of De-notified nomadic and semi nomadic tribes.
- Defence budget to cross Rs 3,00,000 crore for the first time ever.
- 2% interest subvention on an incremental loan of Rs 1 crore for GST registered SMEs.
- Atleast 3% of the 25% sourcing for the Government undertakings will be from women owned SMEs.
- Renewed Focus on Internal trade ; DIPP renamed to Department for Promotion of Industries and Internal trade.
- The Government to make 1 lakh villages into Digital Villages over next five years.
- New National Artificial Intelligence portal to support National Program on Artificial Intelligence.
Achievements during 2014-19
State of the Economy
- India is now the 6th largest economy in the world from being the 11th largest in 2013-14.
- Annual average GDP growth during 2014-19 higher than any government since 1991.
- Average inflation down to 4.6%, lower than during any other Government.
- Fiscal deficit down to 3.4% in 2018-19 RE from the high of almost 6% seven years ago.
- CAD likely to be only 2.5% of GDP this year against a high of 5.6% six years ago.
- India attracted massive amount of FDI, worth $239 billion, during the last 5 years.
- India becomes the fastest growing major economy in the world.
- Double-digit inflation contained and fiscal balance restored.
- Liberalization of FDI policy, allowing most FDI to come through the automatic route.
Farmers
- Assured MSP of minimum 50% to all 22 crops.
- Interest subvention doubled in last 5 years.
- Soil Health card, Neem coated Urea game changer in farm sector.
Labor
- Minimum income for every category of workers increased by 42% in last 5 years.
Poor and Backward Classes
- 10% reservation for the poor in educational institutions and government jobs.
- Free electricity connection to every household under Saubhagya Yojana.
- World’s largest healthcare programme, Ayushman Bharat, for nearly 50 crore people.
- Aspirational Districts Programme for development in 115 most backward districts.
- Rs. 1,70,000 crore spent during 2018-19 for cheaper food grains to poor and middle class.
- 143 crore LED bulbs provided in mission mode with the cooperation of private sector.
- Poor & middle class are saving Rs. 50, 000 crore p.a. in electricity bills due to LED bulbs.
- 10 lakh patients benefited from free treatment under Ayushman Bharat.
- Jan Aushadhi Kendras providing medicines at affordable prices to poor and middle class.
- 14 out of 21 AIIIMS operating presently have been announced since 2014.
- Government tripled rural roads’ construction under the PMGSY.
- 5.80 lakh habitations out of 17.84 lakh connected with pucca roads.
- Rs. 19,000 crore for PMGSY in BE 2019-20 against Rs. 15,500 crore in 2018-19.
- 1.53 crore houses built under PM Awas Yojana during the 2014-18.
Women development to women led development
- 6 crore free LPG gas connections provided under Ujjwala Yojna ; All 8 crore by next year.
- 70% of MUDRA Loan availed by Women.
- Maternity leave extended to 26 weeks.
- Financial support for pregnant women under Pradhan Mantri Matru Vandana.
Youth
- Over one crore youth trained under Pradhan Mantri Kaushal Vikash Yojana.
- Self-employment boost through MUDRA, STAND-UP and START-UP India.
MSME and Traders
- Up-to Rs 1 crore loans can be availed in less than an hour.
- 25%-28% is the average savings due to GeM (Government e-Market place).
Income Tax
- Tax collections nearly doubled in five years- from Rs. 6.38 Lakh crore in 2013-14 to almost Rs. 12 lakh crore this year.
- 80% growth in tax base- from 3.79 crore to 6.85 crore in five years.
- Tax administration streamlined- Last year, 99.54% of the income-tax returns accepted as were filed.
- Special benefits and incentives already given to small businesses and startups.
GST
- GST made India a common market.
- GST led to increased tax base, higher collections and ease of trade.
- Inter-state movements now faster, more efficient, and hassle free.
- Responsive and sensitive reduction of tax rates – Most items of daily use now in the 0% or 5% tax slab.
- Relieving the businesses and service providerso Exemptions from GST for small businesses doubled from Rs. 20 lakh to Rs. 40 lakh.
Infrastructure
- Civil Aviation – UDAN Scheme: Number of Operational Airports crossed 100 (Latest: Pakyong airport in Sikkim).
- Roads : India is the fastest highway developer in the world, 27 kms of highways built each day.
- Waterways : Flagship programme of Sagarmala along the coastal areas. For first time, container freight movement started on Kolkata to Varanasi inland waterways.
- Railways : Semi high-speed “Vande Bharat Express” introduced – first indigenously developed and manufactured.
Climate Change
- International Solar Alliance: To promote renewable energy. First treaty based international inter-governmental organisation headquartered in India
Digital India Revolution
- More than 3 lakh Common Service Centres (CSCs) exist to deliver services to the citizens.
- India now leading the world in the consumption of mobile data.
- Monthly consumption of mobile data increased by over 50 times in the last five years.
- Under Make in India, mobile and parts manufacturing companies increased from 2 to more than 268 providing huge job opportunities.
Jan Dhan-Aadhaar-Mobile (JAM) and Direct Benefit Transfer
- In the last five years, nearly 34 crore Jan Dhan bank accounts opened.
- Aadhaar now near universally implemented.
- Ensure the poor and middle class receive the benefits of Government schemes directly in their bank accounts by eliminating middlemen.
Defence
- OROP under implementation in full spirit with Rs 35,000 crore already disbursed.
- Military pay service hiked.
Other achievements
- Government put a stop to questionable practices of hiding high NPAs.
- Swachh Bharat Mission as the world’s largest behavioral change movement.
Key message in the Interim Budget 2019-20
Moving towards realizing a ‘New India’ by 2022
- Clean and healthy India with universal access to toilets, water and electricity to all.
- An India where Farmers’ income would have doubled.
- Ample opportunities to youth and women to fulfil their dreams.
- An India free from terrorism, communalism, casteism, corruption and nepotism.
Vision for the next Decade
Foundation for India’s growth and development laid in the past 5 years.
Poised to become a Five Trillion Dollar Economy in the next five years.
Aspire to become a Ten Trillion Dollar Economy in the next 8 years thereafter.
Ten dimensions of Vision for India of 2030
India would be a modern, technology driven, high growth, equitable and transparent society
- To build physical as well as social infrastructure and to provide ease of living.
- To create a Digital India, digitize government processes with leaders from youth.
- Making India pollution free by leading transport revolution with Electric Vehicles and focus on Renewables.
- Expanding rural industrialization using modern digital technologies to generate massive employment.
- Clean Rivers, safe drinking water to all Indians and efficient use of water through microirrigation.
- Besides scaling up of Sagarmala, Coastline and Ocean waters powering India’s development and growth.
- Aim at our space programme – Gaganyaan, India becoming the launch-pad of satellites for the World and placing an Indian astronaut into space by 2022.
- Making India self-sufficient in food, exporting to the world to meet their food needs and producing food in the most organic way.
- A healthy India via Ayushman Bharat with women having equal rights and concern for their safety and empowerment.
- Transforming India into a Minimum Government Maximum Governance nation with proactive and responsible bureaucracy
Sources:
Press Information Bureau and Union Budget