The Finance Minister Piyush Goyal presented the Interim Budget for 2019-2020 and announced a number of schemes. Many say that this is a political budget made to woo the voters in the upcoming General Elections in April. Here are some of the schemes that the Budget has introduced.
New Scheme- namely “Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)” to extend direct income support at the rate of Rs. 6,000 per year to farmer families, having cultivable land up to 2 hectares has been announced. Under this Government of India funded Scheme, Rs.2,000 each will be transferred to the bank accounts of around 12 crore Small and Marginal farmer families, in three equal instalments.
To provide sustained and focused attention towards the development of Fisheries, the Government has decided to create a separate Department of Fisheries which will promote the livelihood of about 1.45 crore people.
2% interest subvention will be given to the farmers pursuing the activities of animal husbandry and fisheries, who avail loan through Kisan Credit Card. Further, in case of timely repayment of a loan, they will also get an additional 3% interest subvention.
Rs.750 crore has been allocated for Rashtriya Gokul Mission. "Rashtriya Kamdhenu Aayog" to upscale genetic upgradation of cows and to enhance the productivity of cows has also been announced. The Aayog will also look after effective implementation of laws and welfare schemes for cows.
To provide pensionary benefits to at least 10 crore labourers and workers in the unorganised sector a new Scheme called 'Pradhan Mantri Shram-Yogi Maandhan' is announced. A sum of Rs.500 crore has been allocated for the Scheme.
Individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required to pay any income tax. The Finance Minister said that persons having gross income up to Rs. 6.50 lakhs are not required to pay any income tax if they make investments in provident funds, specified savings and insurance etc.
Illustration courtesy- Bank Bazaar