Friday, 24 May, 2019


Interim budget 2019-20

Growth Rate Highest Since Economic Reforms Were Introduced Piyush Goyal Interim budget 2019-20
Bennie Garza | 01 February, 2019, 11:04

Finance minister Piyush Goyal announced capital expenditure programme of Railways at an all-time high of Rs 1.58 lakh crore in its budget for 2019-20 today, the highest ever for the national transporter, in an effort to put its flagging revenues back on track.

During April-November, India reported a fiscal deficit of Rs 7.16 lakh crore, which translates to 114.8 percent of its full-year target.

Goyal was appointed interim Finance Minister on January 23 with Arun Jaitley undergoing treatment in the United States.

Considering delay in housing projects and also rising interest rates, deduction of interest amount on housing loan for a self-occupied house property may be enhanced to Rs 2.5 lakh from Rs 2 lakh.

As per the current tax slabs, those earning between Rs 2.5-5 lakh a year had to pay 5% Income Tax, Rs 5-10 lakh a year at 20% and over Rs 10 Lakh a year at 30%. The measures, industry and informed sources say, could include those to create employment as the government faces a tag of giving a jobless high GDP growth. In 2018-19, the largest downside to revenues has been from the GST mop up with the shortfall likely at around Rs 1.4 lakh crore.

Presenting the budget in Lok Sabha today, Goyal said Indian Railways has achieved the safest year in its history.

To this principal opposition party Congress had said it will strongly oppose both inside and outside Parliament the presentation of a "full budget" by the BJP-led NDA government as it has "no electoral legitimacy" and the step will go against set precedents and Parliamentary traditions. This may or may not replace subsidies that the farmer gets.

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