Union Budget 2019

Union Budget 2019: Here's What To Expect From Budget 2019

Written By Digital Desk | Mumbai | Published:

Piyush Goyal will present the sixth and final budget of the Narendra Modi-led government on February 1. However, this budget will be an interim one. This year's budget will seek Parliament's nod for spending for four months till a new government is sworn-in. As per agency sources, the budget will contain projections of revenue and expenditure for the entire 2019-20 fiscal that begins on April 1, but it'll be a 'Vote-on-account' - the term used for the interim budget that will seek Parliament's nod for the government's expenditures. The Annual Economic Survey is also likely to be tabled along with the post-election budget.

Here's What To Expect From 2019-20 Interim Budget:

While Budget 2018's biggest feature was the Ayushman Bharat healthcare 'Modicare' scheme, the 2019 edition is more than likely to entail announcements that more directly impinge on people's incomes. 

The two biggest potential announcements being spoken of in the lead-up to Feb 1 deal with the agriculture sector and Income Tax.

Income Tax Slab Expectations: Individual taxpayers are expecting the government to provide some tax reforms which will boost their purchasing power and stress less about the taxes.

Agriculture: 

  • Farm relief package 
  • Expected to waive premium for taking insurance policy for food crops
  • Proposal for waiving interest on crop loans for farmers who pay on time

Telecom:

  • Better digital infrastructure in rural areas
  • Abolition of the angel tax to boost start-ups
  • Exemption from GST for spectrum and licence fee payouts, reduction in spectrum fees and cuts in import duty on telecom equipment (currently at 20 per cent)

Health care: Budget allocation for health is likely to increase by 5 per cent from last year

Banks:

  • Government to compensate banks for the costs
  • Rs. 4,000 crore-rupee capital infusion for public-sector general insurers

Read: Budget 2019 LIVE UPDATES: 'Interim Budget' With Potential 5-year Impact Beckons As Piyush Goyal Tables Modi Government's Election-year Vote-on-Account

Interim Finance Minister Piyush Goyal is all set to present the interim budget ahead of the 2019 General Elections.

Earlier on Thursday, Prime Minister Narendra Modi urged all lawmakers to utilise Parliament's Budget Session for having constructive debates. Speaking outside Parliament before the start of the session, the prime minister said there is awareness among the people in the country and all citizens watch the proceedings closely.

Republic TV will be LIVE from 6 am with all the build-up ahead of what promises to be a very interesting budget.

 

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