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Budget 2019 Highlights:

1.State Of Economy:

India is set to become a $5 trillion economy in next 5 years, $10-trillion economy in the next eight years.

2.Farmers:

1.Under Pradhan Mantri Kisan Samman Nidhi, each farmer with landholding upto 2 hectares will be provided with Rs.6000 annually in three equal installments.The scheme will be effective from December 1, 2018 and expected to benefit 12 crore small and marginal farmers.

2.Farmers affected by the natural calamities and will get 2% interest subvention on loans.

3.Farmers pursuing fishery and animal husbandry, who avail loan through Kisan credit Cards will be given 2% interest subvention.

4. Rashriya Gokul Mission cow scheme to get ₹750 crore in the current year.

3.Unorganised Sector:

1.Under Pradhan Mantri Shram Yogi Mandhan, assured monthly pension of Rs.3000 will be provided to the workers of the unorganised sector having upto Rs.15,000 monthly income after 60 years with Rs.100 monthly contribution.

4.Direct Tax:

1.Income less than Rs 5 lakh is exempted from the tax.Earlier this income group was taxed at 5%.

2.Standard Tax Deduction i.e, the portion of the income that is not subject to tax increased from Rs.40,000 to 50,000 for the salaried class.

3.Individuals with gross income upto Rs.6.5 lakhs need not pay taxes if they invest in provident funds and prescribed equities.

4.The threshold of the Tax Deducted at Source for rental income is increased to 2.4lakhs from 1.8 lakhs.

5.The Interest income from the Post office savings and  bank savings upto Rs.40,000 made free from the Tax Deducted at Source.

6.Income Tax on notional rent of unsold houses neednot be paid for 2 years. Earlier the relief is for 1 year.

7.A taxpayer having capital gains upto Rs.2 crore and capital gains on two residential houses is exempted from the Capital Gains Tax.

8.Gratuity limit is raised from Rs.10 lakh to 30 lakh.

5.Direct Tax Collection:

1.Direct tax collections increased from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore.

2.The tax base is increased from Rs 3.79 crore to 6.85 crore.

6.GST:

1.GST collection in the month January of 2019 has crossed Rs.1 lakh crore.

2.Group of Ministers are examining how the prospective buyers can benefit from the GST.

3.2% interest subvention for 1 crore loan is to be provided for GST registered MSMEs.

7.Rural India:

1.Rs.60,000 crore has been allocated for the MGNREGA scheme

2.Rs.19,000 crore is allocated for the Pradhan Mantri Gram Sadak Yojana.

8.Deficit:

1.Fiscal Deficit for the year 2018-19 is seen at 3.4% of GDP.

2.Current Account Deficit for the year 2018-19 is seen at 2.5% of GDP.

9.Banks:

1.Bank of India, Bank of Maharashtra and Oriental Bank are removed from the RBI’s promptive corrective action framework.

2. Rs.3 lakh crore was recovered under Insolvency and Bankruptcy Code.

10.Railways:

1.Budgetary support for railways is set at Rs.64,587 crore.

2.Railways operating ratio is seen at 96.2% in FY19 while 95% in FY20.

11.Defence:

1.Defence Budget crosses Rs.3 lakh crore mark in the Budget.

12.Films:

1.Single window clearance to be made available to Indian film makers

2.Anti-camcording provision is to be introduced in the Cinematography Act to fight piracy

13.Black Money:

1.Anti-black money measures taken have disclosed an undisclosed income of about 1.30 lakh crore rupees.

2. 3.38 lakh shell companies were deregistered

14.North Eastern region: