New Announcements
Farmers
- 12 crore small and marginal farmers to be provided with assured yearly income of Rs. 6000 per annum under PM-KISAN
- Outlay of Rs. 75,000 crore for FY 2019-20 with additional Rs. 20,000 crore in RE 2018-19
- 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 reschedulement of loan
- Pradhan Mantri Shram Yogi Maandhan scheme to ensure fixed monthly pension to 10 crore unorganized sector workers
- Rs 3000 per month after 60 years of age with an affordable contribution of only Rs 100/55 per month
- 22nd AIIMS to be setup in Haryana
- Rs. 60, 000 crore allocation for MGNREGA in BE 2019-20
- TDS threshold for deduction of tax on rent to be increased from Rs. 1,80,000 to Rs. 2,40,000
- Benefit of rollover of capital gains increased from investment in one residential house to two residential houses for capital gains up to Rs. 2 crore.
- Tax benefits for affordable housing extended till 31st March, 2020 under Section 80-IBA of Income Tax Act
- Tax exemption period on notional rent, on unsold inventories, extended from one year to two years
- 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
- Allocation for SCs increased by 35.6% - from Rs. 56,619 crore in BE 2018-19 to Rs. 76,801 crore in BE for 2019-20
- Allocation for the STs increased by 28% - from 39,135 crore in BE 2018-19 to Rs. 50,086 crore in 2019-20 BE
- Focus now on debt consolidation along with fiscal deficit consolidation programme
- “First right on the resources of country is that of the poor”: FM
- 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 BE over 2018-19 BE
- Arunachal Pradesh came on the air map recently
- Meghalaya, Tripura and Mizoram came on India’s rail map for the first time
- Container 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
- Capital support of Rs.64,587 crore proposed in 2019-20 (BE) from the budget
- Overall capital expenditure programme to be of Rs. 1,58,658 crore
- Operating Ratio expected to improve from 98.4% in 2017-18
to 95% in 2019- 20 (BE)
Entertainment Industry
- Indian filmmakers to get access to Single window clearance as well for ease of shooting films
- Regulatory provisions to rely more on self-declaration
- To introduce anti-camcording provisions in the Cinematograph Act to control piracy
- 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
State of the Economy
- India universally recognized as a bright spot of the global economy during last five years
- “Country witnessed its best phase of macro-economic stability during 2014-19”, says FM
- India is now the 6th largest economy in the world from being the 11thlargest in 2013-14
- Annual average GDP growth during 2014-19 higher than any government since 1991
- Government has broken inflation’s back from backbreaking inflation during 2009-14: FM
- Average inflation down to 4.6%, lower than during any other Government
- Inflation in December 2018 down to 2.19% only
- 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 is solidly back on track and marching towards growth and prosperity”, says FM
- 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
- 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
- Employment opportunities expanded ; EPFO membership increased by 2 crore
- Minimum income for every category of workers increased by 42% in last 5 years
- 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
- 15.80 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 RE 2018-19
- 1.53 crore houses built under PM Awas Yojana during the 2014-18
- 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
- Over one crore youth trained under Pradhan Mantri Kaushal Vikash Yojana
- Self-employment boost through MUDRA, STAND-UP and START-UP India
- 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 pla
- 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
- Technology intensive project approved to improve assessee friendliness –In two years, returns to be processed in 24 hours and refunds issued simultaneously
- Earlier benefits given to middle class-
- Basic exemption limit increased from Rs. 2 lakh to Rs. 2.5 lakh
- Tax rate reduced from 10% to 5% for the tax slab of Rs. 2.5 lakh to Rs. 5 lakh
- Standard deduction of Rs. 40,000 introduced for the salaried class
- Deduction of savings under section 80C increased from Rs. 1 lakh to Rs. 1.5 lakh
- Deduction of interest for self-occupied house property raised from Rs. 1.5 lakh to Rs. 2 lakh
- Special benefits and incentives already given to small businesses and startups-
- Overall compliance processes simplified.
- Threshold for presumptive taxation of business raised from Rs. 1 crore to Rs. 2 crore
- Benefit of presumptive taxation extended for the first time to small professionals fixing threshold limit at Rs. 50 lakh
- Presumptive profit rate reduced from 8% to 6% to promote a less cash economy
- Tax rate for about 99% companies reduced to 25%
- 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 providers-
- Exemptions from GST for small businesses doubled from Rs. 20 lakh to Rs. 40 lakh
- Small businesses having turnover up to Rs. 1.5 crore pay only 1% flat rate and file one annual return only
- Small service providers with turnover upto Rs.50 lakhs can opt for composition scheme and pay GST at 6% instead of 18%
- Soon, businesses comprising over 90% of GST payers to be allowed to file quarterly return
- Encouraging GST revenue trends - The average monthly tax collection in the current year is Rs. 97,100 crore per month as compared to Rs. 89,700 crore per month in the first year
- Civil Aviation – UDAN Scheme
- Number of Operational Airports crossed 100
- Latest: Pakyong airport in Sikkim
- Domestic Passenger traffic doubled in last 5 years
- Roads
- India is the fastest highway developer in the world
- 27 kms of highways built each day
- Stuck projects completed - Eastern Peripheral Highway around Delhi
- Waterways
- Flagship programme of Sagarmala along the coastal areas
- For first time, container freight movement started on Kolkata to Varanasi inland waterways
- Railways
- ‘Safest year’ for railways in its history
- All Unmanned Level Crossings on broad gauge network eliminated.
- Semi high-speed "Vande Bharat Express" introduced - first indigenously developed and manufactured
- International Solar Alliance
- To promote renewable energy
- First treaty based international inter-governmental organisation headquartered in India
- Installed solar generation capacity grown over ten times in last five years
- Now creating lakhs of new age jobs
- 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
- 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
- Customs duties on 36 capital goods abolished
- Digitization of import and export transactions
- RFID technology to improve logistics
- Government walked the talk on corruption and ushered in a new era of transparency: FM
- RERA and Benami Transaction (Prohibition) Act have brought transparency in real estate
- The Fugitive Economic Offenders Act, 2018 to help confiscate economic offenders
- Government conducted transparent auction of natural resources such as coal & spectrum
- Undisclosed income of about Rs 1,30,000 crore brought under tax through initiatives like Black money Law, Fugitive Criminal offenders Act, Demonetisation etc.
- Benami assets worth Rs 6,900 crore have been attached
- 18% growth in Direct tax
- The IBC has institutionalized a resolution-friendly mechanism
- Government has stopped the culture of “phone banking”: FM
- Government adopted 4Rs approach of recognition, resolution, re-capitalization & reforms
- Government has implemented measures to ensure ‘Clean Banking’
- Government has already recovered Rs. 3 lakh crore in favor of banks and creditors
- Government has invested Rs. 2.6 lakh crore for recapitalization of public sector banks
- Government launched Swachh Bharat Mission as a tribute to 150 years of Gandhi Ji
- FM thanks 130 crore Indians for translating Swachh Bharat into a national revolution
- India has achieved 98% rural sanitation coverage
- 5.45 lakh villages have been declared "Open Defecation Free”
- OROP under implementation in full spirit with Rs 35,000 crore already disbursed
- Military pay service hiked
- Government put a stop to questionable practices of hiding high NPAs
- Swachh Bharat Mission as the world’s largest behavioral change movement
- 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
- 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
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 industrialisation using modern digital technologies to generate massive employment
- Clean Rivers, safe drinking water to all Indians and efficient use of water through micro-irrigation
- 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 pro-active and responsible bureaucracy
