New Delhi | Union Finance Minister Nirmala Sitharaman is all set to present her first budget of the second tenure of the Narendra Modi led NDA government. It will be Sitharaman’s first budget as a finance minister who earlier held portfolio’s such as Defence.
The first budget of the 2nd tenure of the Narendra Modi government will portray the roadmap of Modi government’s next five years. But before the announcement of new schemes and plans, there is a long list of the announcement which the then Finance Minister Piyush Goyal made in the last budget of the Modi government’s first tenure.
One of the biggest promises which was Narendra Modi government through the budget made was assured yearly income of Rs. 6000 per annum to the 12 crore small and marginal farmers under the PM-KISAN. The government also announced an outlay of Rs. 75,000 crore for the FY 2019-20 wth additional Rs.20,000 crore in the RE 2018-19.
In the previous interim budget, the Modi government had announced to ensure fixed monthly pension to 10 crore unorganized sector workers under the Pradhan Mantri Shram Yogi Maandhan. Under the scheme, the unorganized sector workers will be provided Rs 3000 per month after 60 years of age with an affordable contribution of only Rs 100/55 per month. The government also allocated Rs 60,000 crore for MGNREGA.
Giving relief to the middle-class sector of India, the government the people earning upto Rs. 5 lakh would be exempted from Income Tax. The announcement gave relief worth Rs23,000 crore to more than 3 crore middle-class taxpayers. TDS threshold was also raised from Rs. 10,000 to Rs. 40,000 on interest earned on bank/post office deposits.
In the defence sector, the government allocated Rs 3,00,000 crore which was a record as the Defence budget for the first time crossed this mark.
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