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The Transformative Impact of Interim Budget 2019

“The interim budget was a culmination of the ideas from the last five years”, said finance minister Piyush Goyal on 8^th February 2019. This bold step towards bringing a dynamic change in the union budget of India has aided many working professionals to reap quantifiable results within their work space.

An interim budget usually doesn’t list out any new schemes or prevail any new measures but this year turns out to be a lot more prolific and fruitful. Its transformative impact on middle class families and farmers has provided a holistic understanding that serves the purpose of relieving them from major tax slabs.

Let’s take a look at some of the highlights from the Interim budget 2019:

• No income tax for earnings up to Rs 5 lakhs
• One lakh digital villages planned in the next five years
• TDS threshold on interest on banks and post office deposit raised from Rs 10,000 to Rs 40,000.
• All farmers affected by severe natural calamities to get 2% interest subvention and additional 3% interest subvention on timely payment.
• National artificial intelligence portal to be developed soon

Knowing that the financial budget of India was an interim one this year and there was not much that could have been expected by the government but after watching this budget unwrap its bounties, there was a sigh of relief and contentment.

Important Proclamations

Salaried and middle class will no longer be required to pay income tax if their earnings are up to Rs 5 lakhs. This leverage has given them an elbow room to fuel demand and boost economic growth of the country.

Narendra Modi led government has renewed several steps from last year’s budget to strengthen the MSME sector by raising business loans up to Rs 2 crores. Furthermore, Piyush Goyal announced that the GEM platforms will cover all public sector enterprises in order to promote local industries.

Thirdly, as part of the budget proposal, India’s marginal farmers will receive Rs 6000 in direct cash as benefit per year and 2% subsidy on interest rates to farmers pursuing animal husbandry and fishery. Chief minister, Kumaraswamy announced the grant of Rs 6,500 crore for the waiver of crop loan of farmers to commercial banks.

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