FM Piyush Goyal in an interview with BTVI’s Executive Editor Siddharth Zarabi talks about tax rebate, assured income for small farmers, 3 banks exiting PCA, bad loans, UPA mess, fiscal health & whether any compulsions exist in NDA coalition.
For every rupee in the government coffer, 70 paise will come from direct and indirect taxes, while the government will spend 23 paise towards state's share of taxes and duties.
Interim Finance Minister Piyush Goyal on Friday made key announcements on the economy, income tax, farmer relief packages, among others, while presenting the last Budget of the Modi government ahead of the Lok Sabha elections.
Presenting the Budget for 2019-20 in the Lok Sabha, Goyal said more than 70 per cent of Mudra yojna beneficiaries were women.
High growth and formalisation of economy has resulted in increased Employees' Provident Fund Organisation (EPFO) membership by 2 crore in last two years, FM said.
Besides, pension scheme for unorganised workers, Goyal also announced hiking of tax free gratuity to Rs 30 lakh from existing Rs 20 lakh for employees having service of more than five years.
Presenting the Budget for 2019-20 in the Lok Sabha, Goyal also said the government has been providing cheaper drugs through Jan Aushadhi stores.
Various steps taken by the government has helped the banks significantly and as a result three banks -- Bank of India (BoI), Bank of Maharashtra (BoM) and Oriental Bank of Commerce (OBC) -- are out of the PCA framework, he said while presenting the Interim Budget for 2019-20.
It is classic macroeconomic theory to expect the government to come forward with fiscal stimulus during times of economic weakness, said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.
Keeping up with the tradition, the Narendra Modi-led government will present an interim Budget, which is widely expected to contain certain sops for farmers and middle class ahead of the general election.