CM Mamata Banerjee calls Interim Budget of ‘no value’, says NDA’s term ending soon

Soon after the acting Finance Minister Piyush Goyal complete his Budget speech today, political reactions started pouring in. West Bengal Chief Minister said that the Budget has no value as the term of Modi government is ending soon."Who will implement this (interim budget) Will the new government that will come into implementing this budget? Before election a vote on account is placed," Banerjee said. The Trinamool Congress chief said after the announcement of the poll by the Election Commission, the budget plans cannot be taken up.

Therefore, the announcements made in the interim budget have no value, she said. "The BJP government does not have any moral right to place such (budget) announcement.... Why did they not announce a single agenda for farmers in the last four years?" she said referring to the budget proposals for farmers.

The chief minister alleged that the country was passing through an economic emergency after demonetisation and the hurried roll-out of the goods and services tax.  

Following are the key highlights of the interim Budget 2019-20 presented by Finance Minister Piyush Goyal in the Lok Sabha Friday:

- Income up to Rs 5 lakh exempted from income tax

- Standard Deduction raised to Rs 50,000 from Rs 40,000

- Direct tax proposals to provide Rs 23,000 cr relief to 3 cr taxpayers

- Persons with gross income up to Rs 6.50 lakh not required to pay any income tax if they make investments in provident funds, specified savings and insurance.

- 12 crore small, marginal farmers to be provided assured yearly income of Rs 6,000 under PM-KISAN scheme

- TDS threshold raised to Rs 40,000 from Rs 10,000 on interest earned on bank/post office deposits

- Tax exempted on notional rent on a second self-occupied house

- TDS threshold for deduction of tax on rent to be increased to Rs 2.40 lakh from Rs 1.80 lakh

- Tax benefits for affordable housing extended till March 31, 2020

- Tax exemption period on notional rent on unsold inventories extended to two years from one year

- Allocated Rs 20,000 crore in 2018-19, Rs 75,000 crore for FY2019-20 for PM-KISAN scheme

- Interest subvention of 2 pc during disaster to be provided to farmers for the entire period of reschedulement of loan

- 2 pc interest subvention to farmers for animal husbandry and fisheries activities; additional 3 pc in case of timely repayment

- Rs 3,000/month pension for 10 cr unorganised sector workers with contribution of Rs 100/55 per month under PM Shram Yogi Maandhan scheme

- Fiscal deficit pegged at 3.4 pc of GDP for 2019-20; target of 3 pc of fiscal deficit to be achieved by 2020-21

- Current Account Deficit pegged at 2.5 pc of GDP for FY20

- Total expenditure to rise by 13 pc to Rs 27.84 lakh cr in FY20

- National Education Mission allocation increased by about 20 pc to Rs 38,572 cr

- Allocation for Integrated Child Development Scheme increased by over 18 pc to Rs 27,584 cr

- Disinvestment target of Rs 80,000 cr in 2018-19 likely to be met; Target for FY20 set at Rs 90,000 cr     

- 25 pc additional seats in educational institutions to meet the 10 per cent reservation for the poor

- Defence budget to cross Rs 3,00,000 cr for the first time

- Allocation for North East increased by 21 pc to Rs 58,166 cr in FY20

- Railways to get capital support of Rs 64,587 cr in FY20

- Indian filmmakers to get access to single window clearance for ease of shooting films; regulatory norms to rely more on self-declaration

- 2 interest subsidy for MSMEs on an incremental loan of Rs 1 crore for GST-registered entities

- At least 3 pc of the 25 pc sourcing for the government undertakings to be from women-owned SMEs

- One lakh villages to be transformed into digital ones in 5 years

- New portal to support national programme on Artificial Intelligence

- Reforms in stamp duty; amendments to ensure streamlined system for levy of stamp duties to be imposed and collected at one place

- A separate Department of Fisheries to be created for welfare of 1.5 crore fisherman

- 22nd AIIMS to be setup in Haryana

- Rs 60,000 crore allocation for MGNREGA in 2019-20

- India poised to become USD 5 trillion economy in next 5 years; aspires to become USD 10 trillion in the subsequent 8 years.