Key points to note about Piyush Goyal's Interim Budget
Here's looking back at the interim budget's schemes and sops for taxpayers, farmers and informal sector workers.
There were a large number of welfare schemes and sops — middle class, rural citizens, farmers and unorganised sector workers — announced in what was the final budget of Modi's first term. Here's looking back at them for an informed guess on what Sitharaman may or may not bring on July 5.
* Tax rebate goes up for income up to Rs 5,00,000. The benefit will be available only to those with total taxable income of less than or up to Rs 5 lakh after availing all the deductions. No change in tax structure for those in higher income brackets.
* Benefit of rollover of capital tax gains raised to two residential houses from one earlier; this rollover up to Rs 2 crore can be exercised once in a lifetime.
* Income Tax returns to be processed within 24 hours and returns will be paid immediately in next 2 years.
Jobs & employment
* A new social security coverage scheme announced for unorganised sector workers.
* Under the scheme, informal sector workers will get assured monthly pension of Rs 3,000 a month on contribution of Rs 100 per month, after they turn 60.
* The scheme will benefit 10 crore workers in the unorganised sector. According to the government, it may become the world's largest such scheme in five years' time.
Economy: Key markers
* Average tax collection recorded at Rs 97,100 crore per month thus far in the year.
* Gross market borrowing seen at Rs 7.04 lakh crore in 2019-20.
* Goyal said he expected that banks on RBI's Prompt Corrective Action list will be soon removed.
* Rs 6,000 per year assured income support for small and marginal farmers; Rs 75,000 crore made available for the scheme.
* Farmers affected by natural disasters to get a 2 per cent interest subvention; they'll get an additional 3 per cent if loans are repaid timely.
* Two per cent interest subvention for farmers pursuing animal husbandry, fisheries
* Fiscal deficit for 2018-19 pegged at 3.4 per cent of GDP
* For 2019-20, deficit estimated at 3.4 per cent of GDP. The earlier commitment was to bring down the deficit to 3.1 per cent by end-March 2020, and to 3 per cent by March 2021.
* Deficit for 2020-21 seen at 3 per cent of GDP
* Current account deficit for 2018-19 seen at 2.5 per cent of GDP
* Debt to GDP ratio to be brought down to 40 per cent by 2024-25
* A Group of Ministers will suggest ways to bring down GST for homebuyers.
* GST-registered small and medium businesses registered will be given a 2 per cent interest subvention on loan of Rs 1 crore.
* Rs 19,000 crore of budgetary allocation in 2019-20 for construction of rural roads under Gram Sadak yojana.
* Rs 60,000 crore allocated for for MNREGA scheme.
* Defence budget increased to over Rs 3 lakh crore. Goyal announces that the government will provide additional funds if needed.
* Rs 35,000 crore disbursed under OROP in the last few years, budget speech reveals.
* Operating ratio of Indian Railways seen 96.2% in FY19 versus 95% FY20.
* Railway capex for FY20 set at record Rs 1.6 lakh crore.
* There is not a single unmanned railway crossing on broad gauge, it is announced.