Budget 2019 fm piyush goyal speech key takeaways – from farmers, salaried people, to fiscal deficit, know all here zee business

Budget 2019: Cabinet, chaired by PM Narendra Modi approved the interim Budget today morning. With Modi government stressing on economic development, expectations across industries and the common man have soared. However, PM Modi is facing the challenge of depressed farm incomes and jobs creation and most expect FM Piyush Goyal to address these 2 issues on a war footing. Ahead of presentation, spending on rural welfare was expected to be hiked by 16 percent for the fiscal. The interim Budget is being presented by Finance Minister Piyush Goyal in Parliament. President Ram Nath Kovind had signed the financial proposals after FM Goyal paid him a visit earlier today before proceeding to Parliament for the presentation itself.

As far as the Bharatiya Janata Party (BJP) is concerned, then it is very gung-ho as is clear from the comment by Gopal Krishna Agarwal, spokesman for economic affairs, who said, "The country`s macroeconomic parameters are very healthy, GDP growth has been very good. Agriculture, employment and the middle class are under focus."

Fearing that many sops will be granted by Modi government and that this may hit India’s financial stability, CLSA India warned against it, but then put things in perspective, "The pressure to further expand the farmer welfare programme ahead of the 2019 elections is high for PM Modi." Brokerage Nirmal Bang said, "In our view, with the upcoming polls gaining precedence, fiscal consolidation is likely to take a back seat."

2. Fiscal deficit this financial year would be 3.4 percent of gross domestic product (GDP), slightly higher than the targeted 3.3 percent, Goyal said on Friday. "Fiscal deficit has been brought down to 3.4 percent in the revised estimate of 2018/19," Piyush Goyal told the Lok Sabha as he delivered the Hindu nationalist-led government`s last budget for an election that must be held by May. The deficit was widely expected to be higher than targeted due to a combination of revenue shortfalls and increased spending ahead of the election.

For small and marginal farmers would get income support of Rs 6000 in their account directly, in three instalment. This progrmme would be 100% funded by GOI, about 12 crore farmers would be benefitted and this would be implemented from Dec 1, 2018. Goyal said Rs 75,000 crore will be allocated for the scheme for 2019-20 and Rs 20,000 crore has been set apart in the revised estimates for the current year 2018-19.

11. The defence budget for 2019-20 has crossed Rs 3 lakh crore, the highest in any year so far, Goyal said in the Lok Sabha, adding "Our soldiers protect the country on the borders and they are our pride. We have allocated more than Rs 3 lakh crore in this budget for securing our borders, which is the highest so far. If necessary, additional funds would be provided."

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