Budget 2019: Piyush Goyal, who stepped in as interim finance minister after Arun Jaitley had to fly to New York for medical treatment,  presented interim budget 2019-20 in the Parliament on Friday. Piyush Goyal, while presenting the sixth and the final budget of the Modi-led Union government, announced hike in income tax exemption limit from the present Rs. 2.5 lakh to Rs. 5 lakh per annum. Also Read - Centre Faces Tough Question as Pressure Mounts to Impose Full Lockdown in India to Beat COVID Surge

“Individual taxpayers having annual income upto Rs 5 lakhs will get full tax rebate. Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities,” announced the Interim Finance Minister. Also Read - Impose Complete Lockdown in India: Traders' Body Urges PM Modi Amid COVID Surge

He added,”Around 3 crore middle class taxpayers will get tax exemption due to this measure. Standard tax deduction for salaried persons raised from 40,000 rupees to 50,000 rupees.” Also Read - Kangana Ranaut Reacts After Twitter Suspends Her Account Over Her Tweet on Bengal Elections

Sources had earlier said that the interim budget would provide an opportunity for the government to outline its medium-term economic priorities, specifically with regards to improving farm/rural incomes. It would be important to continue its focus on overall infrastructure expansion, especially as private sector investments remain tepid and a nascent recovery hinges on government spending.

As resurgent Congress is going all out to lure voters with the promise of debt waiver for farmers and a minimum income for the poor, Modi-led government in its interim budget also announced Rs 6,000 per annum direct cash transfer to farmers owning less than 2 hectares of land.

The Finance Minister also asserted that a national cow commission for the welfare of cows would also be set up.

Showering praise on the interim budget 2019, Goyal said,”This is not just an Interim Budget, this is a vehicle for the developmental transformation of the nation.”

He concluded his speech with popular quote ” Ek paav rakhta hun, hazaar raahein phoot padti hai,” which literally means one step opens up a thousand roads.

Live Updates

  • 4:36 PM IST

    Budget 2019 Live Updates: Budget is a very balanced one which will benefit the economy as a whole while ensuring that the Gaon, Gareeb and Kisan get their due share, says Union Minister Ram Vilas Paswan.

  • 4:21 PM IST

    Budget 2019 Live Updates: “I want to ask if this budget was prepared by officials of Finance dept or RSS? In this budget, Narendra Modi has given cotton candy for farmers. When I announced loan waiver scheme, PM mocked it as lollipop. Friends of BJP have prepared this budget,” said Karnataka CM HD Kumaraswamy.

  • 3:46 PM IST

    Budget 2019 Live Updates: For farmers, there have been several schemes by different govts from time to time, but only 2-3 crore farmers were included under these schemes. But now PM Kisan Samman Nidhi scheme will benefit over 12 crore farmers who own 5 acres or less than 5 acres of land, says PM Modi

  • 3:41 PM IST

    Budget 2019 Live Updates: It’s generosity and honesty of middle class and upper middle class which provides tax to the nation through which schemes are formulated and there is welfare of poor. There was always the demand to exempt those, with annual income upto Rs 5 Lakh, from taxation. Our govt fulfilled this, says PM Modi

  • 3:41 PM IST

    Budget 2019 Live Updates: From middle class to labourers, from farmers’ growth to the development of businessmen, from manufacturing to MSME sector, from growth of the economy to development of New India, everyone has been taken care of in this interim budget, says PM Modi

  • 3:37 PM IST

    Budget 2019 Live Updates: This is an Interim Budget. This is just a trailer of the budget which, after elections, will take India on the path to development, says PM Modi

  • 3:29 PM IST

  • 2:50 PM IST

    Budget 2019 LIVE News Updates: The Interim Finance Minister tested our patience by the longest interim budget speech in the recent memory. It was not an interim budget, it was a full fledged budget accompanied by an election campaign speech, alleged Chidambaram

  • 2:49 PM IST

    Budget 2019 LIVE News Updates: My one line comment on the budget is that it is not a vote on account but an account for votes, said former Finance Minister P Chidambaram

  • 2:48 PM IST

    Budget 2019 LIVE News Updates: Opposition has no issues to talk about, they are scared of Modi Ji’s welfare schemes. We don’t do votebank politics, we do development politics. We are dedicated to take Indian farmers to new heights, said Union Minister Dharmendra Pradhan