Budget 2019-2020 Highlights Video: Minimum Income Support For Farmers, Tax Relief For Middle Income Groups And More in Piyush Goyal's Interim Budget

New Delhi, February 1: Finance Minister Piyush Goyal on Friday presented Interim Budget 2019 in Parliament. This was the sixth and last Budget of the Narendra Modi government before the Lok Sabha Elections 2019, which are due in April this year. During his Budget Speech, Goyal laid emphasis on the achievements of the Modi government in terms of bringing down inflation and fiscal deficit. Goyal said that fiscal deficit is likely to be 2.5 per cent in 2019-20. Here are the other highlights of Interim Budget 2019 presented by Piyush Goyal: Here are the Live updates of Budget 2019-2020.

Rural Economy

The Finance Minister announced an allocation of Rs 19,000 crore for Pradhan Mantri Gram Sadak Yojana for the year 2019-2020. "While children could not even go to schools in villages earlier, now they can have buses taking them to schools," Goyal said.

The Finance Minister also announced electricity for all households by March 2019.

Farmers

In one of the biggest announcements seen in this Budget, Goyal announced minimum income for farmers. The Modi government has decided to give Rs 6,000 per year as minimum income support (Pradhan Mantri Kisan Samman Nidhi) for small and marginal farmers (holding below 2 hectares) with effect from December 1, 2018. The amount will be transferred in three instalments to the bank accounts of these farmers. The Finance Minister announced a Kisan Samman package of Rs 75,000 crore.

WATCH: Key Takeaways From Piyush Goyal's Budget 2019-2020

"In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment," Goyal announced.

Unorganised Sector

Goyal also announced Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of Rs 3000 per month, with a contribution of Rs 100 per month, for workers in unorganised sector after 60 years of age.

Defence Budget

While taking a swipe at the UPA government over implementation of One Rank One Pension, FM Piyush Goyal announced a first-ever high allocation of Rs 3 lakh crore for the Defence sector.

Income Tax

Finance Minister Piyush Goyal, in a huge relief for middle-income groups, announced a hike in tax exemption limit from Rs 2.5 lakh per annum to Rs 5 lakh per annum. Not just that, he also announced a hike in standard deduction from Rs 40,000 per annum to Rs 50,000 per annum. He increased the tax exemption limit on house rent to Rs 2.4 lakh per annum. POst office savings till Rs 40,000 have also gone tax-free.

Experts are calling this Budget a populist one, coming right ahead of the Lok Sabha Elections 2019. Many are seeing this as Modi government's big bid to win the General Elections. It remains to be seen how this will play out.

(The above story first appeared on LatestLY on Feb 01, 2019 11:43 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).