Interim Finance Minister Piyush Goyal on Friday tabled the interim budget before the Parliament. While he doled out many sops and benefits to the middle class and the farmers, the interim budget also allocated highest-ever fund to Indian Railways.
Piyush Goyal said that the Government will make one lakh villages into Digital Villages over next five years. This, he said, will be achieved by expanding the Common Service Centres (CSCs).
Union Minister Arun Jaitley on Friday also described the Interim Budget as “pro-growth, fiscally prudent, pro-farmer, pro-poor” and one that gives more purchasing power to the Indian Middle Class.
Jaitley who is in the US for medical treatment, via tweets said that all budgets presented by the Narendra Modi government have given significant relief to the middle class, referring to the income tax limit being raised to Rs 5 lakh.
BJP President Amit Shah also called the budget 2019 as a game changer.
Below we have listed the opinion of experts related to the Budget 2019.
“Gratuity payment threshold limit raised to Rs 20 lakh from existing 10 lakh. This would ensure commitment to an employees to stay connected with a single employer for a longer term . Also ESI scheme threshold limit raised to Rs 21,000 from the existing Rs 15,000. This will ensure bigger coverage under this scheme”, said Sanjay Agarwal, Partner, TASS Advisors.
Finance Minister Piyush Goyal Friday proposed to increase tax deducted at source (TDS) limit on rent income to Rs 2.4 lakh from the current Rs 1.80 lakh. Presenting the Budget for 2019-20 in the Lok Sabha, Goyal also announced that the TDS threshold on interest from bank and post office deposits will be raised from Rs 10,000 to Rs 40,000.
“The move will provide relief to small depositors and non working spouses”, Deloitte India said to Zee Media Bureau.
On the overall announcements, Gagan Randev, National Director, Capital Markets and Investment Services said, “While the Budget did not see any direct relief that the Industry was expecting, i.e, reduction of GST on Under construction units, increase of PMAY limits, increase in Interest and Principal dedication on Home Loan under 80(C), it still has left the industry feeling a little positive rather than disappointed.”
Meanwhile, terming the inability to meet fiscal deficit target for four consecutive years as a big “credit negative” for the sovereign, global rating agency Moody’s Friday doubted if the country will meet even the 3.4 percent fiscal gap target for FY20.