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Acting Finance Minister Piyush Goyal presents the Union Budget 2019

The Union Budget 2019 brought relief to the middle-class taxpayers as the acting Finance Minister Piyush Goyal announced tax exemption for individuals with income up to ₹5 lakh per annum

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On February 1, the central government announced the Union Budget 2019 which mainly focused on appeasing the middle class as well the farmers. The acting Finance Minister Piyush Goyal announced the union budget for the financial year 2019-20.

In a massive relief to the middle-class taxpayers, the government announced tax exemption for individuals with income up to ₹5 lakh per annum. Alongside, the standard deduction for salaries has been revised to ₹50,000 from ₹40,000.

The government also declared a financial support package for the farmers which includes a direct cash transfer of ₹6,000 per year in three installments. The scheme has been named as Pradhan Mantri Kisan Samman Nidhi and will only apply to farmers with less than two hectares of land holding.

Union Minister Arun Jaitley called the proposed budget as an unquestionably pro-growth and fiscally prudent Union Budget.

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

The acting FM also announced a capital expenditure programme of Railways at an all-time high of ₹1.58 lakh crore in its budget for 2019-20. The highlight of the budget was an all-time high Defence Budget which reached beyond ₹3 lakh crore.

While the proposed budget seems to appease the middle-class and the farmers, it remains to see to what extent the proposal is taken under consideration after its application.

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