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    Sunday, February 3, 2019

    #Budget2019: Big Announcement for the Working Laborers and Rural Population

    New Delhi, India: Prior to the Lok Sabha elections, Modi Government presented its last budget of this tenure. In this budget, the government has tried to focus on all sections to woo voters. On this budget, where the ruling party is playing applause, the opposition is fiercely criticizing it. The government presented a budget with big announcements for the middle class, small farmers and rural population. This budget is being seen as an important test for Prime Minister Narendra Modi months before the election.

    The budget 2019-2020 started with the concerned health of Finance Minister Shri Arun Jaitley. Union Minister Piyush Goyal presented the interim budget in Parliament. Efforts were made to please the middle class in the budget. He quotes
    "I am deeply conscious of the absence of Shri Arun Jaitley today, I am sure that the house joins me in wishing Jaitley speedy recovery, good health, and long life in the service of the nation". 
    Furthermore, Piyush Goyal assured the nation of reversing the Policy Paralysis engulfing the nation and have faithfully restored the image of the country worldwide. The steps to increase the direct income of Rs 6000 every year and tax slab of the salaried class from 2.5 lakh to 5 lakhs are seen as government's masterstroke.

    Goyal proposed to increase the tax deduction (TDS) on the source of income from Rs 10,000 to Rs 40 thousand per annum. He said that all the workers of the unorganized sector will benefit from Mega Pension Scheme, which includes domestic workers, the rickshaw puller, agricultural laborers, and beedi laborers. Under this scheme, workers will get a monthly pension of Rs 3,000 after completion of 60 years of age.

    In this scheme, any worker can join till the age of 29 years and he will have to deposit 100 rupees per month, whereas the laborers who are involved in the age of 18 will have to deposit 55 rupees per month. Goyal said that this scheme is in addition to the accident insurance scheme under the Prime Minister's Life Insurance Scheme (PMJBY) and the Prime Minister's Security Insurance Scheme (PMSBY). Those senior people and small depositors will benefit, depending on the interest rates of banks and post offices. Are. So far, these depositors could demand a refund of tax deducted at interest income up to Rs 10,000 per year.
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    Item Reviewed: #Budget2019: Big Announcement for the Working Laborers and Rural Population Rating: 5 Reviewed By: ECAS India
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