Podcast | Big Takeaways From the 2019 Interim Budget

Budget 2019: Higher tax exemptions, support for farmers and an increased defence budget are just some of the points.

(Photo: The Quint)

Finance Minister Piyush Goyal presented the interim Budget on Friday, 1 February. This interim Budget is the sixth and final budget presented by the Narendra Modi-led government. The announcements in the budget ranged from full tax rebate to individual taxpayers earning annual income up to Rs. 5 lakh, and direct income support to vulnerable farmers.

Listen to the podcast for the major announcements from the Union Budget 2019.

1. Increased Rebates on Income Tax

The Modi government’s last interim budget promises a full tax rebate for individuals with an annual income of Rs 5 lakh.

In fact, people with a gross income of as much as Rs 6.5 lakh will also be exempt, given that they make certain specific investments and savings.

2. Direct Income Support for Farmers

Say hello to the Pradhan Mantri Kisan Yojana! The scheme is supposed to help vulnerable farmers get direct income support from the centre to the tune of Rs 6,000 per year. Notably, this is still lesser than what a couple of other states give their farmers.

3. Work in the Unorganised Sector? You’ll Get Some Pension

The interim budget also announced a Rs 3000 monthly pension to people above the age of 60 from the unorganised sector.

4. Increase in Defence Budget

The Defence budget has been increased. The new budget, as announced by Goyal is beyond Rs 3 lakh crore. Further, Goyal said that 'One Rank One Pension' has been implemented by the present government.

5. More Gratuity

Gratuity payment limit has been increased from Rs 10 lakh to Rs 30 lakh. Listen to the podcast for the complete list!