COSIA’s comments on Interim Budget 2019
Popular but Progressive Budget
The Interim Budget-2019, commonly seen as ‘Election Budget’ is rather a Progressive Budget. Number of new welfare schemes, enhancement in fund allocations to existing welfare schemes & relief in Tax structure can be attributed to increase in Revenue collection & Tax Base and plugging the drains in the system. The Budget aims at providing relief to a Lower Middle Class and Middle class strata of the society, which has a significant number in the country.
Tax exemption up to Rs. 5,00,000/- income will benefit to the tune of Rs. 13,000/- to an individual which means a lot to a Middle class family. Increase in Standard deductions from 40,000 to 50,000/- and TDS exemptions on deposits to similar amount will benefit salaried class sector. Increase on Bank Interest Deposits Tax exemption from 10000 to 40,000/- will benefit the senior citizens to a great extent.
In Farm sector a minimum assured income of Rs.6,000/-per annum to a small farmer having land up to 2 ha is a good beginning. 5% Interest subvention to Farmers affected by natural calamity & 2% Interest subvention to Animal Husbandry and Fisheries is again a welcome step.
On Manufacturing Sector:
2% Interest subvention to GST registered MSME units availing loan up to 1Cr is a great boost to this sector and can help in generating employment opportunities.
Minimum Pension of Rs.3000/-per month to labor in unorganized sector will be a great relief to otherwise neglected sector.
Increasing in Defense allocation to 3 lac crores and promoting ‘Make In India’ concept will definitely enhance the opportunity for Manufacturing Sector.
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