The best that can be said about Budget 2019 is that it is not bad, which is actually a big compliment for the Modi government which can be described as helping the neediest people in society and rewarding those working hard. The excellent Budget 2019 is certainly the result of not only the growth in the economy but the good governance in the last five years by the BJP government. It focuses on three Ps — people, progress & prosperity. Interim-budget 2019 has filled the pockets of middle-class taxpayers with tax perks. The most talked about being the tax rebate of Rs 12,500 for individuals earning taxable income of up to Rs 5,00,000. It is nice that the Interim Budget for the financial year 2019-20 has a strong focus on the rural and agricultural sector. The direct fund transfer provision for small and marginal farmers is a very welcome step. To woo the distraught farmers ahead of the general elections, the Centre has announced direct income support of Rs 6,000 per year to those holding cultivable land up to two hectares. Modi has done so much at both macro and micro levels.
Addressing the concern of those who owned one house but had to buy another owing to a different place of work or place of education of their children, the benefit of exemption from tax on self-occupied property has been increased to two house properties. The proposal to exempt the levy of income tax on notional rent on a second self-occupied house will help the taxpayers. Currently, income tax on notional rent is payable if one has more than one self-occupied house. The hard work of BJP yielded several improvements and developments cannot be easily erased from the true law-abiding citizens of New India. The budget has benefited the farmers, the real estate especially for housing, the younger generation who are earning less an annual income of five lakhs, the banks would able to get more deposits since TDS to be deducted is only above Rs 40,000 as interest earned. The govt has done good fiscal math and managed the economy well to be able to reward sections in distress.
With the Lok Sabha elections just a couple of months away, the NDA government’s last Budget, our PM has rightly described as a “trailer” of what will take India “towards prosperity”, targeted two critical voter segments: an estimated 12 crore farmer families and 3 crore middle-class taxpayers. It handed them more money that can spur consumption-led growth. There is no doubt that the government’s focus on multiple aspects of the real estate or the construction sector is aimed at reviving housing demand, and helping growth.
Modi, in a televised statement after the Budget was presented in the Parliament, said that the announcements will empower the poor, give a boost to the farmer and an impetus to the economic growth. The budget does seem to have some promising measures and provisions for the Indian tourism and hospitality industry that has emerged as one of the key drivers of growth.
When money value has come down drastically and we are no longer in an era where the rupee had a reasonable purchasing power at that extent the Budget has been ultra-sensitive and proactive. The result of the excellent growth in the economy of The Democratic Republic of New India is practically visible in the Budget 2019 of the BJP ruled NDA government. The delayed outcome of the Demonetization in recovering the Black money is still left from the kickbacks, fugitives, and Bank loan fraudsters during the UPA ruling.
PM Modi and his loyal Ministers have really worked hard for the several excellent improvements and developments in the last five years, and deserve to be retained by the truly respected law-abiding citizens with their majority mandates. It is said by the Modi government that the budget is pro-poor and middle classes. They are introducing health schemes such as Ayushman Bharat but then the imposition of highest rates or GST on Medical Insurance Policies obtained by the common man for health cover of their families, even though the cost of healthcare is increasing day by day. Need to ponder on this.
(The views expressed by the author in the article are his/her own.)
