New Delhi: In a bid to lure a large number of voters from the poor section of the society,Union Minister Piyush Goyal presenting the Interim Budget in the Lok Sabha on Friday announced a mega pension scheme for the workers in the unorganized sector. Addressing the members of parliament in the Lower House, Piyush Goyal announced that the Pradhan Mantri Shram Yogi Mandhan will provide assured monthly pension of Rs 3000, with contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age. The move is likely to reap rich dividends to household helps, drivers, plumbers, electricians, barbers and other workers earning less than the threshold salary under the scheme. It is notable that out of the 500 mn workforce, a staggering 90 percent workers are deprived of not just minimum wages but also any kind of social security, be it pensions or health insurance. Those earning above Rs 15,000 are covered under the Employees’ Provident Fund Organisation or the … [Read more...] about Budget 2019: Modi govt announces mega pension scheme for workers in unorganised sector
Govt health insurance scheme
In what seems like a massive boost to the security preparedness of the nation, the Modi government on Friday allocated the highest ever budget to the defence since 70 years of being independent. Union Minister Piyush Goyal who presented the Interim Budget in the Lok Sabha on Wednesday announced a budgetary allocation of Rs 3,00,000 crores to the defence sector. Addressing the members of parliament while delivering his budget speech, Piyush Goyal harped on the fact that the Modi govt in their election manifesto had promised to implement one rank one pension. He lashed out at the opposition by saying that the previous UPA govt took three budgets to declare the OROP scheme. Highlighting the government’s achievements, the interim finance minister added that the BJP govt at the Centre had already disbursed Rs 35000 crores to serving and retired defence personnel as part of the OROP scheme. The government also announced a major hike allowance for troops posted … [Read more...] about Budget 2019: Modi govt allocates highest ever defence budget of Rs 3 lakh crore in 2019-20
Union Minister Piyush Goyal shall be presenting the Interim Budget for FY 2019-20 on Friday. The budget would be the last one for the Modi government before the 2019 Lok Sabha elections which are scheduled in May later in the year. The budget is expected to be a populist one with farmer relief package and on the cards. Besides the measures to lure the voter base ahead of the elections, the central government is believed to be working on a universal basic income (UBI) scheme for the poor ahead of the General Elections. As a matter of fact, the Centre has been mulling some variant of UBI in lieu of the heavily contested farm loan waivers. On January 29, 2019, Rahul Gandhi promised a minimum income guarantee for all poor families should Congress come to power in 2019. The Economic Survey of 2016-17 had first envisaged the UBI as "a conceptually appealing idea" and a possible alternative to social welfare programmes targeted at reducing poverty. What is UBI? UBI is a programme in which … [Read more...] about Interim Budget 2019: Will Modi Govt announce Universal Basic Income scheme for all Indians ?
New Delhi: Union minister Piyush Goyal in his 2019 interim budget speech in the Lok Sabha on Wednesday brought about a massive cheer to the middle salaried class by announcing a revision in the income tax slab of the lower and middle class income bracket citizens.The Modi govt increased the tax exempt limit on 'Income from Salary' from 2.5 lakhs to 5 lakhs. In a nutshell, the salaried class would not have to pay any income tax on income upto Rs 5 lakhs. The government also increased the standard deduction from Rs 40,000 to Rs 50,000. Ahead of the 2019 general elections, many economic and political pundits had thought that the Centre shall bring about a revision in the tax slabs to reduce the burden on the middle class salaried workers. Currently, the citizens falling under the bracket of Rs 2.5-5 lakh bracket pay 5 percent tax. The government was considering giving a tax and procedural relief to this low-income group. The Union minister said tax scrutiny would be done electronically … [Read more...] about Budget 2019: Modi govt brings massive relief to salaried class, income upto 5 lakh exempted from tax
New Delhi: The upcoming Budget may have provision for Rs 4,000-crore capital infusion for public sector general insurance companies to shore up their capital. The Budget 2019-20 will be presented by Interim Finance Minister Piyush Goyal on Friday, February 1. According to sources, the Department of Financial Services sought Rs 4,000 crore in the Budget for fund infusion in three insurance companies -- National Insurance Company, Oriental Insurance Company and United India Insurance Company. Depending on the capital that Budget provides, individual allocation would be made, sources added. This capital is required to strengthen their financial health. The profitability of many general insurance companies, including that of state-owned ones has been under pressure owing to rising underwriting losses and higher claims. It is to be noted that the government, in Budget 2018-19, had proposed to merge National Insurance Company, Oriental Insurance Company and United India Insurance Company. … [Read more...] about Interim Budget 2019 may provide Rs 4,000 crore capital infusion for PSU general insurers