Firstpost Editor's Picks Budget Special: Tax rebate for middle class, vision 2030 for India, focus on building welfare system; today's must-read stories

Budget 2019-20 key takeaways: A welfare system that may finally work, much-needed recognition for middle class Beyond the political messaging and counter-messaging, a few takeaways of the budget are evident. To the extent that this is an interim budget, there is always scope for caveats and nuances. But Goyal’s speech pointed inexorably to a larger trend towards which the Indian economy is moving. One, for the first time in India, we see the structure of a welfare system that may actually work. The second key takeaway involves the middle class, which for far too long had been expected to pay its taxes “for nation-building” and expect very little in return. Interim Budget 2019 had Narendra Modi's signature emblazoned all over it Narendra Modi’s josh was very high since the beginning of the day’s proceedings when Goyal rose to deliver his speech. He thumped his desk with vigour and knew what was to come. His stamp and ownership of this Budget were more than apparent. The Budget contained elements that gave cheer to all sections of society: The middle class, farmers, traders and so on. It could potentially generate a feel-good factor in both urban and rural areas. Piyush Goyal's Budget 2019 includes 10-dimension 'Vision for India for 2030' As the finance minister presented the Interim Budget 2019 of the NDA government, he announced a 10-point ‘vision for the next decade’. Goyal’s vision focussed on building physical and social infrastructure for a $10-trillion economy, a ‘digital India’ that reaches every citizen and gave fresh impetus to build clean and green India by promoting electric vehicles and renewable sources of energy while increasing energy security for the people. Will Modi govt's new mega pension scheme make Atal Pension Yojana redundant? Piyush Goyal on Friday announced a mammoth pension plan for the unorganised sector, called the Pradhan Mantri Shram-Yogi Maandhan Mega Pension Yojana” (PMSYM). Though details are still sketchy, the mega pension yojana resolves several issues found in the erstwhile, and the still continuing pension scheme for the unorganised sector, the Atal Pension Yojana (APY), including revising the age bracket to 18-60 yrs in the PMSYM as well as co-contribution.  It will be interesting to see if the PMSYM can be eventually converted into a larger, all-encompassing social security programme or will it run concurrently with the APY. Budget 2019 is more than lip service for middle class; 100% tax rebate for those earning up to 5 lakh is substantial It was an interim Budget presented by an interim Pope. But neither came in the way of the interim Finance Minister Piyush Goyal handing out significant reliefs to the common man. The interim budget announced 100 percent tax rebate for individuals who report a taxable income not exceeding Rs 5 lakh as against Rs 3.5 lakh hitherto, as well as an exemption in long-term capital gains from sale of a residential house from tax provided the gains are invested in another house within the prescribed time. The icing on the cake, of course, was the first nation-wide income support system for the small and marginal farmers of Rs 6,000 per annum in three instalments of Rs 2,000 each starting December 2018. Click here to calculate your income tax.