Tax exemptions make Budget Day a memorable one for the middle class
interim finance minister Piyush Goyal rattled out sops for the middle class, the unorganised sector and farmers in his budget speech on Friday.
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The full tax rebate for middle class with income up to Rs 5 lakh per annum was the highlight of the Budget 2019 and is expected to warm the middle class to the Narendra Modi government. Reuters
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Finance Minister Piyush Goyal with MoS finance ministers Shiv Pratap Shukla and P Radhakrishnan arrive at the North Block ahead of the Budget presentation in Parliament. Goyal began his Budget speech at 11 am. PTI
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Even thought the budget comes as more of a political statement ahead of the elections, India’s middle class still had reason to keep an eye on the exemptions announced. PTI
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Keeping with election year Budget traditions, this year’s first budget was an interim budget or a vote-on-account. PTI
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The budget promises assured income support for small and marginal farmers — called the Pradhan Mantri Kisan Samman Nidhi. It will involve direct cash transfer of Rs 6,000 in three installments directly into the bank accounts of farmers. Reuters
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The Budget 2019 presentation came a day after the Budget Session of Parliament began. Prime Minister Narendra Modi, President Ram Nath Kovind and Vice President M Venkaiah Naidu were among those who addressed a joint sitting on Thursday. AP
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According to reports, the budget is kept secret by keeping nearly 100 officials on lockdown in the North Block. These officials are not allowed to speak with anyone, including their family members, for nearly 10 days — the time frame in which the Budget is drafted, finalised, and printed. CISF and Intelligence Bureau are deployed for security. Reuters
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By 31 March, crores of farmers and landless labourers will have Rs 2,000 directly deposited in their bank accounts, according to Goyal’s budget speech on Friday. Reuters
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The Centre has set the overall capital expenditure programme for Indian Railways at Rs 1.58 lakh crore, the highest ever for the national transporter. Reuters
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Investors had been expecting increased attention to areas such as agriculture and tax, as Prime Minister Narendra Modi has been trying to woo voters ahead of the Lok Sabha elections. PTI
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Congress leader P Chidambaram said that finance minister Piyush Goyal presented not an interim budget, but a full-fledged budget accompanied by an election campaign speech. PTI
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