Budget is a milestone in direction  of public welfare, says Dr Singh

Source: The Hitavada      Date: 02 Feb 2019 13:09:11


Staff Reporter,


Terming the proposals laid under Interim Budget for the financial year 2019-20, presented in Lok Sabha by Union Minister of Finance and Corporate Affairs Piyush Goyal, as a milestone in the direction of public welfare, Bharatiya Janata Party National Vice-President and former Chief Minister Dr Raman Singh, said that this is an inclusive budget which reflects the welfare of people from every category. 

Giving his brisk reactions to the media, Dr Raman Singh said that the proposal giving full Tax rebate up to Rs 5 lakh annual income after all deductions, has benefited over 3 crore middle-income group families. Terming that this initiative has been taken for the first time in the country, wherein, tax rebate has been hiked to Rs 5 lakh, he added that increase in the limit of standard deduction from Rs 40,000 to Rs 50,000, exemption on tax on second self-occupied house, hiking ceiling Limit of TDS u/s 194A from Rs 10,000 to Rs 40,000 and hiking ceiling Limit of TDS u/s 194I from Rs 1,80,000 to 2,40,000 have also benefited the middle class.

Dr Singh said that the centre has proposed to ensure that tax assessment will be done electronically in next two years which would enable IT returns processing in just 24 hours, will make tax filing hassle free and would aid to increase in tax collection. Recommendations to GST Council for reducing GST rates for home buyers is also a welcome sign as it would boost economy.

The former Chief Minister also welcomed the ‘Kisaan Samman Nidhi Yojna’ wherein, Rs 6,000 per annum would be given to every farmer having up to 2 hectare land. Applicable from September 2018, the said amount will be transferred in 3 installments. The burden on the Central Government would be around Rs 75,000 crore per annum while the scheme will benefit over 12 crore farmers all over the country. Dr Singh also welcomed the proposals for 2% interest subvention for farmers pursuing animal husbandry and creation of separate department for fisheries as also the 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment. 

The BJP National Vice-President welcomed the ‘Pradhan Mantri Shram Yogi Mandhan’, which will provide assured monthly pension of Rs 3,000 with contribution of Rs 100 per month for workers in unorganised sector after 60 years of age. He added that the NDA government under PM Modi while reiterating its resolution to bring back black money and tracking down offenders, had proposed to provide a relaxation of Rs 80,000 crore in GST, which would further bring down prices of commodities. He further added that the centre being concerned about country’s security has earmarked over Rs 3 lakh crore for defense spending, which is a welcome move. The inflation rate has also come down to 4.5 per cent from whopping 10 per cent.

Dr Singh while commenting on the Congress reactions said that the hike in paddy MSP was promised by Congress in its manifesto apart from promising Rs 2,500 per month to unemployed and similar other promises. Since these promises have been made by Congress, its government will have to do the financial mathematics. The Centre has already hiked the Minimum Support Price of crops in line with the NDA government’s announcement to provide farmers a 50 per cent profit over the cost of production. He said that the Congress cannot compel the Centre to provide for the announcements made by it. He said that Congress government in just one month’s time is backtracking from its promises. It had promised for complete prohibition but now it is back-tracking. On the contrary it is preparing for selling liquor through contractual system which would boost up boot-legging.