With the announcement of Interim Budget on February 1, 2019, the BJP government is likely to strengthen the populist measures of the country. The budget 2019-20 was presented by interim finance minister, Piyush Goyal in the absence of Union finance minister, Arun Jaitley.
It is apparent that the agriculture and healthcare will be the focus areas and the flagship schemes like Ayushman Bharat, MUDRA, Startup India, Digital India, and Skill India get a fair amount of share in the budget allocation. Besides, it focuses on supporting the economically less privileged, salaried employees, workers in unorganized sector, needy farmers, while continuing with the push towards betterment of physical and social infrastructure.
The total estimated expenditure for 2019-20 is budgeted to Rs. 2,784,200 crore (US$ 391.53 billion), which is approximately 13.30 % higher than the revised estimates of 2018-19 budget.
Union Budget Highlights
In this budget, taxation and expenditure sides are mainly considered and the primary aim is to promote specific groups i.e. middle class tax payers and farmers. For farmers, the budget give-away is on expenditure side and for middle class tax payers (including salaried individuals), the give-away is on the taxation side. In the previous 12 interim budgets, the outgoing government have not touched the taxation side of the budget and in that sense, this year was different. Well, the central challenge of joblessness in India remains the same and the Interim Budget of this year could not address any of the issues related to unemployment.
In this scenario of the country, self-employment is becoming the next big game changer. Self-employment is increasingly recognized as one of the prominent ways of generating income and it also encourages self-sufficiency. Moreover, it can create many jobs and reduce the rate of unemployment at a faster pace.