Given the impending elections and the political narrative of farm distress, a special package aimed at farmers was largely expected from the Budget. It primarily focused on a direct cash transfer to farmers (land holdings of up to 2 hectares) of Rs 6,000 annually, costing Rs 75,000 crore (0.36 percent of GDP) in FY20, and a partial Rs 20,000 crore (0.1 percent of GDP) in FY19. The government also announced a 5 percent interest rate subvention on the timely repayment of loans by farmers (pursuing animal husbandry and fisheries). … [Read more...] about Budget 2019: An Election Agenda?
During this period, Goyal said that benami assets worth Rs 6,900 crore and foreign assets worth Rs 1,600 crore have been attached. He also added that as many as 3,38,000 shell companies have been detected and de-registered, and their directors disqualified. … [Read more...] about Budget 2019: Centre brought Rs 1.3 lakh crore under tax net after demonetisation
Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app. … [Read more...] about Budget 2019: LED bulbs led to savings of Rs 50,000 crore in annual electricity bills
Piyush Goyal, the interim finance minister who introduced the Union Budget 2019, has increased the overall capital expenditure programme of Indian Railways to a record 1,58,658 crore for FY20. Indian Railways capex programme stood at Rs 1.48 lakh crore previous year. … [Read more...] about Budget 2019: Centre sets record Rs 1.58 lakh crore capex for Indian Railways
Former RBI governor Urjit Patel had faced criticism from the government on the tightening of PCA rules. The government and RBI were unable to arrive at a consensus on relaxing these PCA rules for loss-making banks. RBI was asked to make the rules flexible so as to ensure easier availability of credit for these banks. … [Read more...] about Budget 2019: Expect all banks to come out of PCA framework ‘soon,’ says Piyush Goyal