Budget 2019 LIVE updates: Prime Minister Narendra Modi made a populist push in his final budget before elections, cutting taxes for middle-class voters and giving cash handouts to farmers.
The government will allocate Rs 75,000 crore a year for the cash plan for about 120 million farmers and give taxpayer Rs 185 billion of relief in the year to March 2020, Finance Minister Piyush Goyal said in his budget speech on Friday.
These were among a slew of measures he announced, mainly to benefit the middle class, address the agrarian distress, and bolster industry. Other key measures announced by the FM were an annual benefit transfer of Rs 6,000 to each marginal farmer — with a landholding of less than 2 hectares. In another important announcement, the government announced a mega pension scheme, PM Shram Yogi Mandhan, for people in the unorganised sector. Under this scheme, the government to provide a pension of Rs 3,000 a month to people in the unorganised sector after they turn 60 years old.