Goyal announces new scheme for pensionatry benefits to 10 cr workers in unorganised sector

Speed Post News Network

New Delhi : Union Minister for Finance, Corporate Affairs Piyush Goyal while presenting Interim Budget 2019-20 in Parliament on February 1, 2019, announced a new Scheme called ‘Pradhan Mantri Shram-Yogi Maandhan’ to provide pensionary benefits to at least 10 crore labourers and workers in the unorganised sector.

The Finance Minister said that within next five years it would be one of the largest pension schemes of the world. A sum of Rs 500 crore has been allocated for the scheme. Additional funds will be provided as needed, Goyal added. The scheme will also be implemented from the current year, he said.

Goyal said, “We are poised to become a Five Trillion Dollar Economy in the next five years and aspire to become a Ten Trillion Dollar Economy in the next 8 years thereafter.” He said that there has been a growth of 18% in Direct Tax Collections in 2017-18 and an increase in tax base with as many as 1.06 crore people filing income tax returns for the first time in FY 2017-18, mainly on account of demonetisation.

Goyal said that he is proposing, through the Finance Bill, necessary amendments to levy Stamp duties on one instrument relating to one transaction and get collected at one place through the Stock Exchanges. The duty so collected will be shared with the State Governments seamlessly on the basis of domicile of buying client, he said.

In all, the total expenditure is to increase from Rs 24,57,235 crore in 2018-19 RE to Rs 27,84,200 crore in 2019-20 BE.  A rise of Rs.3,26,965 crore or approximately 13.30%. This reflects a high increase considering low inflation. The fiscal deficit of year 2019-20 is estimated to be 3.4% of GDP.

Allocation for Integrated Child Development Scheme (ICDS) has been increased from Rs 23,357 crore in RE 2018-19 to Rs.27,584 crore in BE 2019-20.

A substantial increase is proposed in the allocation for welfare of the Scheduled Castes  and Scheduled Tribes. The allocation of  Rs 56,619 crore  made in BE of 2018-19 for Scheduled Caste, further increased to Rs 62,474 crore in RE and is proposed to be enhanced to Rs 76,801 crore in BE for 2019-20, an increase of 35.6% over BE of 2018-19. For the Scheduled Tribes also, proposed allocation in 2019-20 BE is Rs 50,086 crore as against Rs 39,135 crore in BE 2018-19, an increase of 28%.

Welfare Development Board  : The Finance Minister said that a Welfare Development Board to frame special strategies for the benefit of the  hard-to-reach De-notified, Nomadic and Semi-Nomadic communities will be set up under the Ministry of Social Justice and Empowerment. He said that a Committee under NITI Aayog will also be set up to complete the task of identifying De-notified, Nomadic and Semi-Nomadic communities not yet formally classified.

Goyal said under the Ujjwala Yojana aiming delivery  of 8 crore free LPG connections, more than 6 crore connections have already been given and the remaining will get free gas connections by next year. The Finance Minister announced that a National Artificial Intelligence Portal will also be developed soon as a part of the National Programme on ‘Artificial Intelligence’.

Goyal pointed out that domestic air traffic passengers have doubled during the last five years leading to large number of jobs also being created. The number of operational airports has crossed 100 with the commissioning of the Pakyong airport in Sikkim.  Arunachal Pradesh came on the air map recently and Meghalaya, Tripura and Mizoram have come on India’s rail map for the first time.

Railways : Capital support from the budget for Indian Railways is proposed at Rs 64,587 crore in 2019-20 (BE). The Railways’ overall capital expenditure programme is of Rs 1,58,658 crore, according to a PIB release.