union-budget

Updated: Feb 01, 2019 17:36 IST

Finance minister Piyush Goyal announced cash assistance for farmers and tax exemption for the middle class in his budget speech on Friday. The Congress was quick to attack Goyal’s first budget as a “desperate” attempt to woo voters. The finance minister did hit back with a veiled dig at Congress president Rahul Gandhi.

Piyush Goyal announced Rs 6,000 per year assistance for farmers owning less than two hectares of land. “Never before has small farmers received such government assistance. People belonging to dynasties and living in AC rooms don’t understand the suffering of a farmer who owns a small piece of land,” he said.

Around 12 crore farmers will receive the cash benefit under the PM Kisaan scheme. The money will be transferred into bank accounts of farmers in three equal instalments.

Leading the Congress attack on the BJP’s budget announcement was former finance minister P Chidambaram. He said the NDA government acted “desperately and recklessly” and violated the Constitution by pushing its electoral agenda in the interim Budget.

Also read: Budget 2019 highlights: Tax relief, mega pension plan for unorganised workers in poll year

Chidambaram pointed out that the government made the announcements in the interim Budget with an eye on the upcoming Lok Sabha election.

The Congress had announced farm loan waivers within hours of coming to power in Madhya Pradesh,Chhattisgarh and Rajasthan in December last year putting pressure on the NDA dispensation at the Centre.

Goyal, who also announced a tax relief ffor individuals earning up to Rs 5 lakh per annum, said his budget will benefit all sections of the society.

On the income tax exemption front, the FM also proposed to increase the standard deduction from the existing Rs 40,000 to Rs 50,000. He also said that TDS threshold on rental income from Rs 1.8 lakh to Rs 2.4 lakh.

Goyal said the schemes for the farmers and labourers of the unorganized sector are historic announcements.

A mega pension scheme for the unorganised sector workers with an aim to benefit 10 crore people was unveiled at the budget. The beneficiaries will get assured monthly pension of Rs 3,000 after reaching the age of 60 years.

Goyal said 42 crore workers of the unorganized sector will benefit from the pension scheme. Domestic workers can also avail it.