Interim Budget 2019-20 Updates
ECONOMY & POLICY

Interim Budget 2019-20 Updates

As expected, the interim budget for the financial year 2018-19 was comprehensive with an emphasis on farmers, tax payers and infrastructure development.  The allocation of Rs 649.70 billion will boost the Indian Railways plans. While the industry laid down a lot of expectations from the interim budget, for instance, aspects such as according Infrastructure status to the industry, and structured single-window clearance among others, which weren’t met, the budget, in its entirety, took into account a host of other issues aimed to propel the economy into a $10 trillion economy, which is a positive sign.

 

 

The Most Promising Updates From the Interim Budget:

  • Announcing an allocation of Rs 600 billion for MGNREGA for Budget Estimates 2019-20, the Finance Minister said that additional allocations will be made, if required.
  • Pradhan Mantri Gram Sadak Yojana (PMGSY) is being allocated Rs 190 billion in BE 2019-20 as against Rs 155 billion in RE 2018-19.
  • During the period 2014-18, a total number of 15.3 million houses have been built under the Pradhan Mantri Awas Yojana.
  • By March, 2019, all households will be provided with electricity connection. Till now, 143 crore LED bulbs have been provided in a mission mode which has resulted in saving of Rs 500 billion for the poor and middle class.
  • Ayushman Bharat, to provide medical treatment to nearly 500 million people in the country, around 10 lakh patients have already benefited through free treatment for medical treatment which would have otherwise cost them Rs 30 billion.
  • Under the Ujjwala Yojana aiming delivery of 80 million free LPG connections, more than 60 million connections have already been given and the remaining will get free gas connections by next year.
  • The e-Marketplace (GeM), created by the present Government two years ago, resulted in average savings of 25-28 per cent and the platform will now be extended to all CPSEs. Transactions of over Rs 175 billion have taken place so far.
  • The 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.
  • Capital support from the budget for Indian Railways is proposed at Rs 645.87 billion in 2019-20 (BE). The Railways’ overall capital expenditure programme is of Rs 1.58 trillion.
  • India’s installed solar generation capacity has grown over ten times in last five years.
  • Rs 7.23 trillon MUDRA loans given so far
  • The Government to make 1 lakh villages into Digital Villages over next five years
  • Container cargo movement through improved navigation capacity of the Brahmaputra
  • India is the fastest highway developer in the world; 27 kms of highways built each day; Stuck projects completed - Eastern Peripheral Highway around Delhi and  Bogibeel rail-cum-road bridge in Assam and Arunachal Pradesh
  • Gone beyond incremental growth in infra
  • Vision 2030: Coastline will be the strength of India’s growth – clean rivers, with safe drinking water to all Indians

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

As expected, the interim budget for the financial year 2018-19 was comprehensive with an emphasis on farmers, tax payers and infrastructure development.  The allocation of Rs 649.70 billion will boost the Indian Railways plans. While the industry laid down a lot of expectations from the interim budget, for instance, aspects such as according Infrastructure status to the industry, and structured single-window clearance among others, which weren’t met, the budget, in its entirety, took into account a host of other issues aimed to propel the economy into a $10 trillion economy, which is a positive sign.     The Most Promising Updates From the Interim Budget: Announcing an allocation of Rs 600 billion for MGNREGA for Budget Estimates 2019-20, the Finance Minister said that additional allocations will be made, if required. Pradhan Mantri Gram Sadak Yojana (PMGSY) is being allocated Rs 190 billion in BE 2019-20 as against Rs 155 billion in RE 2018-19. During the period 2014-18, a total number of 15.3 million houses have been built under the Pradhan Mantri Awas Yojana. By March, 2019, all households will be provided with electricity connection. Till now, 143 crore LED bulbs have been provided in a mission mode which has resulted in saving of Rs 500 billion for the poor and middle class. Ayushman Bharat, to provide medical treatment to nearly 500 million people in the country, around 10 lakh patients have already benefited through free treatment for medical treatment which would have otherwise cost them Rs 30 billion. Under the Ujjwala Yojana aiming delivery of 80 million free LPG connections, more than 60 million connections have already been given and the remaining will get free gas connections by next year. The e-Marketplace (GeM), created by the present Government two years ago, resulted in average savings of 25-28 per cent and the platform will now be extended to all CPSEs. Transactions of over Rs 175 billion have taken place so far. The 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. Capital support from the budget for Indian Railways is proposed at Rs 645.87 billion in 2019-20 (BE). The Railways’ overall capital expenditure programme is of Rs 1.58 trillion. India’s installed solar generation capacity has grown over ten times in last five years. Rs 7.23 trillon MUDRA loans given so far The Government to make 1 lakh villages into Digital Villages over next five years Container cargo movement through improved navigation capacity of the Brahmaputra India is the fastest highway developer in the world; 27 kms of highways built each day; Stuck projects completed - Eastern Peripheral Highway around Delhi and  Bogibeel rail-cum-road bridge in Assam and Arunachal Pradesh Gone beyond incremental growth in infra Vision 2030: Coastline will be the strength of India’s growth – clean rivers, with safe drinking water to all Indians

Next Story
Infrastructure Urban

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Next Story
Infrastructure Transport

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Next Story
Infrastructure Transport

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement