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

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 Energy

Mizoram To Build Rs 139 Billion Pumped Storage Power Plant

Mizoram Chief Minister Lalduhoma on Friday announced plans to construct a 2,400 MW pumped storage hydroelectric power plant in Hnahthial district, marking a major step towards achieving energy self-sufficiency in the state. Addressing the Mizo Students’ Union general conference in Hnahthial town, the Chief Minister said the plant would be developed across the Darzo Nallah, a tributary of the Tuipui river. Once operational, the project is expected to play a pivotal role in meeting Mizoram’s rising electricity demand and reducing dependence on imported power. Officials from the State Power..

Next Story
Infrastructure Energy

Centre Plans Nationwide Opening Of Power Retail Market

India is preparing to open up its retail electricity market to private companies nationwide, effectively ending the long-standing monopoly of state-run power distributors in most regions, according to a draft bill released by the Union Power Ministry on Friday. The move will enable major private sector players — including Adani Enterprises, Tata Power, Torrent Power, and CESC — to expand their presence across the country’s electricity distribution landscape. A similar reform attempt in 2022 had faced strong opposition from state-run distribution companies (discoms), which currently dom..

Next Story
Infrastructure Energy

CEA Sets 100 GW Nuclear Target For India By 2047

In a landmark step marking its 52nd Foundation Day, the Central Electricity Authority (CEA) unveiled an ambitious roadmap to develop 100 gigawatts (GW) of nuclear power capacity by 2047, aligning with India’s long-term Net-Zero commitment and energy security objectives. The event, held at the Central Water Commission auditorium in New Delhi’s R.K. Puram, was attended by Pankaj Agarwal, Secretary, Ministry of Power, who served as the Chief Guest. The roadmap sets out a detailed plan to expand India’s nuclear capacity from its current level of approximately 8,180 MW as of early 2025, outl..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?