News on Indian Economy
80% growth in tax base; number of returns filed increased from 3.79 crore to 6.85 Crore
Within the next 2 years, almost all verification and assessment of returns selected for scrutiny to be done electronically
New Delhi: The Government proposes to launch a mega pension yojana namely ‘Pradhan Mantri Shram-Yogi Maandhan’ for the unorganised sector workers with monthly income upto Rs. 15,000. While presenting the Interim Budget 2019-20 in Parliament today, the Union Minister for Finance, Corporate Affairs, Railways and Coal, Shri Piyush Goyal said that half of India’s GDP comes from the sweat and toil of 42 crore workers in the unorganised sector working as street vendors, rickshaw pullers, construction workers, rag pickers, agricultural workers, beedi workers, handloom, leather and in numerous other similar occupations. The Government must provide them comprehensive social security coverage for their old age. Therefore, in addition to the health coverage provided under ‘Ayushman Bharat’ and life & disability coverage provided under ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ and ‘Pradhan Mantri Suraksha Bima Yojana’, our Government proposes to launch a mega pension yojana namely ‘Pradhan Mantri Shram-Yogi Maandhan’ for the unorganised sector workers with monthly income upto Rs. 15,000.
Shri Goyal said that this pension yojana shall provide them an assured monthly pension of Rs. 3,000 from the age of 60 years on a monthly contribution of a small affordable amount during their working age. An unorganised sector worker joining pension yojana at the age of 29 years will have to contribute only Rs. 100 per month till the age of 60 years. A worker joining the pension yojana at 18 years, will have to contribute as little as Rs. 55 per month only. The Government will deposit equal matching share in the pension account of the worker every month. It is expected that at least 10 crore labourers and workers in the unorganised sector will avail the benefit of ‘Pradhan Mantri Shram-Yogi Maandhan’ within next five years making it 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. The scheme will also be implemented from the current year.
Shri Piyush Goyal said that the high growth and formalistation of the economy has led to the expansion of employment opportunities as shown in EPFO membership
Enhanced revenue from GST would help the Centre reduce pressure on the fiscal deficit in the current financial year when the ministry is expecting a shortfall of about Rs 50,000 crore in central GST (CGST).
“India could learn from the Israel experience, where the government is heavily involved in early funding of promising startups,” Dipanjan Basu, Partner and CFO at Fireside Ventures, told Forbes India prior to the budget.
“India is the fastest highway developer in the whole world” with 27 km of highways being built every day.
“Rail activity in India is set to grow more than any other country, with passenger movements in India reaching 40 per cent of global activity
He said that over 4,000 km of railway tracks were electrified last year, which would increase to 6,000 km this year.
According to a senior official of the ministry of civil aviation, the necessary infrastructure work has almost been completed for Hindon. The necessary clearances have been issued from all concerned authorities including the ministry of defence.
“The central government has made tremendous progress in production of energy in the last five years. Presently, extra one lakh MW power is being produced. It is more than our requirement, hence we are also exporting energy to our neighbouring countries,” he said.
