Budget 2019: India unveils interim budget aimed at tackling rural distress
Reuters February 1, 2019
India on Friday unveiled an interim budget with giveaways for rural citizens, in what is being seen as a critical test for Prime Minister Narendra Modi, who is facing anger over depressed farm incomes and unemployment with a general election just months away.
Here are the highlights of interim Finance Minister Piyush Goyal's budget for the 2019/20 fiscal year beginning April 1.
- India to allocate 750 billion rupees ($10.56 billion) per year to support farmers' incomes
- Impact of 200 billion rupees in the current fiscal year
- Vulnerable farmers to receive 6,000 rupees per year under a new scheme
- Government to allocate 600 billion rupees for a rural employment scheme in 2019/20
- India to allocate 190 billion rupees for construction of rural roads in 2019/20
- India's current account deficit for 2018/19 seen at 2.5 pct of GDP
- Fiscal deficit for 2018/19 seen at 3.4 per cent of GDP
- Goyal says expects other banks on the central bank's Prompt Corrective Action list to be removed soon.