Interim Budget 2019: Financial sector and Reforms | Current Affairs, Current Affairs 2019

Interim Budget 2019: Financial sector and Reforms

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Interim Budget 2019: Financial sector and Reforms

Financial Reforms

• Around 34 crore Jan Dhan accounts were opened during 2014-18.
• The Budget speech also mentioned the government’s big financial decision of demonetisation. The move succeeded in eliminating the black money. Demonetisation and other moves were able to bring back Rs 1,36,000 crores of cash to banks.
• More than one crore people filed income tax returns post demonetisation.
• Over 338000 shell companies were detected and their directors were disqualified.

Fiscal Expenditure

• The Interim Budget pegs the Fiscal Deficit at 3.4 percent.
• Total expenditure rises from revised estimates Rs 24,57,235 crore in 2018-19 to Rs 27,84,200 crore in 2019-20, a rise of Rs 3,26,965 crore.
• Capital Expenditure for 2019-20 is estimated to be Rs 3,36,292 crore.
• Centrally Sponsored Schemes (CSS) are proposed were allocated with Rs 3,27,679 crore in 2019-20 as against Rs 3,04,849 crore in 2018-19 revised estimates.
• Allocation for National Education Mission is being increased from Rs 32,334 crore in 2018-19 revised estimates to Rs 38,572 crore in 2019-20.
• Allocation for Integrated Child Development Scheme (ICDS) is being increased from Rs 23,357 crore in 2018-19 revised estimates to Rs 27,584 crore in 2019-20.

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