Due to suffering from health problem, a week ago the ministry of finance was given to Piyush Goal from Arjun Jaitley, under the advice of PM by President of India. Today, he announced the Union Budget of 2019-20 in Lok Sabha.
Some points of His speech:
- After the various economic reform, from being the 11th largest economy in the world in 2013-14, India is now 6th largest in the world.
- The Inflation, from backbreaking of 10.1% in 2009-2014 is back down to 4.6% and in December the inflation was 2.19% only.
- Some act which help in transparency are, The Real Estate Act, 2016, Fugitive Economic Offenders Act, 2018.
- Swachh Bharat Mission, India achieved 98% rural sanitation.
- 10% reservation in educational institutes and Government service for poor.
- To provide food grains to poor and middle class people at affordable price, about 1,70,000 crores spend in 2018-19 which is double the amount of 92,000 crore in 2013-14.
- Government provided 143 crore LED bulbs. which is saving approx. Rs 50,000 crore per years of poor and middle class family.
- Under Ayushman Bharat Scheme, Rs 3000 crore has been spent to treat 10 lakh patient and the target is to provide free medical treatment to 50 crore people.
- The MSP (Minimum Support Price) has been fixed at minimum 50% more than the cost, first time in history.
- Transforming the life of women to quality life by providing, 8 crore free LPG connection., also MUDRA scheme is taken benefited by 70% women.
- Rs 500 crore was sanctioned by previous government on last three budget for OROP(One Rank One Pension), this government have already spend Rs. 35,000 crore.
- In 2019-20, Defence Budget will be crossing Rs 3,00,000 crore in first time.
- Some measures like GST, Demonetization was also discussed
Vision for next decade:
- Government is poised to become 5 Trillion.Dollar Economy in next 5 year and 10 Trillion dollar economy in the next 8 year thereafter.
- To build physical as well as social infrastructure for 10 trillion dollar economy, comprising next generation infrastructure of roads, railways, seaports, airports, urban transport, gas and electric transmission and inland waterways.
- Digital infrastructure and digital economy by 2030.
- Making India a pollution free nation with green Mother Earth and blue skies.
- Expanding rural industrialization using modern digital technologies to generate massive employment.
- To Clean rivers, with safe drinking water to all Indians.
- Coastline and Ocean powering.
- Space programme, Gaganyaan.
- Making India self-sufficient in food, exporting food to the world.
- A health India.
Inflation is defined as the sustained increase in the general level of the prices for goods and services. It is measured and managed by the government.
It is used or defined as the change in the price of good and services over a period of time. It si of two types:
- General Price Index
- Consumer Price Index
Price Index = (Current year’s price / Base year’s price ) * 100.
Measurement of Inflation:
Inflation is measured with the help of Whole-sale or Consumer price index in India.
Inflation = (current period price index – previous period price index) / last period price index *100
Inflation is calculated on the basis of weighted index number.