interim Budget 2019 Current Affairs - 2019

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Pradhan Mantri Shram Yogi Maan-Dhan (PM- SYM)

The Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) announced in the interim budget 2019 has been notified by the Ministry of Labour and Employment.

Features of the PM-SYM

PM-SYM is a voluntary and contributory pension scheme on a 50:50 basis where prescribed age-specific contribution shall be made by the beneficiary and the matching contribution by the Central Government. The salient features of the PM-SYM are:

  • Each subscriber under the PM-SYM, shall receive minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
  • If the subscriber dies during the period of receipt of the pension, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as a family pension.
  • If the beneficiary had died due to any cause (before age of 60 years), his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal.
  • The subscriber must not be a taxpayer.

The scheme is expected to benefit as many as 42 crore workers are estimated to be engaged in the unorganized sector of the country  whose monthly income is Rs 15,000/ per month or less and belong to the entry age group of 18-40 years who are not be covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO).

Fiscal Deficit for April-December

The data shows that the fiscal deficit touched 112.4 per cent of the full-year budget target of Rs 6.24 lakh crore at the end of December. The important data highlights related to the fiscal deficit are:

  • The gap between Government’s expenditure and revenue stood at Rs 7.01 lakh crore during April-December of the current financial year which ends in March.
  • The deficit was 113.6 per cent of the Budget Estimate by the end of December.
  • The government had earlier budgeted to cut the fiscal deficit to 3.3 per cent of GDP or Rs 6.24 lakh crore in 2018-19, from 3.53 per cent in the previous financial year.
  • The interim budget for 2019-20 revised the fiscal deficit upwards marginally to 3.4 per cent of GDP or over Rs 6.34 lakh crore, on account of the additional outlay of Rs 20,000 crore for funding income scheme for small farmers.
  • The revenue receipts of the government totalled Rs 10.84 lakh crore or 62.8 per cent of BE in 2018-19 till December, compared with 66.9 per cent during the same period last year.
  • The revenue receipts stood at 66.9 per cent during the same period last year.
  • The earlier estimate to mobilise Rs 17.25 lakh crore revenue during the current fiscal has been revised upwards to over Rs 17.29 lakh crore in the 2019-20 interim budget.
  • Tax revenue was 63.2 per cent of budget estimates compared with 73.4 per cent in the comparable period of the previous year.
  • The total expenditure of the government at December-end was Rs 18.32 lakh crore or 75 per cent of budget estimates.

The increase in the fiscal deficit has been attributed to lower revenue collections.