Interim Budget for 2019-20 Current Affairs - 2019

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Bulletin: Cabinet extends PM-KISAN to all farmers

The Union Cabinet chaired by Prime Minister Narendra Modi has comprehensively extended ambit of Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) to all land holding eligible farmer families who will avail benefits under the scheme (but subject to existing exclusion factor).

The revised scheme is expected to cover around 2 crore more farmers and increase total coverage of PM-KISAN to around 14.5 crore beneficiaries. It also costs Central Government around Rs. 87,217.50 crores for year 2019-20.

Key Features of PM-KISAN

  • It was announced in interim Budget for the year 2019-2020 and launched on 24th February 2019 in Gorakhpur, Uttar Pradesh where the first rounds of instalments was paid to several farmers.
  • It provides beneficiary farmers income support of Rs. 6000. This amount is released in three four (quaterly)-monthly instalments of Rs.2000 each over the year. It is credited directly into the bank accounts of the beneficiaries held in destination banks through Direct Benefit Transfer mode.
  • The previsions criteria for small and marginal landholder farmer families to avail this benefit was cultivable land holding upto 2 hectare across the country.
  • So far, 1st instalment to 3.11 crore beneficiaries and 2nd instalment to 2.66 crore beneficiaries have been credited directly to the bank accounts of the farmer families.

Know Your Budget Series

The Union Finance Ministry has started the Know Your Budget series on Twitter to educate the general public about the budgetary process. It is a fortnight series which explains the importance of Union Budget and its making.

With the government set to present the interim Budget for 2019-20, the Know Your Budget series of the Finance Ministry in Twitter aims to increase the general awareness of the public regarding the budgetary process.

Explains Union Budget and Vote on Account

In the first series of tweets under the Know Your Budget fort-night series, the Ministry has made tweets to explain the Union Budget and Vote on Account as:

  • Budget is the most comprehensive report of the government’s finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the government’s accounts for the next fiscal year called Budget estimates.
  • Vote on Account is explained as a grant made in advance by Parliament for expenditure for a part of the next financial year.

Since the Parliament elections are due, the government would be presenting interim Budget. The Budget for the financial year 2019-20 would be presented by the new government.