By Alasdair Pal
NEW DELHI (Reuters) - 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.
RURAL AFFAIRS
- India to allocate 750 billion rupees ($10.56 billion) per year to support farmers' incomes
- Impact of 200 billion rupees in current fiscal year
- Vulnerable farmers to receive 6,000 rupees per year under new scheme
- Farmers affected by natural disasters to receive 2 percent interest subvention, additional 3 percent if they repay loans on time
- Government to provide 2 percent interest subvention for farmers pursuing animal husbandry, fisheries
- Government to allocate 600 billion rupees for a rural employment scheme in 2019/20
EMPLOYMENT
- India to launch social security coverage for workers in unorganised sector
- New scheme to provide assured monthly pension of 3000 rupees per month, with contribution of 100 rupees per month, for workers in unorganised sector after 60 years of age
- Scheme will benefit 100 million workers in unorganised sector, may become the world's biggest pension scheme for unorganised sector in five years - Goyal
ECONOMICS
- Gross market borrowing seen at 7.04 trillion rupees in 2019/20 - traders citing agencies
- India's current account deficit for 2018/19 seen at 2.5 percent of GDP
- Fiscal deficit for 2018/19 seen at 3.4 percent of GDP
- Goyal says expects other banks on the central bank's Prompt Corrective Action list to be removed soon
- Allocation to India's northeast region proposed to be increased by 21 percent over previous fiscal year
INFRASTRUCTURE AND DEFENCE
- Defence budget raised to beyond 3 trillion rupees in 2019/20
- India to allocate 190 billion rupees for construction of rural roads in 2019/20
- To allocate 645.87 billion rupees for railways capital expenditure in 2019/20
($1 = 71.0420 Indian rupees)
(Complied by by Alasdair Pal; Editing by Krishna N. Das)
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