Goyal said farmers would be paid 6,000 rupees ($85) annually, benefiting as many as 120 million households. The budget doubled income tax exemptions for those earning up to 500,000 rupees ($7,142) a year from the existing 250,000 rupees ($3,571). The government allocated 305 billion rupees ($4.3 billion) for defence during the 2019-20 financial year, a small increase from 285 billion rupees ($4.0 billion) in the current financial year, which ends in March. This was the last budget of Modi’s government, which will be seeking a second five-year term in national elections in May. The interim budget focused mainly on farmers, who comprise more than 60 per cent of India’s 1.3 billion people, and can sway the election’s outcome.

Source: National Post February 01, 2019 12:11 UTC