Lok Sabha passes Finance Bill 2019

The Lok Sabha on Tuesday passed the Finance Bill, 2019 by a voice vote.

Replying to the discussion on the bill, Finance Minister Piyush Goyal appealed the States to furnish data about farmers so that the income support under the PM-Kisan scheme is credited to their accounts at the earliest.

He asserted that all the proposals in the bill are aimed at benefiting the middle classes and honest taxpayers.

The Finance Minister informed the House that if taxpayers invest in savings and medi-claim or have availed education loans, they can get tax exemption on income up to 9.5 lakh rupees.

Mr Goyal said that the government is committed to protecting the interests of small businesses under the GST regime. The Finance Minister informed the House that inflation has dropped to 2.05 per cent in January as against 2.19 in December last year. He said this shows the government’s track record in keeping inflation under absolute control.

Earlier, initiating the discussion on the bill, Finance Minister said, the government is encouraging people belonging to lower and middle-income groups to be the owners of houses under Pradhan Mantri Awas Yojana.

He said, the objective is to ensure that every citizen has his own home before the country celebrates the 75th Independence Day. He said, home loans are being offered with the government providing interest subvention on them.

The Finance Minister explained that 6.5 per cent interest subvention is being provided on a home loan of up to six lakh rupees throughout the entire 20-year tenure of the loan.

Participating in the discussion, KC Venugopal of the Congress said that the NDA tenure is marked by growing unemployment, poverty and rise in farm distress. He criticised the government on six thousand rupees annual income support to farmers, saying the amount is paltry.

TMC MP Saugata Roy said the government was announcing sops in the budget to garner votes. Mr. Roy alleged that the government failed to bring black money back from abroad as the Prime Minister had promised. He added that note ban led to job losses and deaths and also hit small businesses.

M B Rajesh of CPI (M) questioned the government’s track record on providing employment to the youth. He said, the rate of unemployment is the highest in over four decades. He said, under this regime, NPAs reached their highest level and exports have fallen 15 per cent. He accused the government of only focusing on ease of doing business instead of ease of living.

TRS member Dr. Boora Narsaiah Goud while raising the issue of Telangana supported the bill. Om Birla of the BJP said the government has laid the foundation of social and economic development of the country. He listed an increase in MSP of crops and soil health card as some of the pro-farmer measures of the government.