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Budget 2019: As Congress leaders laugh hysterically and create ruckus, Piyush Goyal remembers what Modi said about Ramayan

OpIndia Staff
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Budget 2019: As Congress leaders laugh hysterically and create ruckus, Piyush Goyal remembers what Modi said about Ramayan

As Finance Minister Piyush Goyal presented the interim budget today, Congress leaders present in the Parliament created a ruckus by shouting, sloganeering and booing, Goyal quipped and said how he is reminded of “Ram Leela”, the theatrical depiction of the Hindu epic Ramayan.


This is not the first time the hysterical Congress leaders were compared to actors in the epic drama. Last year, Prime Minister Modi, while speaking in Rajya Sabha took a jibe on Congress’ Renuka Chowdhary who was caught laughing frantically. PM Modi was referring to an old speech of ex-Home Minister and ex BJP President L K Advani made twenty years ago. When the PM proceeded to mention AADHAAR was actually conceptualised here (the parliament), Congress MP Renuka Chowdhary started laughing hysterically.

Her sudden and loud laughter took many by surprise but the Rajya Sabha speaker and Vice President Venkaiyah Naidu did not take it kindly. He not only chided Renuka Chaudhury for ‘loose and unruly behaviour’ but also advised her to visit a doctor if she has a problem.

The PM too did not let the opportunity go. He requested the speaker that he must not stop Renuka Chowdhury. He added further, “many years after Ramayan we are getting to hear such hearty laughter.”

Budget 2019: Government to identify nomadic and semi-nomadic tribes to include them in social welfare schemes

OpIndia Staff
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Budget 2019: Government to identify nomadic and semi-nomadic tribes to include them in social welfare schemes

Addressing the budget session, acting Finance Minister Piyush Goyal has announced a slew of measures to be incorporated by the government beneficial to the Indians. Acknowledging the remoteness of nomadic and semi-nomadic tribes and their exclusion from the economy, Piyush Goyal declared that the government will identify such tribes and extend the welfare schemes to them.


The government will set up a committee under NITI Aayog to identify the nomadic and semi-nomadic tribes who have not benefitted from the government welfare schemes owing to their isolation. Welfare development board will be set up under the Ministry of Social Justice and Empowerment to reach out to these faraway tribes and develop tailored strategic interventions for providing them with social and economic assistance.

As per a report in the Indian Express, at present, there are about 260 extremely marginalised tribes that have never been classified under any reserved categories and have also been left out of the social welfare schemes.

Budget 2019: Demonetization helped undisclosed income to light and over 3 lakh shell companies deregistered, says Piyush Goyal

OpIndia Staff
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Budget 2019: Demonetization helped undisclosed income to light and over 3 lakh shell companies deregistered, says Piyush Goyal

Acting Finance Minister Piyush Goyal highlighted the steps undertaken by the Modi government in his Budget 2019 speech. He said that the anti-Black Money drive has brought an undisclosed income of Rs. 1.30 lakh crore rupees to the fore and over 3 lakh shell companies have been deregistered as a consequence.


Goyal also thanked the taxpayers in the Budget 2019 speech of the country for their contribution to nation-building and for providing a better quality of life to the poor and marginalized sections of society. He also said that their taxes help provide for the gas connections in the households of poor and healthcare to marginalized sections of society. He also said it was the taxpayers who help pay for the OROP for Army men.

Budget-2019: NDA government announces Mega Pension scheme for workers in the unorganised sector

OpIndia Staff
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Budget-2019: NDA government announces Mega Pension scheme for workers in the unorganised sector

Interim Finance Minister Piyush Goyal in his budget speech has announced a new pension scheme for the labour workforce employed in the unorganized sector, reported ANI.

The NDA government has now launched a new pension scheme called ‘Pradhan Mantri Shram Yogi Mandhan‘, to provide assured monthly pension of Rs.3000 per month for workers in unorganized sector after 60 years of age, with the maximum contribution of just Rs.100 per month. Any worker in the unorganised sector earning less than Rs 15,000 a month will be covered under the first phase of the scheme, said Piyush Goyal.


The acting Finance Minister Goyal said that the mega pension scheme for unorganised sector workers is set to benefit 10 crore workers, adding that the government has allocated Rs 500 crore for the new scheme. Any worker working in the unorganised sector can avail the benefits of this scheme. Workers between 18-28 years of age have to pay Rs 55 per month, while workers above 29 years will be paying Rs 100 per month to avail the benefits. The union government will also contribute an equal share every month, said the Finance Minister.

Goyal stated that half of India’s GDP comes from the sweat and toil of 42 million workers in the unorganised sector and the government has decided to provide them with a comprehensive social security coverage.

The move is likely to benefit household helps, drivers, plumbers, electricians, barbers and other workers earning less than the threshold salary under the scheme. The Finance Minister also said that the new pension scheme will be the world’s biggest pension scheme for the unorganised sector in just five years.

More than 90% of India’s workforces are employed in unorganised sectors who are often deprived of not only just minimum wages but also any kind of social security like pensions or health insurance.

Budget 2019: Numerous sops for farmers including interest subvention and welfare of Gau Mata features prominently

OpIndia Staff
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Budget 2019: Numerous sops for farmers including interest subvention and welfare of Gau Mata features prominently

As we had speculated earlier, the Budget 2019 features numerous sops to farmers to counter farmer distress. Most significantly, structured income support will be provided to farmers through the Pradhan Mantri Krishan Samridhi Yojana.


Rs. 6000 will be provided to farmers with less than 2 hectares of land annually in three instalments. It will cost the state Rs. 75,000 crores per year.

In addition, a 2% interest subvention has been provided to farmers who practice animal husbandry and fisheries. An additional 1% interest subvention will be given if loans are repaid on time.


The PM Kisaan Samman Nidhi will also support farmers in procuring basic inputs like seeds and fertilizers. The move will also benefit the seeds and fertilizers industries. Allocation for Rashtriya Gokul Mission has been increased to Rs. 750 crores.

In addition, farmers who have been severely affected by natural calamities will receive a 2% interest subvention on loans and additional 3% subvention on timely repayment.


GauMata has also featured prominently in the Budget. The Rashtriya Kamdhenu Aayog will be set up to ensure the welfare of cows, including genetic improvement and sustainable development. Acting Finance Minister Piyush Goyal said, “Yeh sarkar kabhi Gau mata ke samman mein peeche nahi hategi. (This government will never shy away from honouring our Mother Cow).”

Insolvency and Bankruptcy Code has helped recover Rs 3 lakh crores so far for banks and creditors: Piyush Goyal

OpIndia Staff
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Insolvency and Bankruptcy Code has helped recover Rs 3 lakh crores so far for banks and creditors: Piyush Goyal

Finance Minister Piyush Goyal has started delivering the highly anticipated Union Budget 2019, in which he is expected to announce major reforms in sectors like farming, banking etc.

Piyush Goyal in the very start of the speech, lauded the Modi government’s reforms in the banking sector, that during UPA-era was bagged with ballooning Non-performing Assets issue.

Goyal stated that Rs 3 lakh crore has already been recovered in favour of banks and creditors. He also spoke about recapitalisation of banks to the tunes of Rs 2.6 lakh crores.

The Finance Minister said that the years between 2008 and 2014 witnessed a high credit growth, which also took the NPA level from Rs 18 lakh crore to a whopping Rs 54 lakh crore. He added that till 2014 many lakh crores of NPAs were not even identified properly or were re-written so as to hide them. But, Piyush Goyal said that after Modi government was voted to power, it constructed Asset Quality review to weed out the bad loans. He said that NPAs were a consequence of giving loans to those firms which failed to work properly or showed poor performance.

Piyush Goyal praised the initiative of Insolvency and Bankruptcy code, which has helped the government to curb the NPA menace.

He stated that the IBC has institutionalised a resolution mechanism while preserving the underlying business and jobs.

The Insolvency and Bankruptcy Code (IBC) 2016, is a bankruptcy law in India brought by the Narendra Modi led NDA government seeking to consolidate the existing framework by creating a single Law for Insolvency and Bankruptcy. The Code provides a time-bound process for resolving insolvency in companies and among individuals resulting in much-needed impetus to solving the problem of stressed assets and NPAs in the financial sector of the country.

FM Piyush Goyal also mentioned the lifting of three banks: Bank of India, Bank of Maharashtra and Oriental Bank of Commerce, out of the Prompt Corrective Action Framework. The PCA was initiated against these banks in the wake of high NPAs and high amount of losses. PCA restricted these banks from lending further loans and opening new branches. The lifting of these banks from PCA points towards the positive reforms that lead to the banks’ improvements in the capital position and asset quality.

Piyush Goyal also said that during the previous regime, only poor or middle class used to fear unpaid loans while the rich went scot free. But now, the FM added, that even the rich have started to be wary of the consequences of not repaying their loans.

Budget 2019: Piyush Goyal changes Congress line of ‘Muslim have first right on resources’ to ‘poor have first right on resources’

OpIndia Staff
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Budget 2019: Piyush Goyal changes Congress line of ‘Muslim have first right on resources’ to ‘poor have first right on resources’

“The poor have the first right to resources,” said Finance Minister Piyush Goyal while presenting the interim budget in the Parliament today. The Union Government recently passed a law giving 10% reservation for economically weaker section of the society.

The bill amends the articles 15 and 16 of the Constitution of India, making provision for reservation for educational institutes and jobs respectively. This reservation will be added to the existing 50% reservation provided for people from Scheduled Castes, Scheduled Tribes and Other Backward Castes. The economical backward has been defined as a family with an annual income below ₹8 lakhs, apart from clauses on landholding. The ₹8 lakh limit is at per with the existing limit for the creamy layer of OBCs.

Interestingly, in December 2006, former Prime Minister and senior Congress leader Dr Manmohan Singh, while speaking on the UPA government’s plans for the minorities, had said that Muslims have the first claim on the resources. Prior to that, while speaking at the National Commission for Minorities, the former Prime Minister had even favoured ‘fair share for minorities’ in government as well as private jobs.

The BJP government, which has been speaking of ‘sabka saath, sabka vikas‘ has taken many pro-poor steps, especially for rural India, during the 4-and-a-half years it has been in power. From ensuring 95% basic sanitation to almost 100% electrification, to providing gas connection millions of lives have changed drastically. Ayushman Bharat scheme, which is also pegged ‘Modi care’, is the world’s largest state-sponsored welfare scheme in the world.

Budget 2019: Finance Minister announces assured income support for small and marginal farmers

OpIndia Staff
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Budget 2019: Finance Minister announces assured income support for small and marginal farmers

The finance minister Piyush Goyal announced an assured income support scheme for small and marginal farmers. To provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi has been approved by the government of India, the minister announced while presenting the interim budget today.

Under this scheme, farmers with less than 2 hectares of land will be given ₹6,000 per annum towards income support for procurement of inputs. It will be paid in the instalments of ₹2,000 via direct bank transfer. This will greatly help the small and marginal farmers in purchasing farm inputs. This will enable farmers to earn a respectable living, finance minister Piyush Goyal said.

The scheme will come into effect from 1st December 2018. 12 crore small and marginal farmers will be benefited with this scheme. An annual expense of ₹75,000 crore will be borne by the government for this scheme.

As extraditions continue, Vijay Mallya claims DRT has attached more than he owed, alleges harassments by banks’ UK lawyers

OpIndia Staff
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As extraditions continue, Vijay Mallya claims DRT has attached more than he owed, alleges harassments by banks’ UK lawyers

Fugitive tycoon Vijay Mallya has stated recently in a series of tweets that the consortium of Indian banks has already attached much more than the amount he owed them. He also stated that the banks are now trying to prevent him from paying his tax dues in the UK.

Via Twitter

Mallya alleged that every morning, he wakes up to the news of another attachment by the Debts Recovery Tribunal (DRT) of his properties in India. He added that the total value of the properties attached so far has crossed Rs 13,000 crores already.

Mallya alleged that as the banks have claimed that the total debts he owes to them stand at Rs 9000 crores including all dues and taxes, which is further subject to review.

Claiming that the value of his attached assets has now crossed Rs 13,000 crores, Mallya claimed that still he is being painted as the one who ran away with the money.

via Twitter

Mallya further added that despite all the attachments of his properties, the banks through their lawyers in the UK are further harassing him by pursuing multiple frivolous litigations against him. He accused the banks of spending public money on legal fees in a brazen manner.

Mallya further stated that the lawyers of the banks have also objected in writing to him paying his legitimate tax dues to Her Majesty’s Revenue and Customs (HMRC).  Claiming an irony, Mallya stated that the Indian banks want his money in England to settle a debt that is already settled through attachments while denying the UK taxpayers their due by stopping him from paying his taxes.

Mallya was declared a fugitive economic offender on January 5 this year, paving way for the Indian authorities to seize his assets for the recovery of his debt

A court in the UK had ordered Mallya’s extradition after many diplomatic negotiations and legal tussles in London. Mallya had left the country in March 2016 and has been a fugitive since.

India has recently successfully extradited AgustaWestland middleman Christian Michel and has already extradited two top-level corporate lobbyists named Rajiv Saxena and Deepak Talwar this week. Seeing Mallya’s meltdown on Twitter, it can be assumed that Mallya is now wary of his imminent extradition and the subsequent trials.

‘India marching towards growth and prosperity’: Piyush Goyal

OpIndia Staff
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‘India marching towards growth and prosperity’: Piyush Goyal

In his initial remarks ahead of Budget 2019, Acting Finance Minister Piyush Goyal illustrated the achievements of the Modi government. He said India is marching towards growth and prosperity.


Goyal also remarked that the goal was to have a New India by 2022 where everyone had a house, where everyone has access to toilets and basic healthcare. He also asserted that under the Modi government, India had risen from being the 11th largest economy in the world to being sixth.

Goyal also remarked that due to the policies implemented by the Modi government, India is now the fastest growing major economy in the world. He also boasted about the manner in which the government has drastically brought down the rate of inflation in the country.


The fiscal deficit is expected to be 3.4% this year.


The Modi government has taken great steps to combat corruption, the Acting Finance Minister said. The Benami Properties Act has helped greatly in checking corruption, he said. He also mentioned various other steps taken by the government which has prompted even the richest of the rich to take great steps to clear their debts.


NPAs have come down drastically as well and India received FDI worth $239 billion under the Modi government, Goyal remarked. He also elaborated on the achievements of the Ayushman Bharat scheme which recently reached the 10 lakh figure in helping those requiring treatment.

Goyal also remarked that more than one and a half crore houses have been constructed under the Pradhan Mantri Awas Yojana. And it’s expected that every household will have an electricity connection by March this year.

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