Guwahati, July 5, 2019:
Finance Minister, Nirmala Sitharaman while presenting the Union Budget 2019, highlighted the following:
The vision of the present government is to make India $5-trillion economies in the coming five years and India will turn a $3-trillion economy this year, said Nirmala Sitharaman.
- All private sector industries played a role in growing the economy’ of the country which is helping the government in creating jobs to millions of people.
- Programme like- Bharatmala to develop roads and highways, while Sagarmala to enhance port connectivity
- The Udan scheme providing air connectivity also helping bridge rural and urban divide
- New metro rail projects have been approved during 2018-19. 210km of metro lines have been operationalized during 2019.
- National Common Mobility Card launched by PM Modi in March will enable people to pay multiple transport charges across India. This card runs on RuPay card and allows users to pay bus charges, parking charges
- Upfront incentive to be offered on purchase of EVs
- For Railway infra Rs 50 lakh crore investments would needed between 2018 and 2030. Therefore, it is proposed to use Public-Private partnership to unleash faster development
- "One Nation, One Grid" for power availability to states at affordable rates
- Govt to create a payment platform for MSMEs to enable filing of bills and payment on the platform itself
- Propasal being made for 100% FDI will be permitted for an insurance intermediary
- Propose being made to merge the NRI portfolio investment scheme route with FPI route
- Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover of less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme
Also Read: Budget 2019 | Nirmanla Sitharaman Drapes Budget Docs In Red Cloth Instead Of Briefcase
- The Gaon (village), Garib (poor) and Kisan (farmers) are at the Centre of all our efforts
- Power and LPG will be provided to all households by 2022.
- By 2021, 1.95 crore houses proposed to be provided under PMAY Grameen. 1.25 lakh kilometers of roads will be upgraded.
- Farmers to benefit from National Agriculture Market or eNAM by the states.
- Jal ministry to focus on providing adequate drinking water, which is a primary area of concern.
- Under Pradhan Mantri Awas Yojna - Urban, over 80 lakh houses have been sanctioned
- Over 95% of the cities have declared open-defecation free.
- 'Study in India' initiative will be started for the exchange of foreign student to turn India into a hub of higher education.
- Labour laws to be streamlined into four basic labour codes.
- With a cost saving of Rs 18,341 crore annually, 35 crore LED bulbs distributed under the Ujjwala scheme.
- 'Nari tu Narayani': The government aims at encouraging and facilitating role of women.
- To consider issuing Aadhaar to NRIs with Indian passports after their arrival in India without the mandatory wait of 180 days
- 18 new diplomatic missions approved in Africa, proposal to open Indian embassies and high commissions where India does not have diplomatic missions yet.
- Khelo India: National Sports Education Board for development of sportspersons to be set up.
- PSBs are now proposed to be further provided Rs 70,000 crore of capital to boost credit
- Govt to provide a one-time six-month partial credit guarantee to PSBs for first loss up to 10%, for purchase of high-rated pooled assets of financially sound NBFCs amounting to a total of Rs 1 lakh crore.
- Govt proposes to return the regulation authority over housing finance sector from National Housing Board to the RBI
- An overdraft of Rs 5,000 will be allowed for every verified woman SHG member having a Jan Dhan account. One woman in every SHG shall be made eligible for a loan of Rs 1 lakh under MUDRA scheme
- Disinvestment target of Rs 1 lakh crore for FY20
- Direct tax revenue has increased to Rs 11.37 lakh crore from 2013-14 to 2018-19. The lower tax rate of 25% is applicable to firms with annual turnover of Rs 250 crore. It is propose to widen this to all companies with annual turnover of up to Rs 400 crore. This will cover 99.3% of all companies
- Additional income tax deduction of Rs 1.5 lakh on the interest paid on loans for EVs
- Start-ups who file declarations will not be subjected to scrutiny in valuation to resolve tax issues.
- Propose to allow an additional tax deduction of Rs 1.5 lakh on interest paid on housing loans for self-occupied house owners. Those purchasing affordable house will get tax relief up to Rs 3.5 lakh on interest paid.
- Interchangeability of PAN and Aadhaar card to be allowed for ease and convenience to taxpayers. ITR can be filed without PAN by quoting Aadhaar.
- To discourage practice of making business payments in cash, TDS charge of 2% on cash withdrawal exceeding Rs 1 crore a year from a bank account
- Business establishments with annual turnover of Rs 50 crore will offer a low-cost digital mode of payments to customers and no charges or merchant discount rates will be imposed on customers as well as merchants
- Enhancement of surcharge on individual income of Rs 2-5 crore and over Rs 5 crore by 3% and 7% respectively
- Import of defence equipment is being exempted from basic customs duty for the modernization Defence sector.
- Propose to increase special additional duty and road and infrastructure cess on diesel and petrol by Re 1/litre
- Custom duty on gold increased by 2.5%
The entire budget presented by the Finance Minister Nirmala Sitharaman was supported by the Modi 2.0 government.
Nirmala Sitharaman was earlier the Defence Minister.
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