This is Nirmala Sitharaman's first budget in the second term of the Narendra Modi government. She assured that India will become a three trillion dollar economy in 2019
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Finance Minister Nirmala Sitharaman is presenting the Union Budget 2019-20 in the Parliament today. She assured that India will become a three trillion dollar economy in 2019. "The first term of PM Narendra Modi-led NDA govt stood out as a performing govt. Between 2014-2019 he provided a rejuvenated centre-state dynamics, cooperative federalism, GST council and strident commitment to fiscal discipline." Sitharaman is the second woman after Indira Gandhi to hold the post of a Finance Minister.
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Here are some of the highlights from what she has said till now:
- India will undertake multiple measures to deepen the corporate bond market. There is also a proposal to increase minimum public shareholding in companies to 35 per cent from 25 per cent.
- The government proposed relaxation in the FDI norms for sectors such as media, aviation, insurance, and single brand retail with a view to attracting more overseas investment.
- Sitharaman said that Railway infrastructure would need an investment of 50 lakh crores between 2018 and 2030; PPP to be used to unleash faster development and delivery of passenger freight services.
- Under Pradhan Mantri Karam Yogi Mandand scheme, pension benefit will be extended to around three crore retail traders and shopkeepers with an annual turnover of less than 1.5 crores.
- She also announced to set up the Credit Guarantee Enhancement Corporation (CGEC) to give a boost to the country's growth process.
- Sitharaman while presenting the Budget for 2019-20 said the government has already approved Rs 10,000 crore for FAME II scheme on April 1, 2019, to encourage faster adoption of electric vehicles by providing right incentives and charging infrastructure. She added that there will be a comprehensive restructuring of National Highways programme to ensure the creation of National Highways Grid of desirable capacity.
- Finance Minister Nirmala Sitharaman emphasized on NRI investment in the country and said that it would be made much easier by merging NRI portfolio route with foreign portfolio investment.
- Substantial steps would be taken to promote rental housing for which the government would make amendments in the existing rental laws. She also said that every single rural family will have electricity and a clean cooking facility by 2022.
- Sitharaman proposed to expand the Swachh Bharat mission to undertake sustainable solid waste management in every village of the country by harnessing the latest technology. India will be made open-defecation free (ODF) on October 2, 2019, she said.
- The government plans to improve skills of youth in newer areas like artificial intelligence, big data and robotics which are valued highly within and outside the country.
- In a major impetus for the micro, small and medium enterprises (MSME) sector, the Finance Minister announced two per cent interest subvention for MSMEs under the Goods and Service Tax (GST) on fresh or incremental loans.
- The government is targetting Internet availability in every village.
- PAN and Aadhaar cards are interchangeable for tax returns. The Union Minister also said that a faceless and anonymous assessment system for income tax will be rolled out in phases this year.
- The price of petrol and diesel will increase as Rs 1 will be charged per litre as CESS.
- The central government has set to generate Rs 1.05 lakh crore through disinvestment of public sector undertakings during the current financial year.
- The Import duty on gold and precious metals will be increased by 2.5 per cent.
- For those earning between Rs 2-5 crore, income tax increases by three per cent for those with income above Rs 5 crore, income tax increases by seven per cent
- Sitharaman concluded her Budget speech saying, "In the first 50 years after independence we emphasized on rights; marking 75 years we should place emphasis on our duty towards India without undermining our rights."
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