Among fundamental announcement, Sitharaman said the regime volition launch an inter-opearable ATM-like One Nation One Card for pan-India travel, novel rental laws for affordable housing and interest subvention scheme for MSMEs. Here are the major Highlights of the Finance Minister’s Budget Speech 2019. Happy Reading 🙂
Key Highlights of Union Budget 2019
- Finance government minister proposed to heighten surcharge on private income of Rs 2-5 crore as well as over Rs five crore yesteryear 3% as well as 7% respectively. She said that those inward the highest income bracket involve to contribute to a greater extent than to national development.
- Custom duty on gilt as well as other precious metals from 10% to 12.5% has been proposed.
- To render farther impetus to affordable housing, additional deduction of Rs 1.5 lakh on involvement paid on loans borrowed upwards to March 31, 2020 for buy of solid upwards to Rs 45 lakhs.
- Special additional duty as well as route as well as infrastructure cess on diesel fuel as well as petrol to hold out increased yesteryear Re 1/litre.
- “From 1.85 trillion dollars inward 2014, the economic scheme has reached 2.7 trillion the U.S.A. dollars; We tin strength out really good arrive at five trillion dollars inward the adjacent few years. The Indian economic scheme volition grow to go a three trillion dollar economic scheme this yr itself.”
- Government has already moved GST council to lower the GST charge per unit of measurement on electrical vehicles(EV) from 12% to 5%.
- Finance government minister said that the financial deficit inward 2019 is 3.3%, brought downwardly from 3.4%.
- All companies having annual turnover of 400 crores, volition straightaway hold out nether the bracket of 25% corporate revenue enhancement charge per unit of measurement . This volition comprehend 99.3% of all the companies.
- To render farther impetus to affordable housing, additional deduction of 1.5 lakh rupees on involvement paid on loans borrowed upto 31 March 2020 for buy of solid upwards to Rs 45 lakhs.
- ‘Gandhi-pedia’ besides to hold out developed on the lines of encyclopedia to assist promote Gandhian schoolhouse of thought.
Union Budget 2019-20 Highlights (Sector-wise)
- No modify inward personal income revenue enhancement rates
- Additional Rs 1.5 lakh revenue enhancement relief on habitation loans
- Govt hike custom duty on fuel yesteryear 1 rupee, gilt as well as precious items; Petrol & diesel fuel to teach costlier
- Increase inward surcharge on super rich 3% surcharge on Rs 2 crore income; 7% on Rs five crore as well as above
- Annual turnover limit for 25% Corporate revenue enhancement raised to Rs 400 crore from Rs 250 crore
- Taxpayers amongst annual turnover of less than Rs five crore to guide keep to file exclusively quarterly
- Direct revenue enhancement revenue has increased yesteryear 78%
- Interchangeability of PAN as well as Aadhaar for ITR who don’t guide keep PAN cards
- Rental laws to hold out reformed. Modern tenancy police volition hold out shared amongst states to promote solid renting.
- 2% TDS on withdrawals of Rs 1 crore inward a yr from banking company accounts for job concern payments
- No modify on digital payment MDR charges waived on cashless payment
Ease of living
- Rs 3,000 pension per calendar month for informal sector workers
- Aadhaar bill of fare nether 180 days for NRIs on arrival inward India
- Govt to opened upwards embassies inward countries where Bharat doesn’t guide keep a resident embassy equally yet.
- Inter-operable One Nation One carry bill of fare National carry bill of fare for universal move which tin strength out used on diverse modes of carry (road, railways etc). The bill of fare tin strength out also hold out used equally a ATM bill of fare for withdrawing money.
- Govt plans to exercise MRO (Manufacturing, Repair as well as Operate) industry
- PPP to hold out used to unleash faster evolution as well as the delivery of rider freight services.
- Comprehensive restructuring of National Highways Programme for creation of National Highways Grid.
- Government envisions using rivers for cargo transport,it volition also decongest roads as well as railways.
- Affordable housing Govt volition render additional income revenue enhancement deduction of Rs 1.5 lakh on the involvement paid on the loans taken to buy EVs
- Fiscal deficit inward FY19 at 3.3% of the GDP
- Govt volition start raising purpose of borrowing inward unusual currency
- Govt external debt to gross domestic product is amidst the lowest inward the world.
- Nari tu Narayani Women SHG Interest Subvention Programme to hold out expanded to all districts inward India
- Rs 1 lakh loan to hold out provided for SHG women members
- Every verified adult woman SHG fellow member having a January Dhan job concern human relationship tin strength out avail Rs 5,000 rupees overdraft facility
- On buy of high-rate pooled assets of NBFC amounting of Rs 1 lakh substance inward this FY, govt volition render one-time half dozen calendar month credit guarantee
- Propose to render Rs 70,000 crore working capital alphabetic lineament for PSU Banks
- Regulation of HFCs (Housing Finance Cos) to motion to RBI from National Housing Bank
- Govt to modify acquaint policy of retaining 51% stake inward PSUs
- Govt to hap amongst strategic divestment of select CPSEs.
- Divestment target of Rs 1.05 lakh crore for FY20
- A novel PPP model volition usher the novel dawn of Indian railway.
- Railways to hold out encouraged to invest to a greater extent than inward suburban runway network via SPVs
- Railway infrastructure volition involve an investment of Rs l lakh crore betwixt 2018 as well as 2030.
- Propose easing angel revenue enhancement for startups
- Angel revenue enhancement Wont require scrutiny from Income Tax subdivision for startup
- 2% involvement subvention for GST-registered MSME on fresh or incremental loans.
- ‘Stand Up India’ Scheme to hap till 2025
- Propose to commence telly channel for start-ups
- To extend pension exercise goodness to retail traders amongst annual turnover less than Rs 1.5 crore
- New payment platform for MSMEs to hold out created
- Govt to launch ‘Study inward India’ programme to attract unusual students inward higher education
- Allocate Rs 400 crore for world-class higher didactics institutions inward FY20 .
- To unveil novel didactics policy.
- National enquiry foundation to fund, coordinate as well as to promote enquiry inward the country.
- New Higher Education Commison amongst focus on higher autonomy
- New national didactics policy to suggest changes inward school, higher education
- 17 iconic world-class tourist sites to hold out developed
- Local sourcing norms volition hold out relaxed for the Single construct retail sector
- Govt of opened upwards FDI inward aviation, insurance, animation AVGC as well as media
- Existing KYC norms for FPIs to hold out rationalized as well as simplified to teach inward to a greater extent than investor-friendly
- Long-term bonds for market
- To allow FIIs & FPIs investment inward debt securities issued yesteryear NBFCs
- Credit Guarantee Enhancement Corporation to hold out gear upwards long-term bonds amongst specific focus on infra sector
- Propose Social Stock Exchange nether SEBI for listing social enterprises & voluntary organisations
- To merge NRI portfolio route amongst FPI route
- To hike statutory limit for unusual investment inward unopen to companies
- To gear upwards a credit guarantee enhancement corporation
- Govt volition guide keep upwards measures to construct RBI & SEBI depositories inter-operable
- SEBI to mull increasing minimum world shareholding to 35% from 25%
- User friendliness of trading platforms for corporate bonds volition hold out reviewed, including issues arising out of capping of International Securities Identification Number
- To deepen corporate tri-party repo marketplace inward corporate debt securities. Plan to enable stock exchanges to allow AA rated bonds equally collaterals.
- Annual Global Investors’ Meet for attracting global players to come upwards as well as invest inward India.
- To allow FPIs to subscribe to listed debt papers of REITs
- FAME II scheme aims to encourage faster adoption of electrical vehicles yesteryear the correct incentives as well as charging infrastructure
For Rural India
- Gaon, Garib as well as Kisan are the focus of our government
- New Jal Shakti ministry building volition operate amongst states to ensure Har Ghar Jal for all rural houses yesteryear 2024.
- Pradhan Mantri Gram Sadak Yojana stage three is envisaged to upgrade 1,25,000 km of route length over the adjacent five years.
- Govt volition gear upwards 100 novel clusters for 50,000 artisans inward FY20
- To invest Rs 80,250 cr for upgradation of roads nether PM Gram Sadak Yojana
- Every unmarried rural menage unit of measurement except those unwilling to guide keep electricity yesteryear 2022
- Govt to promote innovative 0 Budget farming.
- 10,000 novel farmer producer organisations.
- 80 Livelihood job concern incubators as well as twenty applied scientific discipline job concern incubators to hold out gear upwards inward 2019-20 nether ASPIRE to prepare 75,000 skilled entrepreneurs inward agro-rural industries
- India has emerged equally a major infinite power. It is fourth dimension to harness our mightiness commercially.
- A world sector enterprise, New Space Bharat Limited (NSIL) has been incorporated to tap benefits of ISRO
- To popularise sports at all levels, National Sports Education Board for evolution of sportspersons to hold out gear upwards nether Khelo India.
State of the economy
- Railways volition require investment of Rs l lakh crore from 2018-30
- Schemes such equally BharatMala, Sagarmala as well as UDAN are bridging rural urban dissever as well as improving our carry infrastructure.
- Gandhipedia’ is beingness developed to sensitize the youth almost positive Gandhian values
- The unambiguous mandate yesteryear the people inward the recent election has laid the ball rolling for the New India
- NPAs recovery of Rs 4 lakh crore over the concluding iv years, NPAs downwardly yesteryear Rs 1 lakh crore inward the concluding ane year
- Rashtriya Swachhta Kendra to hold out inaugurated at raj ghat on October 2
- The people of Bharat guide keep validated their ii goals for our country’s hereafter national safety as well as economical growth.
- ‘ Yakeen ho to koi raasta niklata hai, hawa ki awt(protection) bhi le kar chiragh jalta hai’
- It took us over 55 years to arrive at $1 trillion dollar economy, but nosotros added $1 trillion inward simply five years
- We tin strength out really good arrive at $5 trillion inward the adjacent few years.
- Last mile delivery stood out, citizens inward every nook as well as corner of the province felt the difference; our objective was as well as continues to hold out Mazbooth Desh Ke Liye Mazbooth Nagarik
- Government lays out 10-point vision for the New India
- India volition go $3 trillion economic scheme this year. We involve to hap to guide keep many structural reforms to accomplish $5 trillion economical goal.
- Connectivity is the lifeline of the economy.
The squad that helped Finance Minister Nirmala Sitharaman inward preparing 2019 Budget are :
- Krishnamurthy Subramanian (Chief Economic Adviser)
- Subhash Chandra Garg (Economic Affairs as well as Finance Secretary)
- Ajay Bhushan Pandey (Revenue Secretary)
- Rajiv Kumar (Department of Financial Services Secretary)
- Atanu Chakraborty (Department of Investment as well as Public Asset Management Secretary)