Union Budget 2019: Key takeaways of FM Nirmala Sitharaman's maiden Budget speech

New Delhi, News Nation Bureau | Updated : 05 July 2019, 02:14 PM
Key takeaways of Union Budget 2019 (Representational Image)
Key takeaways of Union Budget 2019 (Representational Image)

Amid reports of a sharp slowdown in India's economic growth, Union Finance Minister Nirmala Sitharaman on Friday presented the first Budget of the Modi 2.0 dispensation at Parliament. Sitharaman began her maiden Budget speech with a challenge to make India a USD 5 trillion economy in the next five years. Here are the key takeaways from the finance minister's Budget speech.

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  • From $1.85 trillion in 2014, the economy has reached $ 2.7 trillion. Economy will grow to become a $3 trillion economy in the current year itself. We are well within our capacity to reach $ 5 trillion in the next few years

  • India Inc, our job creators, are the nation's wealth creators; together, we can prosper. I wish to propose no. of reforms to kickstart virtuous cycle of growth.

  • Between 2014 and 2019, we provided rejuvenated centre-state dynamic, cooperative federalism, GST Council and a strident commitment to fiscal discipline; set the ball rolling for New India.

  • Average amount spent on food security per year approx. doubled during 2014-19 compared to preceding five years.

  • For providing an enabling ecosystem for Maintenance, Repair and Overhaul, suitable policy interventions will be adopted.

  • 657 km of metro rail network has become operational in the country.

  • India's first indigenous payment ecosystem for transport based on National Common Mobility Card was launched PM in March 2019, enabling people to pay multiple types of transport charges.

  • FAME II scheme aims to encourage faster adoption of electric vehicles by right incentives and charging infra.

  • Comprehensive restructuring of National Highways Programme to be done, to ensure creation of National Highways Grid of desirable capacity.

  • Government envisions using rivers for cargo transportation, which will also decongest roads and railways.

  • Railway infra 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.

  • Several reforms would be undertaken to promote rental housing, current rental laws are archaic as they do not address lessor-lessee relationships fairly.

  • 350 crore rupees allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans.

  • Schemes such as BharatMala, Sagarmala and UDAN are bridging rural urban divide and improving our transport infrastructure.

  • Payment platform for MSMEs to be created.

  • Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme.

  • Credit Guarantee Enhancement Corporation will be set up in 2019-20, action plan to deepen markets for long-term bonds with specific focus on infra sector to be put in place.

  • Existing Know Your Customer norms for Foreign Portfolio Investors to be rationalized and simplified, to make it more investor-friendly.

  • Electronic Fundraising Platform, a social stock exchange, to be set up to list social enterprises and voluntary organizations working for social welfare objectives.

  • Interoperability of RBI depositories and SEBI depositories necessary for seamlesss transfer of treasury bills; govt. will take necessary measures in this regard in consultation with RBI and SEBI.

  • Further opening up of FDI in aviation, media, animation AVGC and insurance to be examined, in consultation with stakeholders; 100% FDI to be permitted for insurance intermediaries.

  • Local sourcing norms for FDI to be eased for single-brand retailing sector.

  • To harness India's space ability commercially, a public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap the benefits of the ISRO.

  • By 2022, every single rural family except those who are unwilling to take the connection, will have an electricity and a clean cooking facility.

  • In second phase of PMAY-Gramin, 1.95 crore houses to be provided to eligible beneficiaries, during 2019-20 to 2021-22; they will have amenities such as LPG, electricity and toilets.

  • Time for completion of houses under PMAY reduced from 314 days in 2015-16 to 114 days in 2017-18, enabling the scale of achievement in PMAY.

  • Robust fisheries management framework to be set up under Pradhan Mantri Matsya Sambada Yojana to address critical gaps in value chain.

  • Pradhan Mantri Gram Sadak Yojana - Phase 3 envisaged to upgrade 1.25 lakh km of road length at an estimated cost of 80,250 crore rupees.

  • To provide NRIs seamless access to Indian equities, NRI portfolio investment route to be merged with foreign portfolio investment route.

  • 100 new clusters to be set up in 2019-20 under SFURTI, which will enable 50,000 artisans to join the economic value chain.

  • 80 Livelihood business incubators and 20 technology business incubators to be set up in 2019-20 under ASPIRE to develop 75,000 skilled entrepreneurs in agro-rural industries.

  • Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme.

  • Jal Shakti Mantralaya will work with states to ensure "Har Ghar Jal" for all rural houses by 2024, under Jal Jeevan Mission.

  • Swachh Bharat Mission to be expanded to undertake sustainable solid waste management in every village, harnessing latest tech.

  • India will be made Open Defecation Free on October 2nd, 2019, as per the dream of PM Narendra Modi.

  • Under Pradhan Mantri Grameen Digital Saksharata Abhiyan, Bharat Net is targeting internet connectivity in local bodies in every panchayat in the country.

  • New National Educational Policy to be brought in to transform Indian educational system; major changes in higher as well as school system to be brought in.

  • Exclusive TV programme exclusively for startups to be started, channel will be designed and executed by startups themselves.

  • National Sports Education Board for development of sportspersons to be set up under Khelo India.

  • To further encourage women entrepreneurship, Women SHG Interest Subvention Programme to be expanded to all districts in India.

  • Aadhaar card for NRIs with Indian passports to be issued after their arrival in India, without waiting for the mandatory 180 days.

  • One woman in every SHG shall be made eligible for a loan of 1 lakh rupees under MUDRA scheme.

  • Public sector banks to be provided 70,000 crore rupees to boost capital and improve credit. One-time six-month partial credit guarantee to be given to PSBs.

  • 100 lakh crore rupees to be invested in infrastructure sector over next five years.

  • PAN and Aadhaar to be made interchangeable for convenience of tax payers; Income Tax returns can now on be filed using Aadhaar number, if PAN card not available.

  • Slew of measures to be taken to promote Digital Payment.

  • 5 per cent customs duty being imposed on imported books, to promote domestic publishing and printing industry.

  • Excise duty and cess on petrol and diesel increased by Rs 2 per litre.
First Published: Friday, July 05, 2019 12:00 PM
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