Union Budget 2019: Union Finance Minister Nirmala Sitharaman said that a 10-year vision is behind the Union Budget. Addressing the media after presenting her maiden Budget in Parliament, Sitharaman said that it was ‘green budget’, which specially focus on environment-friendly practices. “The budget has been presented with a 10-year vision in mind. The startups are being given a whole set of tax benefits,” Sitharaman said. “The emphasis was very clearly on the overall development of economy. We looked at rural initiatives, all of which will give certain dynamic to the rural areas. Similarly, we looked at how urban living can be better,” the Finance Minister added.
On banking reforms, Sitharaman said that, “Non Banking Financial Companies(NBFC) are a critical component of our banking system. The Government has adopted a comprehensive approach for NBFC financing.” On steep charges levied on cash withdrawal, Sitharaman said that the government is not against banking transactions done by public. But the government wants to dissuade public from using cash for doing business.
“One woman in every SHG will get 1 lakh rupees under MUDRA for her business; overdraft facilities too increased; we have addressed needs of all segments without denying anybody,” Sitharaman said. She also added that, “outlay for welfare of SCs, STs and the poor have all been increased.” On the corporate tax, Sitharaman said that, “by bringing more industries into the lower tax bracket, we are sending a clear message that we are not being rigid as regards corporate tax rates.”