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. Althrough her 2 hours 17 minutes long maiden budget presentation, Sitharaman did not pause to have a sip of water. The budget proposals, which also include a promise to make India USD 5 trillion economy in the next five years, were welcomed with frequent thumping of desks by the treasury benches with Prime Minister Narendra Modi too joining the members. Here are the key takeaways from the finance minister's Budget speech.
Aadhaar card for NRIs with Indian passports to be issued after their arrival in India, without waiting for the mandatory 180 days.
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.
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.
Excise duty and cess on petrol and diesel increased by Rs 2 per litre. 5 per cent customs duty being imposed on imported books, to promote domestic publishing and printing industry.
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.
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.