First Budget of Union Minister Nirmala Sitharaman : Key points
New Delhi : The Union Cabinet headed by Prime Minister Narendra Modi approved the Budget for 2019-20. Sitharaman, 59, handed over a copy of the Union Budget to President Ram Nath Kovind before her maiden budget speech.
Instead of a briefcase the finance minister has carried Budget papers in a red folder.
Budget 2019 Highlights
Tax proposals
* For purchase of affordable housing, enhanced interest deduction of up to Rs 3.5 lakh proposed.
* Funds raised by start ups will not require any Income Tax scrutiny
* Everywhere you are required to quote PAN, you can give Aadhaar number.
*Annual cash withdrawals over Rs 1 crore to be taxed at 2 per cent.
*Additional excise duty on petrol and diesel by 1 rupee per litre.
* Investment norms to be eased in single brand retail.
* India’s sovereign external debt to GDP is among the lowest globally at less than 5%. Govt will start raising a part of its gross borrowing program in external markets in external currencies.
*NRIs with Indian passport will get Aadhar on arrival in India without 180-day mandatory wait.
* Strategic sale of PSUs will be undertaken, says Sitharaman.
Zero Budget farming
* We will go back to basics and push ‘Zero budget farming’ i.e. zero dependence on debt and emphasis on lower production costs. Some states have already done it: FM.
*Will consider opening up FDI in aviation, media, insurance. 100 pc will be allowed in insurance intermediaries.
*Massive programme of railway station modernization will be launched this year.
*Finance Minsiter announces easing of KYC norms.
*A model tenancy law will be finalised soon.
* Doordarshan to host a channel exclusively for start ups. This channel will be run by startups themselves: FM
*Payment platform for MSMEs soon.
*Study in India campaign will focus on bringing foreign students to higher education institutions in India.
*”We’ll invest widely in agricultural infrastructure. We’ll support private entrepreneurship in driving value addition to farmers produce and those from allied activities too. It includes bamboo, timber & also for generating renewable energy.
* Extension of pension benefit for retail traders and shopkeeper earning less than Rs 1.5 crore.
* Our aim is to ensure ‘One nation one grid’ for the common man. One nation, one grid for electricity, one gas grid, one water grid and regional airports will be the backbone of business activity.
*Comprehensive restructuring of National Highways Programme will be done, to ensure the creation of National Highways Grid of desirable capacity.
*Government envisions using rivers for cargo transport,it will also decongest roads and railways.
*Railway infrastructure would need an investment of Rs 50 lakh crores between 2018 and 2030. PPP to be used to unleash faster development and the delivery of passenger freight services.
*Want to make India more attractive FDI destination, says Nirmala Sitharaman.
Housing for all by 2022
1.95 crore houses are proposed to be provided to eligible beneficiaries.
*It’s right time to consider increasing minimum public shareholding in the listed companies, I have asked SEBI to consider raising the current threshold of 25% to 35%, says FM.
*Annual Global Investors’ Meet to be organized in India, using National Investment and Infrastructure Fund(NIIF) as the anchor to get key sets of global players to come and invest in India, says Nirmala Sitharaman.
*To harness India’s space ability commercially, a public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap benefits of ISRO.
* ”Gandhipedia’ is being developed to sensitize the youth about positive Gandhian values.”
