Union Budget 2019-20

 Union Budget 2019-20 

The Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman made her maiden Budget Speech and presented the Union Budget 2019-20 before the Parliament on 5th July. The key highlights of Union Budget 2019 are as follows. The government aspires to make India a 5 trillion dollar economy

Points to be remember 

Smt. Nirmala Sitharaman is our first female full-time  Finance Minister

Today Bahi-Khata a traditional Indian way to keep documents where use rather than a leather bag

The Interim Union Budget of India for the year 2019 was presented by acting Finance Minister Piyush Goyal on 1 February 2019

 Key Vision of the Budget

Building Team India with Jan Bhagidari: Minimum Government Maximum Governance.

Achieving green Mother Earth and Blue Skies through a pollution-free India.

Making Digital India reaches every sector of the economy.

Launching Gaganyan, Chandrayan, other Space and Satellite programs.

Building physical and social infrastructure.

Water, water management, clean rivers.

Blue Economy.

Self-sufficiency and export of food-grains, pulses, oilseeds, fruits, and vegetables.

Achieving a healthy society via Ayushman Bharat, well-nourished women & children, the safety of citizens.

Emphasis on MSMEs, Start-ups, defense manufacturing, automobiles, electronics, fabs and batteries, and medical devices under Make in India.

Transportation 

Rs. 50 lakh crore investment needed in Railway Infrastructure during 2018-2030.

657 kilometers of Metro Rail network has become operational across the country.

National Highway Programme to be restructured to ensure a National Highway Grid, using a financeable model.

Only advanced-battery-operated and registered e-vehicles to be incentivized under FAME Scheme

An outlay of Rs. 10,000 crore for 3 years approved for Phase-II of FAME Scheme.

Upfront incentive proposed on purchase and charging infrastructure, to encourage faster adoption of Electric Vehicles.

Regulatory roadmap for making India a hub for aircraft financing and leasing activities from Indian shores, to be laid by the Government.

State road networks to be developed in the second phase of the Bharatmala project.

The navigational capacity of Ganga to be enhanced via multi-modal terminals at Sahibganj and Haldia and a navigational lock at Farakka by 2019-20, under Jal Marg Vikas Project.

Four times increase in the next four years estimated in the cargo volume on Ganga, leading to cheaper freight and passenger movement and reducing the import bill.

Additional income tax deduction of Rs. 1.5 lakh on interest paid on electric vehicle loans.

Customs duty exempted on certain parts of electric vehicles.

A massive program of railway station modernization to be launched

Power

Power at affordable rates to states ensured under ‘One Nation, One Grid’.

Blueprints to be made available for gas grids, water grids, i-ways, and regional airports.

High-Level Empowered Committee (HLEC) recommendations to be implemented:

Retirement of old & inefficient plants.

Addressing the low utilization of gas plant capacity due to the paucity of Natural Gas.

Cross subsidy surcharges, undesirable duties on open access sales or captive generation for industrial and other bulk power consumers to be removed under Ujjwal DISCOM Assurance Yojana (UDAY).

Package of power sector tariff and structural reforms to be announced soon.

Solar stoves and battery chargers to be promoted using the approach of LED bulbs mission.

Approximately 35 crores LED bulbs distributed under UJALA Yojana leading to cost saving of Rs. 18,341 crore annually.

FDI

FDI in sectors like aviation, media (animation, AVGC) and insurance sectors can be opened further after the multi-stakeholder examination.

Insurance Intermediaries to get 100% FDI.

Local sourcing norms to be eased for FDI in Single Brand Retail sector.

New Space India Limited (NSIL), a PSE, incorporated as a new commercial arm of the Department of Space.

To tap the benefits of the Research & Development carried out by ISRO like the commercialization of products like launch vehicles, transfer to technologies and marketing of space products.

Tax rate reduced to 25% for companies with an annual turnover up to Rs. 400 crore

Those who don’t have PAN can file tax returns using Aadhaar.

Aadhaar can be used wherever PAN is required.

‘Study in India’ proposed to bring foreign students to study in Indian higher educational institutions.

Naari Tu Narayani/Women

Approach shift from women-centric-policy making to women-led initiatives and movements.

A Committee proposed with Government and private stakeholders for moving forward on Gender budgeting.

SHG:

Women SHG interest subvention program proposed to be expanded to all districts.

Overdraft of Rs. 5,000 to be allowed for every verified woman SHG member having a Jan Dhan Bank Account.

One woman per SHG to be eligible for a loan up to Rs. 1 lakh under MUDRA Scheme.