-The budget is for a
New India has a roadmap to transform the agriculture sector of the country,
this budget is one of hope, says Narendra Modi
-Fully automated GST
Refund module shall be implemented; multiple tax ledgers to be replaced by one;
invoice details to be captured in a central system
-Basic customs duty on
certain items to be increased to promote the cherished goal of Makein India.
Import of defence equipment not manufactured in India are being exempted from
basic customs duty.
-The government today
increased customs duty on Gold. According to the Budget proposals, import duty
to be hiked on gold and precious metals to 12.5%, from current level of 10%.
-I propose to increase
special additional excise duty and road and infrastructure cess each one by 1
rupee a litre on petrol and diesel.
-Nirmala Sitharaman
kept the Income tax slab Rates unchanged but announced a slew of new
income tax proposals
-To provide further
impetus to affordable housing, additional deduction of 1.5 lakh rupees on
interest paid on loans borrowed upto 31 March 2020 for purchase of house up
to ₹45 lakh.
-Additional income tax
deduction of 1.5 lakh rupees on the interest paid on the loans taken to
purchase Electric Vehicles.
-To discourage the
practice of making business payments in cash, the government proposes to levy
TDS of 2% on cash withdrawal exceeding ₹1 crore in a year from a bank account.
- PAN and Aadhaar now interchangeable: More
than 120 crore Indians now have Aadhar card, therefore for ease of tax payers I
propose to make PAN card and Aadhar card interchangeable and allow those who
don't have PAN to file returns by simply quoting Aadhar number and use it
wherever they require to use PAN.
-Public sector banks to
be provided 70,000 crore rupees to boost capital and improve credit.
-For purchase of
high-rated pooled assets of financially sound Non Banking Finance Companies
amounting to 1 lakh crore rupees during 2019-20, one-time six-month partial
credit guarantee to be given to public sector banks (PSBs).
-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.
-A new series of coins
of Re 1, ₹2, ₹5, ₹10, ₹20 easily identifiable to the visually impaired
were released by the PM on 7th March 2019. These coins will be made available
for public use shortly.
-Four new embassies to
be opened in 2019-20, to improve footprint of India's overseas presence and to
provide better public services to local Indian communities.
-Regulation authority
over housing finance sector to be returned from National Housing Bank to RBI.
-To further encourage
women entrepreneurship, Women Self Help Group(SHG) Interest Subvention
Programme to be expanded to all districts in India.
-Non-performing
asset(NPAs) recovery of ₹4 lakh crore over the last four years, NPAs
down by ₹1 lakh crore in the last one year.
-To popularise sports
at all levels, National Sports Education Board for development of sportspersons
to be set up under Khelo India.
-Exclusive TV
programme exclusively for startups to be started, channel will be designed and
executed by startups themselves.
-I propose to consider
issuing Aadhar card for Non Resident Indians (NRIs) with Indian passports
after their arrival in India without waiting for the mandatory 180 days
-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.
-India will be made
open defecation free on 2 October 2019, as per the dream of Prime Minister
Narendra Modi.
-Jal Shakti Ministry
will look at the mgmt of our water resources and water supply in an integrated
and holistic manner and will work with states to ensure 'Har Ghar Jal', to all
rural households by 2024 under 'Jal Jeevan Mission'.
-The government will
invest widely in agricultural infrastructure and support private
entrepreneurship in driving value addition to farmers produce and those from
allied activities too, like bamboo, timber and also for generating renewable
energy.
-9.6 crore toilets have
been constructed since 2 October 2014. More than 5.6 lakh villages have become
open defecation free. I propose to expand the Swachh Bharat mission to
undertake sustainable solid waste management in every village.
-The government will
bring out a policy framework for making India a global hub of aircraft
financing and leasing activities. The idea is to encourage new industries to
come up, leveraging India’s existing capabilities that will add more quality
jobs.
-India has emerged as a
major space power. To harness India's space ability commercially, a public
sector enterprise, New Space India Limited (NSIL) has been incorporated to tap
the benefits of ISRO
-Every rural family,
except those who are unwilling to take the connection will have electricity and
clean cooking gas.
-In the second phase
of PMAY, 1.95 crore houses are proposed to the beneficiaries.
-It is the right time
to consider increasing minimum public shareholding in the listed companies, I
have asked market regulator Sebi to consider raising the current threshold of
25% to 35%.
-Government will invite
suggestions for further opening up of FDI in aviation sector, media, animation
AVGC and insurance sectors in consultation with all stakeholders. 100% FDI will
be permitted for insurance intermediaries.
-Credit Guarantee
Enhancement Corporation will be set up in 2019-20, action plan to deepen
markets for long-term bonds with specific focus on infrastructure sector to be
put in place.
-Pension benefit to be
extended to around 3 crore retail traders and shopkeepers with an annual
turnover less than ₹1.5 crore under Pradhan Mantri Karam Yogi Man
Dhan Scheme.
-Comprehensive
restructuring of National Highways Programme will be done, to ensure the
creation of National Highways Grid of desirable capacity.
Railway infrastructure
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.
-Current rental laws
are archaic. A modern tenancy law would be finanlised and forwarded to states
-Schemes such as
'Bharatmala', 'Sagarmala' and UDAN are bridging the rural and urban divide,
improving our transport infrastructure.
-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.
-The Indian economy
will grow to become a $3 trillion economy in the current year itself. It
is now the sixth largest in the world. 5 years ago it was at the 11th position.
-Average amount spent
on food security per year approximately doubled during 2014-19 compared to
preceding five years.
-Vision for the
decade: From 1.85 trillion dollars in 2014, the economy has reached 2.7
trillion US dollars withing five years. We are well within capacity to reach $5
trillion economy in next few years.
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