Key Points of Union Budget 2019

Nirmala Sitharaman in LSPhoto Credit: Twitter Loksabha TV

New Delhi India’s First full time Female Finance Minister Nirmala Sitharaman begins her speech with an inspirational Urdu couplet, before introducing Union Budget 2019 in the parliament.

Yakin ho to koi raasta nikalta hai

Hawa ki oat bhi lekar charag jalta hai

During the Budget speech, the Finance Minister confirms the possibilities of India becoming a 3 trillion dollar economy in 2019 itself. She said the objective of the Government was and continues to be ‘Mazboot desh ke liye Mazboot nagrik’ and the task will surely be completed with determined human efforts.

Sitharaman dumps Budget briefcase for ‘bahi khaata’

Key points of the Budget 2019 are:

– Under MUDRA scheme, one woman in every SHG will be made eligible for a loan of Rs 1 lakh

– Rs 70,000 crore to be provided to public sector banks to boost capital and improve credit

– Exclusive TV programme for start-ups proposed

– Multiple labour laws to become 4 labour codes

– India to be open defecation free by Oct 2, 2019

-National Sports Education Board to be set up

– National Education Policy to transform and take India’s higher education system to global standards

– New platform for providing loans to MSMEs

-350 crores allocated for GST-registered MSMEs

– New tariff policy for power sector soon

– PMAY-Gramin to ensure 1.95 cr houses to eligible beneficiaries

– Pension benefits for 3 crore shop-owners with annual turnover of less than Rs 1.5 crore under Pradhan Mantri Karamyogi Mandhan Scheme

– Every single rural family, except those unwilling to get access, will have electricity by 2022

– A new series of coins of denominations, Rs.1, 2, 5,10 and 20 in the pipeline

– 1.25 lakh km of roads will be upgraded under Pradhan Mantri Gram Sadak Yojana at an estimated cost of nearly Rs 80,200 crore

– FAME II scheme aims to provide necessary charging infra and encourage faster adoption of electric vehicles for the common man

– 1.95 crore houses are proposed to be provided to eligible beneficiaries under the Pradhan Mantri Awas Yojana

– Proposal to increase minimum public shareholding in companies to 35 percent from 25 percent to deepen the corporate bond market

– Proposal to expand Swachh Bharat to undertake solid waste management in every village

– A platform, for listing social enterprises and voluntary organisations to raise capital as equity, debt or units like mutual fund, to be made

– 100 new cluster will be set up between 2019-20 to integrate 50,000 artisans with the value chain. SFURTI to mark new dawn of value chain.

– The dream of Har Ghar Jal will be achieved by 2024

-To harness India’s space ability commercially, a public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap benefits of ISRO

– A ‘Gandhipedia’ is being developed by National Council for Science Museums to sensitise people of positive Gandhian values

– National Research Foundation to be set up to strengthen overall research ecosystem in the country: FM

– Every panchayat in the country now will receive internet connectivity under Bharat Net

– To make India a hub of higher education, the government proposes ‘Study in India’ to bring in foreign students to pursue education here

– Allocation of Rs 400 crore for world-class higher education institutions in the country

– A set of ‘four labour codes’ proposed to streamline multiple labour laws

-A committee to evaluate and suggest measure to improve women’s welfare

-PAN and Aadhaar will be interchangeable now so that Aadhaar can be used for verification with no requirement for PAN

-Additional deduction of Rs 1.5 lakh on interest on loans borrowed under affordable housing unitl 2020

-Additional income tax deduction of Rs 1.5 lakh on interest paid on loans taken to buy electric vehicles

-25 percent corporate tax rate has been extended to companies with an annual turnover of up to Rs 400 crore

– A new series of coins, including for Rs 20, will be launched shortly for public use

– An enhanced target of Rs 1.05 crore for disinvestment during FY20 and continuation of disinvestment of PSUs in the non-financial space as well

-One-time six month partial credit guarantee to be given to PSBs to buy pooled assets of financially sound NBFCs

-17 iconic tourism sites being developed as world-class tourist centres to improve tourism

-Schemes to be launched to invite global companies to transparent competitive bidding to set up mega manufacturing plants in advanced the areas such as solar electric charging infra and computer server