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Highlights: Budget 2019

Modi government today presented the Union Budget to boost foreign investment and improve the infrastructure of the country. It is expected to be a crucial time when the economy is slowing down.
Taking into account finance minister Nirmala Sitharaman announced several resolutions which included – hikes on excise duty on fuel, no changes in personal income tax rates, additional tax relief for home loan holders, increased tax rates for the super-rich.
Concerning other announcements, Sitharaman said the digital payments will get cheaper, ATM-like One Nation One Card for pan-India travel will be launched and new model rental laws will boost affordable housing.

  1. Housing
  • Modern tenancy law will be shared with states to promote house renting. Rental laws also to be reformed.
  1. Taxes
  • Additional Rs 1.5 lakh tax relief on home loans.
  • No changes in personal income tax slabs.
  • Direct tax revenue increased by 78 per cent.
  • Increase in surcharge on the super-rich: 3% surcharge on Rs 2 crore income; 7% on Rs 5 crore and above.
  • Custom duty hike on fuel by 1 rupee, gold and precious item. Petrol and diesel to get costlier.
  • Standardised for Aadhaar for ITR and PAN who don’t have PAN cards.
  • Annual turnover limit for 25% Corporate tax raised to Rs 400 crore from Rs 250 crore.
  • Taxpayers with an annual turnover of less than Rs 5 crore to have to file only quarterly.
  1. Transportation
  • Inter-operable One Nation One Transportation Card: The universal transport card which can be used for universal travel on various modes of transport (road, railways, etc). This card can also be used as an ATM card for withdrawing money.
  • MRO (Manufacturing, Repair and Operate) industry to be created.
  • For the creation of National Highways Grid, a comprehensive restructuring of National Highways Programme.
  • Govt will provide additional income tax deduction of Rs 1.5 lakh on the interest paid on the loans taken to purchase EVs.
  • PPP to be used for delivery of passenger freight services and unleash faster development.
  1. Digital Payments
  • For business payments, 2 per cent TDS on withdrawals of Rs 1 crore in a year from bank accounts.
  • MDR charges waived on cashless payment.
  1. Ease of Living
  • Aadhaar card issuance under 180 days for NRIs on arrival in India.
  • Govt to open embassies in countries where India doesn’t have a resident diplomatic mission as yet.
  • Rs 3,000 per month pension for informal sector workers.
  1. Women Empowerment
  • Rs 1 lakh loan to be provided for SHG women members.
  • Woman SHG member having a Jan Dhan account can avail Rs 5,000 rupees overdraft facility.
  • Nari tu Narayani: Women SHG Interest Subvention Programme to be expanded to all districts in India.
  1. Economy
  • Government to start raising part of borrowing in foreign currency.
  • Govt external debt to GDP is among the lowest in the world.
  • Fiscal deficit in FY19 at 3.3% of the GDP.
  1. Banking
  • Government to infuse Rs 70,000 crore capital to PSUs.
  • Regulation of HFCs (Housing Finance Cos) to move to RBI from National Housing Bank.
  • Govt will provide one-time 6-month credit guarantee on the purchase of high-rate pooled assets of NBFC amounting of Rs 1 lakh crore in this FY.
  1. Railways
  • Encouraging to invest more in suburban rail network via SPVs.
  • A new PPP model will usher the new dawn of Indian railway.
  • Railway infrastructure will need an investment of Rs 50 lakh crore between 2018 and 2030.
  1. Divestment
  • Government to continue with strategic divestment of select CPSEs.
  • Divestment target of Rs 1.05 lakh crore for FY20.
  • Govt to modify the present policy of retaining 51% stake in PSUs.
  1. Education
  • ‘Study in India’ programme to be launched by the government to attract foreign students.
  • To introduce a new education policy.
  • National research foundation to fund, coordinate and to promote research in the country.
  • Allocate Rs 400 crore for world-class higher education institutions in FY20.
  • New national education policy to propose changes in school, higher education.
  • New Higher Education Commission with a focus on higher autonomy.
  1. MSME
  • Creation of new payment platform for MSMEs.
  • Propose to commence a television channel for start-ups.
  • Stand Up India’ Scheme Programme to continue till 2025.
  • Propose easing angel tax for start-ups.
  • Won’t require scrutiny from the Income Tax department for a startup.
  • 2% interest subvention for GST-registered MSME on fresh or incremental loans.
  • To extend pension benefit to retail traders with annual turnover less than Rs 1.5 crore.
  1. Tourism
  • 17 iconic tourist sites to be developed in the country.
  1. Investment
  • Long term bonds for markets.
  • To merge the FPI route with NRI portfolio route.
  • To allow FIIs & FPIs investment in debt securities issued by NBFCs.
  • Existing KYC norms for FPIs to be rationalized and simplified to make it more investor-friendly.
  • Propose Social Stock Exchange under SEBI for listing social enterprises & voluntary organisations.
  • Credit Guarantee Enhancement Corporation to be set up long-term bonds with a specific focus on infra sector.
  • To set up a credit guarantee enhancement corporation.
  • To hike a statutory limit for foreign investment in some companies.
  • SEBI to mull increasing minimum public shareholding to 35% from 25 %. Plan to enable stock exchanges to allow AA rated bonds as collaterals. To deepen corporate tri-party repo market in corporate debt securities.
  • User-friendliness of trading platforms for corporate bonds will be reviewed, including issues arising out of capping of International Securities Identification Number.
  • To allow FPIs to subscribe to listed debt papers of REITs.
  • Annual Global Investors’ Meet for attracting global players to come and invest in India.
  1. FDI
  • Govt of open FDI in aviation, insurance, animation AVGC and media.
  • Local sourcing norms will be relaxed for the Single brand retail sector.
  1. Auto Sector
  • FAME II scheme aims to encourage faster adoption of electric vehicles by the right incentives and charging infrastructure.
  1. Rural India
  • To invest Rs 80,250 cr for up-gradation of roads under PM Gram Sadak Yojana.
  • Gaon, Garib and Kisan are the focus of our government.
  • Pradhan Mantri Gram Sadak Yojana Phase 3 is envisaged to upgrade 1,25,000 km of road length over the next 5 years.
  • New Jal Shakti ministry will work with states to ensure Har Ghar Jal for all rural houses by 2024.
  • Every single rural family except those unwilling to have electricity by 2022.
  • Govt will set up 100 new clusters for 50,000 artisans in FY20.
  1. Space
  • Govt will set up 100 new clusters for 50,000 artisans in FY20.
  • India has emerged as a major space power. It is time to harness our ability commercially.
  1. Agri
  • 10,000 new farmer producer organisations.
  • 80 Livelihood business incubators and 20 technology business incubators to be set up in 2019-20 under ASPIRE to develop 75,000 skilled entrepreneurs in agro-rural industries.
  • Govt to promote innovative 0 Budget farming.
  1. Sports
  • To popularise sports at all levels, the National Sports Education Board for development of sportspersons to be set up under Khelo India.
  1. State of the economy
  • Schemes such as BharatMala, Sagarmala and UDAN are bridging the rural-urban divide and improving our transport infrastructure.
  • Gandhipedia’ is being developed to sensitize the youth about positive Gandhian values.
  • Railways will require an investment of Rs 50 lakh crore from 2018-30.
  • Rashtriya Swachhta Kendra to be inaugurated at Raj Ghat on Oct 2.
  • The unambiguous mandate by the people in the recent election has set the ball rolling for the New India.
  • NPAs recovery of Rs 4 lakh crore over the last four years, NPAs down by Rs 1 lakh crore in the last one year.
  • Last-mile delivery stood out, citizens in every nook and corner of the country felt the difference; our objective was and continues to be Mazbooth Desh Ke Liye Mazbooth Nagarik.
  • We can very well reach $5 trillion in the next few years.
  • It took us over 55 years to reach $1 trillion dollar economy, but we added $1 trillion in just 5 years.
  • Government lays out a 10-point vision for the New India.
  • India will become a $3 trillion economy this year. We need to continue to take many structural reforms to achieve $5 trillion economic goals.
  • ‘ Yakeen ho to koi raasta niklata hai, hawa ki awt(protection) bhi le kar chiragh jalta hai’

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