India’s newly appointed Finance Minister, Smt Nirmala Sitharaman today (5th July 2019) presented the first budget of the second term of the Modi government or Modi 2.0 Government at the Parliament. Breaking the old ‘briefcase tradition’, Finance Minister entered the Parliament, carrying the budget papers covered in a ‘red cloth’. It must be noted that Sitharaman is the second woman Finance Minister after Late Smt. Indira Gandhi to present the budget.
What are the key highlights of the Union Budget 2019?
Here are the key highlights of the Budget 2019:
1. The key focus will be on Gaon, Garib and Kisan
2. Stress on Zero Budget Farming. Sitharaman said even though zero budget farming is not something new, she would like to shift the focus on going back to the roots & re-examine the implementation of zero budget farming. She said 10000 new farmer producer organisations (FPOs) will come up for ensuring market reach for cultivators.
3. Pension for the unorganized sector workers announced.
4. Har Ghar Jal for all Villages by 2024. Cities, Villages to be made with better technology
5. Pension benefit will be extended to around 3 crore retail traders, shopkeepers with annual turnover less than Rs. 1.5 crore under Pradhan Mantri Karam Yogi Man Dhan Scheme.
6. Swachh Bharat mission to be expanded further.
7. PMAY-GRAMIN – 1.95 crore house to eligible beneficiaries
8. Focus on skills sets needed for jobs abroad
9. Steps will be taken to encourage foreign students to India for Higher Education
10. Will develop 75000 skilled entrepreneurs’ agro-rural industries
11. Our mantra will be – Nari to Narayani. Will expand women SHG programmes
12. 75000 crore for PSU Banks
13. 100 lakh crore for Infrastructure over 5 years
14. Every rural family, except those unwilling to take connection will have electricity, LPG connection by 2022
15. Proposes to consider issuing Aadhaar cards to the NRIs who still have Indian passports upon their arrival.
16. No Income tax for less than 5 Lakh per year income. 7% extra tax on 5 crore income. 3% more tax on 2-5 crore income.
17. Tax redemption to encourage purchase of e-cars
18. Angel tax relief for the start Ups
19. Pan-Aadhaar card interchangeable for filing returns
20. Rs. 1 Cess for petrol and Diesel
21. Customs duty on certain parts of electric vehicles removed
22. TDS of 2 per cent on cash withdrawal of more than Rs 1 crore from a bank account
23.New series of Re 1, 2, 5, 10, 20 coins easily identifiable for visually challenged to be made available for public use
These are some of the main highlights of today's budget.
