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Finance Minister Nirmala Sitharaman today (5th July 2019) presents her 1st Union budget in Parliament. This is also the first Budget of the Narendra Modi-led NDA government in its 2nd term.This is overall 89th Budget of India.
Moving away from a British-era tradition, Sitharaman ditched the traditional briefcase that has been used by past finance ministers who have presented the budget. Instead, she chose to carry the Budget 2019 documents in a red cloth with National Emblem embossed on it. The four-fold cloth was tied with a yellow-red string in abow. Speaking about this unusual choice for carrying the Budget papers, Chief Economic Advisor Krishnamurthy Subramanian said, "Keeping Budget documents in the red cloth is in Indian tradition. It symbolises our departure from slavery of Western thought. It is not a Budget, but a 'bahi khata' (ledger)".
Note : With this Budget presentation, Sitaraman became the 1st female full-time finance minister to present the Union Budget. Former Prime Minister Indira Gandhi.
Among key announcement, Sitharaman said the government will launch an inter-opearable ATM-like One Nation One Card for pan-India travel, new rental laws for affordable housing and interest subvention scheme for MSMEs. Here are the major Highlights of the Finance Minister's Budget Speech 2019.
Union Budget 2019-20 Highlights
Transportation
- Inter-operable One Nation One transport card: National transport card for universal travel which can used on various modes of transport (road, railways etc). The card can also be used as a ATM card for withdrawing money.
- Govt plans to create MRO (Manufacturing, Repair and Operate) industry
- Schemes such as BharatMala, Sagarmala and UDAN are bridging rural urban divide and improving our transport infrastructure.
- PPP to be used to unleash faster development and the delivery of passenger freight services.
- Comprehensive restructuring of National Highways Programme for creation of National Highways Grid.
- Government envisions using rivers for cargo transport,it will also decongest roads and railways.
Railways
- 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.
MSME
- 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
- New payment platform for MSMEs to be created
Affordable housing
- Rental laws to be reformed. Modern tenancy law will be shared with states to promote house renting.
Education
- Govt to launch 'Study in India' programme to attract foreign students in higher education
- To unveil new education policy, National research foundation, new Higher Education Commison with focus on higher autonomy
FDI
- Local sourcing norms will be relaxed for the Single brand retail sector
- Govt of open FDI in aviation, insurance, animation AVGC and media
Investment
- Existing KYC norms for FPIs to be rationalized and simplified to make it more investor-friendly
- Long-term bonds for market
- To allow FIIs & FPIs investment in debt securities issued by NBFCs
- Credit Guarantee Enhancement Corporation to be set up long-term bonds with specific focus on infra sector
- Propose Social Stock Exchange under SEBI for listing social enterprises & voluntary organisations
- To merge NRI portfolio route with FPI route
- To hike statutory limit for foreign investment in some companies
- To set up a credit guarantee enhancement corporation
- Govt will take up measures to make RBI & SEBI depositories inter-operable
- SEBI to mull increasing minimum public shareholding to 35% from 25%
- User friendliness of trading platforms for corporate bonds will be reviewed, including issues arising out of capping of International Securities Identification Number
- To deepen corporate tri-party repo market in corporate debt securities. Plan to enable stock exchanges to allow AA rated bonds as collaterals.
- Annual Global Investors' Meet for attracting global players to come and invest in India.
- To allow FPIs to subscribe to listed debt papers of REITs
Auto sector
- FAME II scheme aims to encourage faster adoption of electric vehicles by the right incentives and charging infrastructure
Rural India
- 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.
- Govt will set up 100 new clusters for 50,000 artisans in FY20
- To invest Rs 80,250 cr for upgradation of roads under PM Gram Sadak Yojana
- Every single rural family except those unwilling to have electricity by 2022
Agriculture
- Govt to promote innovative 0 Budget farming.
- 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
Space
- India has emerged as a major space power. It is time to harness our ability commercially.
- A public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap benefits of ISRO
State of the Economy
- Railways will require investment of Rs 50 lakh crore from 2018-30
- The unambiguous mandate by the people in the recent election has set the ball rolling for the New India
- The people of India have validated their two goals for our country's future: national security and economic growth.
- ' Yakeen ho to koi raasta niklata hai, hawa ki awt (protection) bhi le kar chiragh jalta hai'
- It took us over 55 years to reach $1 trillion dollar economy, but we added $1 trillion in just 5 years
- We can very well reach $5 trillion in the next few years.
- 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
- Government lays out 10-point vision for the New India
- India will become $3 trillion economy this year. We need to continue to take many structural reforms to achieve $5 trillion economic goal.
- Connectivity is the lifeline of the economy.
Note : The PDF Version of Union Budget 2019-20 will be available to download after completion of Sitaraman's Budget Speech.
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