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Finance Minister Nirmala Sitharaman presents Union Budget 2019-20

PM Modi says it is 'Green Budget;' Cong feels it is old wine in new bottle

Prime News, National (New Delhi), July 5:- Finance Minister Nirmala Sitharaman presented the first budget in the second term of Narendra Modi government for the fiscal year 2019-20 in the Lok Sabha today. This is the first budget being presented by a woman Finance Minister.

Starting her budget speech, Sitharaman said, with the verdict of the general election, the people of India have validated their two goals for the country’s future – national security and economic growth.

She said that first term of Prime Minister Narendra Modi-led NDA govt stood out as a performing government. “Between 2014-2019,  Prime Minister provided a rejuvenated centre-state dynamics, cooperative federalism, GST council and strident commitment to fiscal discipline and set the ball rolling for New India.”

She said that from $1.85 trillion in 2014, the economy has reached $ 2.7 trillion and we can very well reach $ 5 trillion in the next few years. She added the Indian economy will grow to become a $ 3 trillion economy this year itself.

Finance Minister said Rs 350 crore has been allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans.

Pension for shopkeepers & retailers with a turnover os less than Rs. 1.5 crore to be launched under Pradhan Mantri Karma Yogi Maan Dhan Scheme.

Finance Minister said that schemes such as ‘Bharatmala’, ‘Sagarmala’ and UDAN are bridging the rural and urban divide and are improving our transport infrastructure.
Railway infrastructure would need an investment of Rs 50 lakh crore between 2018 and 2030.

PPP to be used to unleash faster development and the delivery of passenger freight services.

A comprehensive restructuring of National Highways Programme will be done, to ensure the creation of National Highways Grid of desirable capacity. The government envisions using rivers for cargo transport, it will also decongest roads and railways.

She said the government will invite suggestions for further opening up of FDI in the aviation sector, media, animation AVGC and insurance sectors in consultation with all stakeholders. 100% FDI will be permitted for insurance intermediaries.

The Finance Minister also said the amount spent on food security doubled during 2014-19 from the previous five years. Moreover, the number of patents tripled during 2018-19.

Earlier, Sitharaman called on President Ramnath Kovind before presenting the Union Budget as per tradition.

Meanwhile, calling it a “Green Budget”, PM Modi said, “This Budget provides an assurance to its citizens that we are in the right direction. This Budget fulfils the expectations of 21st century India.” However, Adhir Ranjan Chowdhury, Leader of Congress in Lok Sabha, said, “Nothing new, repetition of old promises. They are talking about new India but the budget is old wine in a new bottle.”

Leader of Congress in Lok Sabha, Adhir Ranjan Chowdhury says, “Nothing new, repetition of old promises. They are talking about new India but the budget is old wine in a new bottle. Nothing new, no plan for employment generation, no new initiatives.”

UNION BUDGET 2019 HIGHLIGHTS

*India to be Open-defecation free by October 2, 2019

*Cargo movement in Ganga will increase 4 times in 4 years

*Cess on petrol, diesel raised by Re 1 per litre

*Every single rural family, except those unwilling to take connection, to have electricity, LPG connection by 2022

*PAN and Aadhaar card made interchangeable, allowing those who do not have PAN to file returns

*Government to streamline multiple labour laws into a set of four labour codes

*Study in India programme to attract foreign students

*RBI to get regulation authority of housing finance sector

*Customs duty on certain parts of electric vehicles removed

*Power at affordable rates to states ensured under ‘One Nation, One Grid’

*TDS of 2 per cent on cash withdrawal of more than Rs 1 cr from a bank account

*Railway station modernisation programme to be launched this year

*Proposal to set up an exclusive TV channel for startups

*Jal Jeevan Mission to achieve Har Ghar Jal (piped water supply) to all rural households by 2024

*Basic customs duty on auto parts, optical fibres, digital camera, cashew, certain synthetic rubber, vinyl flooring hiked

*Aadhaar card for NRIs with Indian passports to be issued after their arrival in India, without waiting for the mandatory 180 days

*New series of coins of Re 1, 2, 5, 10, 20 easily identifiable for visually challenged to be made available for public use

*Blueprint for a national gas grid, water grid, i-ways and airports to be unveiled

*Funds raised by startups will not require any scrutiny by the tax department

*Govt to build 17 iconic sites to encourage the arrival of tourists in India

*Pradhan Mantri Gram Sadak Yojana phase 3 to upgrade 1,25,000 km of road length over the next 5 years

*Package for power sector tariff and structural reforms to be unveiled soon

*1.95 cr houses to be constructed under Pradhan Mantri Awas Yojana (PMAY) from FY20-22

*NRI portfolio route to be merged with FPI for seamless investment in stock markets

*Govt to liberalise FDI in aviation, media, animation and insurance intermediaries

*10,000 new farmer producer organisations to be set up

*One hundred new clusters to be set up in 2019-20 to enable 50,000 artisans to come into the economic value chain

* No change on income tax slabs proposed. However, the FM has proposed to increase the surcharge on individuals having income between 2-5 crore to 3 per cent, and 7 per cent for those with income exceeding Rs 7 crore.

* Increase in customs duty on gold and other products

* Increase in the surcharge for those earning Rs 5 crore and above (MR, Inputs: Agencies).

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