Union Budget 2019 Highlights: Know the Biggest Point of Finance Minister Nirmala Sitharaman’s Budget Speech.
The first budget of the second term of the Modi Government is being presented. This is also the first budget for Finance Minister Nirmala Sitharaman. Here we are reconciling every major announcement in this budget.
The country’s first woman full-time finance minister Nirmala Sitharaman presented her first budget. After the second term of the Modi government, some expectations were met from the budget, then there was some water again. The country’s first women’s full-time financial minister, Nirmala Sitharaman, does not allow the middle class to directly discount the tax slabs in their first budget, but the tax exemption on home and vehicle purchase is definitely guaranteed. Let’s see what the Finance Minister made big announcements in the budget.
Tax rebates on affordable loans for affordable homes
Up to 2 lakh rupees was allowed in the tax on interest payment. But now additional interest of tax of Rs 1.5 lakh will be given on the interest paid on loan taken till March 31, 2020. I.e., to buy Affordable House worth Rs. 45 lakhs, the loan seekers will be exempted from the tax up to 3.5 lakh rupees. According to the finance minister, in the 15 year loan period, the buyer will now get the benefit of Rs 7 lakh.
Petrol-diesel, gold expensive
Petrol-Diesel was increased by 1 rupee cess. Customs duty on gold and other precious metals has been increased from 10 percent to 12.5 percent.
Levy on cash withdrawal
The bank account will have to pay 2 percent levy on cash withdrawal with more than Rs 1 crore in a year. The government has brought this system to eliminate the habit of cash transactions. At the same time, no extra charge or MDR will be charged from the consumer on digital payment.
Pan will be replaced by base work
The government has given great relief to those who do not have a PAN card. Now wherever the PAN Card information will be sought, the work will be completed by providing the Aadhaar Number. Therefore, the compulsory requirement of PAN has now come to an end. If the base number is given instead of the PAN, then there will be an exemption to fill Income Tax Return (ITR).
Increase the scope of the minimum corporate tax slab of 25%
Companies with annual turnover up to Rs 400 crore have been brought under the lowest tax slab of 25%. Prior to this, companies with an annual turnover of Rs 250 crore were in this area. With the new decision, 99.30 percent of companies will now be covered under 25% corporate tax, while only 0.70 percent of the company will remain out of it.
78% increase in direct tax revenues
Revenue from the direct tax increased by 78%. Its 6.38 lakh crore year 2013-14 is about 11.37 lakh crore 2018-19 every year growing at double speed.
Access to all banks from a government bank
An easy way to make the lives of ordinary citizens easier for an online personal loan, doorstep banking, opening an account in government bank and giving permission to take advantage of all government-owned banks is being arranged. If someone else deposits the cash in someone’s account, then the account holder can not know about that person. The account holder gets into trouble with this. We are going to make such arrangements from which the account holder will know who is depositing cash in his account.
‘Naari Tu Narayani’
The tradition of this country is of ‘Nari, Tuj Narayani’. Swami Vivekananda had said in a letter to Swami Ramakrishna, “There is no room for the welfare of the world without improvement of women’s condition.” In the last decade, the socio-economic status of the women of the country has improved. In recent elections, women’s records were turnout because they are taking part in more and more advanced. This time, in the Lok Sabha, the highest number of 78 women have been chosen, which is a record so far. This Government has promoted Viman Entrepreneurship with all the schemes like Money, Startup India, Standup India, Self Help Group (SHG). Further, to promote women entrepreneurs, we propose to implement Viman SHG Intensive Subvention Program in every district. Also, every woman’s verified SHG (Self Help Group) member who has the Janhanan Account will be given an overdraft facility of Rs. 5,000. Also, every Verified Woman member of Self Help Group will be allowed to take loan up to Rs 1 lakh under the Monetary Policy Scheme.
Beginning of the scheme for rural employment
Considering that even today the large population of the country lives in the villages and depends on cultivation and traditional occupations, the more common facility centers will be set up under the Scheme of Fund for Upgradation and Regeneration of Traditional Industries (SFURTI) and the agro-rural 75 thousand skilled entrepreneurs will be created in the industry sector. We will encourage private entrepreneurship for value addition to farmers in the crops grown. We are going to give big help to the farmers in the area of bamboo, wood and renewable energy. Our government will also make an advertiser an energy producer. A lot of programs have been prepared for this.
Improvement in the higher education system
Five years ago, there was not even a single educational institution in the world’s top 200. Today, three institutes including two IITs come in this list. Further reforms in regulatory systems for higher education institutions will be brought in so that the higher education environment in the country can become international.
Pradhan Mantri Gram Sadak Yojna
Modi Government has given 130 to 135 kms in the last 1000 days. Build long roads every day Under the Pradhan Mantri Gram Sadak Yojna, 30 thousand kilometers of roads have been constructed using Green Technology. In this, carbon footprint has been reduced by West Plastics and Coal Mixed Technology. In the third phase of the Pradhan Mantri Gram Sadak Yojana, 1.25 lakh kms. The roads will be upgraded in the next five years. It will cost Rs 80,250 crore.
Second phase of the Prime Minister’s Housing Scheme
In the second phase of the Prime Minister Housing Scheme (Rural), the target of allocation of 1.95 crore houses has been fixed during 2020 to 2021-22. These will facilitate toilets, electricity connections and gas (LPG). In 2015-16, it used to take 314 days to build the house, but now it has been reduced to 114 days by reducing it using Direct Benefit Transfer (DBT) platform.
India needs to invest Rs 20 lakh crore every year. Several reforms have been proposed for the infrastructural financing. Notification has been received by RBI for the Credit Guarantee Enhancement Corporation. It will be established in 2019-20. FIIs and FI investments will be allowed to transfer domestic investors for a fixed period in the debt securities issued by Infrastructure Debt Funds and NBFCs.
The government holds an approach to transport the rivers. Under the waterway development project, a multimodal terminal in Varanasi is functional from November. There are two more terminals in Sahibganj and Haldia.
Special emphasis is placed on the infrastructure sector in the budget speech. The Finance Minister mentioned the goals of the Modi government to strengthen the road, waterway and airways.
We added 1 lakh crores to the country’s GDP in the last five years on the hope, confidence and aspiration of our citizens. Indian economy will be worth 3 lakh crores this year: Finance Minister
Discussing 10 outlooks for the development of the country, Sitharaman discussed from physical-social infrastructure to digital infrastructure and from make in India to the blue economy.
If there is any way out, the lamp also burns with the wind and the wind: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said that our government has the vision of development and will continue to be- “strong citizens for a strong country”
Cabinet cabinet approval
The central cabinet meeting is going on in Parliament. In this meeting, the budget proposals will be approved by the Union Cabinet after which it will be presented in Parliament. Explain that the budget speech of Finance Minister Nirmala Sitharaman will be debated in both the Houses of Parliament, the Rajya Sabha and the Lok Sabha, after which it will also get the approval of Parliament.