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Union Budget 2019 Highlights

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Union Budget 2019 Highlights

shape Introduction

Finance Minister Nirmala Sitharaman on July 5, 2019, carried Budget Documents in red cloth for the first time in the Indian History thus leaving behind British era briefease. Finance Minister Nirmala Sitharaman has become the second Indian Women after former PM Indira Gandhi to present the Union Budget of India, 2019.


shape KeyPoints

Union Budget 2019 Highlights – Key Points:

  • Finance Minister Nirmala Sitharaman has become the second Indian Women after former PM Indira Gandhi to present the Union Budget of India.

  • Nirmala Sitharaman has become the first women minister with finance as her primary portfolio to present the budget.


Union Budget 2019 Highlights – Members:

Members of Team that prepared Union Budget 2019


Name Designation
Nirmala Sitharaman Finance minister
Krishnamurthy Subramanian Chief Economic Advisor
Subhash Chandra Garg Economic Affairs and Finance Secretary
Ajay Bhushan Pandey Revenue Secretary
Rajiv Kumar Department of Financial Services Secretary
Atanu Chakraborty Department of Investment and Public Asset Management Secretary
Anurag Singh Thakur Minister of State for Finance


shape Highlights

  • Finance Minister proposed setting up a high level committee to ensure greater women participation.

  • Rs 1,00,000 loan for women under the Mudra scheme was announced

  • Interest sub-invention program for women will be expanded to all district

  • Woman SHG member with a verified Jan Dhan account will get overdraft of up to Rs 5,000

  • 80 livelihood business incubators and 20 tech business incubators

  • Creation of 75,000 skilled entrepreneurs in the agri sector

  • Stand up India scheme to be extended to 2020-2025

  • No scrutinity for start-ups in respect to share value premium

  • PSU banks to be provided Rs70,000 cr to boost capital

  • PSU banks to be provided one-time 6-month credit guarantee of Rs 1 lakh crore to buy high-rated pooled assets of ‘sound’ NBFCs

  • NPAs in commercial banks have reduced by over Rs 1 Lakh crore in the last one year

  • Over Rs 4 lakh crore recovered due to IBS and other measures in 4 years

  • Proposes 100% FDI for insurance intermediaries

  • Govt to create payment platform for MSMEs

  • Pension benefit for about 3 cr retail traders & shopkeepers

  • 2% interest subvention for all GST registered MSMEs

  • Full tax rebate for individuals with net taxable income up to Rs 5 lakh

  • Rs 1.5 lakh income tax deduction on interest paid on loans for purchase of e-vehicles

  • 2% TDS on cash withdraw on amount exceeding Rs 1 crore in a year

  • A surcharge of 3% on income of Rs 2 to 5 crore

  • Financial Minister announced incorporation of New Space India Limited (NSIL)

  • NSIL will tap into the benefits of the research and development carried out by ISRO

  • NSIL will spearhead commercialization of various space products

  • Transfer of technologies and marketing of space products to be carried out by NSIL

  • Rs 10,000 crore for Faster Adoption and Manufacture of Electric Vehicles FAME II Scheme

  • Proposal reducing GST on Electric Vehicles to 5% from 12%

  • Additional income tax deduction of Rs 1.5 lakh on the loans taken to buy electric vehicles

  • Finance Minister said India is trying to emerge as a global e-vehicle manufacturing hub


Railway:

Rs 50 Lakh crores proposed for Railway infrastructure.

Aadhar For NRIs:

Proposal to provide Aadhar Card for NRIs with Indian Passports, after their arrival in India without waiting period.

Budget Impact on prices: What gets Costlier after India’s Union Budget 2019?

Environment:

  • Solution for pollution and global warming. Concentration on planting tress.

  • Improvised waste management system


Water:

  • Need critical implementation of rainwater harvesting, river linking projects, complete sewage treatment before sewage disposal and more number of desalination plants for coastal cities.

  • More Allocation Irrigation, Water management for drinking and farming


Education and Employment:

  • Give preference to education, Every Indian should be educated

  • I hope the govt increases the research cap of institutes and laboratories


Health:

  • More spending on publishing health

  • More Share for health


Farmers & Rural:

  • Investment in agriculture rural development and education

  • Give a better price to farmer goods in the market and give a solution for their crops.