Budget 2019 India:
Finance minister Nirmala Sitharaman has finally represented the budget of the fiscal year 2019-20. This year the price of diesel and petrol is going to increase by Re 1 per liter. Not only this, but the customs duty on gold is also increased from 10 percent to 12.5 percent. The first impressions can simply say that it is the budget for poor and common people. Needless to say that the budget has been made with full emphasis on lower income groups and infrastructure.
Budget 2019 analysis:
Today, Nirmala Sitharam presented the first budget of Modi’s government second term. Let’s see how well did she perform on her new venture. Here are the key points from the full term budget 2019
Budget 2019 analysis: Transport
- Planning to launch one national transport card.
- Government has pushed all forms of transport via UDAN, Sagarmala and Bharatmala schemes, etc.
- Will invest more in the aviation industry.
- Planning to restructure the national highway program.
- Under the second phase of Bharat Mala, states will get help to develop state highways.
- Proposed 50 lakh crore investment for railway infrastructure.
- The government foresees using rivers for cargo transportation.
Budget 2019 India: Rural sector
- Gaon, Garib, and Kisan top the priority list of the government.
- By 2022, everyone in the village will be provided with electricity and clean cooking gas.
- Government proposes to build 1.25 lakh km of the road in the next five years under PM Gram Sadak Yojana,.
- Government is planning to invest more than 80,000 crores in the making of the roads.
- Green technology will be used to build 30,000 km roads.
- Under the government’s rural road scheme, all-weather connectivity has been provided to over 97% habitation.
- Planning to create a Manufacturing, repair and operate industry.
- Department of fisheries will establish a Fisheries management network.
Budget 2019 India: Farm sector
- Government to invest in agricultural infrastructure.
- Planning to support private entrepreneurs in agriculture.
- Proposed zero budget farming will help to double the income of farmers.
- Ease of living and ease of doing business will also apply to farmers.
- To ensure the economy of farmers, an organization of 10,000 new farmers will be formed.
- Government plans to supply water will be supplied in every rural household by 2024 .
- 9.6 crore toilets have been constructed in the last five years.
- The practice of open defecation has seen a reduction.
- Planning to expand swachh Bharat aiming solid waste management in rural areas.
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Budget 2019 India: Woman sector
- Minister proposed the expansion of women SHG interest subvention program in all the districts of India.
- Each verified member of SHG group having a Jan dhan account will be provided with an overdraft of ₹5000.
- Under Mudra scheme, every member will be eligible to avail the loan of up to ₹1 lakh.
- Planning to go beyond the women-centric policies to building women-led initiatives. initiatives
Budget 2019 India: On ease of living
- Under Ujala yojana, 35 crores LED bulbs have been distributed, saving ₹18, 341 crores annually.
- Pension of ₹3000 per month for workers from the informal sector.
- Aadhar card for NRIs on their arrival in India without waiting for 180 days.
Budget 2019 India: On youth/ Education
- Unveiled a new national education policy.
- Proposed the program study in India to attract foreign students.
- SWAYAM, an online website which provides different courses has been successful.
- Under the Kaushal Vikas Yojana, 10 million youth to take up industry relevant skill training.
Budget 2019 India: Banking/ Finance sector
- Announced ₹70,000 crore capital infusion into public sector banks.
- Will provide a one-time partial guarantee to Public sector banks to buy the pooled assets of financially sound NBFCs.
- Pension fund regulatory authority will no longer be associated with the National pension scheme trusts.
- NPAs bank has been reduced by ₹1 lakh crore.
- Planning to re-initiate the air India disinvestment.
- Proposed to return the regulation of housing Finance sector to RBI.
- Planning to invest ₹100 lakh crore in infrastructure.
- Planning to realign its holding in CPFCs, to boost the capital inflows.
Budget 2019 India: On the digital payment
- 2% TDS on cash Withdrawal of over ₹1 crore in a year from the bank account.
- Surcharge to be increased for those who fall under the highest income category.
- Effective rate to be increased by 3% on an income of ₹2 crore and 7% on an income of over ₹5 crore.
- Merchant discount rates and charges will not be imposed on customers and the merchants.
Budget 2019 analysis: On indirect tax
- Petrol and diesel to get costlier by ₹1 per liter.
- Customs duty on gold and other metal to increase from 10% to 12.5%.
- 17 taxes and 13 cesses to become one tax under GST.
- Defense products exempted from customs duty if not manufactured in India
- Plans to fully automate GST refund mobile.
- A more simplified version of GST to come out. Turn into a single monthly return.
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Budget 2019 analysis: On taxation
- Collection of direct tax has seen a tremendous rise of 78.3% to ₹11.37 lakh crore.
- Benefiting home buyers by giving ₹7 lakh to them, additional deduction on loans up to 31 March 2020 for purchase up to 45 lakhs.
- GST rate on electric vehicles lowers to 5%.
- Loan for the purchase of electric vehicles will see a deduction of ₹1.5 lakh on interest.
- Corporates with turnover more than 400 crores annually will now come under a 25% corporate tax rate. Perhaps, it will automatically cover 99.3% of companies.
- Finance Minister proposed to make PAN card and Aadhar card Interchangeable benefiting those who don’t have PAN card to file income tax.
- The government will introduce a faceless and anonymous assessment system for income tax to avoid harassment.
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Budget 2019 India: MSMEs
- Government is planning to create a payment platform for MSMEs which will let them pay.
- Government plans to implement a modern tenancy law in which loan of up to Rs 1 crore will be given to MSME.
- PM Karam Yogi Maan Dhan scheme is going to launch soon. The government will extend the pension benefits to shopkeepers and retail traders whose revenue is less than Rs 1.5 crore.
Budget 2019 India: Miscellaneous
- 17 worth seeing tourism sites are planning to build as world-class destinations.
- India will open 4 new African embassies in 2019-20.
- An electronic fundraising platform, a social stock exchange to be formed to check the number of social enterprises working for social welfare objectives.
- A public sector enterprise, New space limited will be combined with the ISRO.
- Over 81 lakhs house has been sanctioned under PMAY-Urban and construction of 41 lakh house has already started.
- On 2 October, Rashtriya Swachchta Kendra will inaugurate at Gandhi Darshan.
The budget has already given 420 volts current to everyone. Nirmala Sitharaman is the first woman full-time Finance Minister. And, today she represented the first budget of Modi Government 2.0. Let’s see how much it affects and will bring profit to the nation.
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