Budget 2019 Top Developments: Rs 1.5 lakh Income Tax Deduction on Loans to buy e-Vehicles, 1.95 crore Houses for Rural Poor & Helping Hand to Start-ups
The Budget, which will lay down the roadmap for the economy under Narendra Modi government’s second term, has several expectations ranging from raising personal income tax threshold to spending on infrastructure and trade.
Finance Minister Nirmala Sitharaman began her maiden budget announcement by highlighting the economic measures taken in the previous term of the Narendra Modi-led NDA government. "Between 2014-2019 he provided a rejuvenated centre-state dynamics, cooperative federalism, GST council and strident commitment to fiscal discipline," she said.
Sitharaman has the task cut out for her as she tries to take the economy out of a five-year low while also maintain a balance between the needs of the economy and fiscal constraints in her maiden Budget.
Here’s a look at the top developments as Nirmala Sitharaman presents Union Budget 2019:
-- Finance Minister Nirmala Sitharaman announced a Re 1 per litre cess on petrol and diesel. She also increased import duty on gold and precious metals to 12.5% from 10%.
-- With “gaon, gareeb, kisan” as the central point of government’s efforts, Nirmala Sitharaman announces ‘Har Ghar Jal’ — water for every household by 2024. She also said every single rural family will have electricity by 2022.
-- In another major push, the Finance Minister announced the construction of 1.95 crore houses for Rural India.
-- Sitharaman said Aadhaar cards would be issued to NRIs without the mandatory waiting period of 180 days.
-- Government to streamline multiple labour laws into a set of four labour codes
-- "Rs 50 lakh crore needed for Railways between 2018 and 2030. We propose to open public private partnership for this. Also, we propose to release a blueprint on gas grids this year," says Nirmala Sitharaman.
-- Finance Minister Nirmala Sitharaman says allocated Rs 350 crore for interest subvention to GST-registered MSMEs. The government will also try to develop a payment platform for MSMEs.
-- Speaking about the present state of rental housing, Sitharaman said, "Current rental laws are archaic as they do not assess the relation between the lessor and lessee in a fair manner. The government will look at improving the laws."
-- "210 km line of metro will be made operational in 2019. Time is right for India to Enter into aircraft financing and leasing," the finance minister announced.
-- Sitharaman promises measures to make RBI and SEBI depositories inter-operable.
-- "Looking to implement 'One Nation, One Grid' in power sector. We will also finalise a model tenancy law and circulate to states," said Sitharaman.
-- The government will propose to further consolidate to make India a more attractive FDI destination. It will examine the prospect of opening up FDI further in aviation, insurance and media. The local sourcing norms will be eased for single-brand retail.
-- As Indian Aviation Industry witnesses turbulent times, Sitharaman has announced that India will enter into aircraft financing and leasing. This is a first time any finance minister spoke about aircraft financing and leasing in their budget.
-- "Nearly 1.95 crore houses are proposed to be provided to eligible beneficiaries under the Pradhan Mantri Awas Yojana," Sitharaman said.
-- The finance minister said the government will invest Rs 80,250 crore for upgradation of roads under PM Gram Sadak Yojana.
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