Union Finance and Corporate Affairs Minister Nirmala Sitharaman gave her first budget speech (budget 2019) on Friday and presented a budget of 2019-20 in Parliament. For some reason if you have not been able to hear the Finance Minister’s budget speech, then we are trying to address this problem. You can learn all the basics of the budget here in a minute. The main features of the budget are as follows:
- Construction of Team India with the Participation: Minimum Government maximum rule
- Creating pollution-free India with a rich earth and blue sky.
- Direct digital India to every sector of the economy.
- Gaganayan, Chandrayaan, the beginning of other space and satellite programs.
- Under the creation of real and social infrastructure.
- Nini economy
- Self-reliance and exports in food grains, pulses, oilseeds, fruits and vegetables.
- Imazing India, nurturing mother and child, establishment of healthy society, protection of citizens
- Emphasis on start-ups, defense manufacturing, motor vehicles, electronics, textiles and batteries and medical equipment under MME, Make in India.
5 Trillion Dollars Towards the Economy:
- India’s economy will be $ 3 trillion in current year.
- The Government wants to make India an $ 5 trillion economy.
- Industry is India’s job creator and the country’s wealth creator.
Investment is Required in the following:
- Build Framework
- Digital Economy
- Job creation in small and mid-sized companies
- Many initiatives proposed to start an excellent phase of investment.
- Change in the life of the masses through currency loans for the year of doing business.
- Tax rate for companies doing annual business up to Rs 400 crore has been reduced to 25 percent.
- Increased surcharge on persons with taxable income of between Rs 2 crore and Rs 5 crore and Rs 5 crore and above.
- With the ease of doing business in India in the tax payment category, the rankings became 121 in 2017 from 172 to 2019.
In the last five years, direct tax revenue increased from 78 percent to 11.37 lakh crore rupees.
- Tax simplification and accessibility in life – facilitating compliance by taking advantage of technology.
- Interchangeable between pan and base
Those who do not have a PAN can file return based on the basis.
- Where PAN is needed, basis can be used.
- Filing an earlier income tax return
- Income tax deductions, including pre-filled tax returns, will be made available to the donors.
- Information will be collected from banks, stock exchanges, mutual funds.
Social Stock Exchange:
- Electronic fund raising platform in regulatory realm of SEBI
- List the social enterprises and voluntary organizations.
- Capital mobilization like units like equity, debt or mutual fund.
- Sebi will consider increasing the minimum shareholding from 25 percent to 35 percent in listed companies.
- Know your customer for foreign portfolio investors (KYC) norms to make investors more and more friendly.
- To bring retail investors to invest in fiscal duties and government securities, the government will use the stock exchanges to fulfill the RBI’s efforts with institutional development.
- Pradhan Mantri Gram Sadak Yojna
- Industrial corridor, dedicated freight corridor
- Bharatmala and Sagarmala projects, waterways development and flight plans.
- State road network will be developed in the second phase of Bharatmala project.
- Under the waterway development project, two terminal at Sahibganj and Haldia and one Navigational lock in Farakka will be completed in 2019-20 to increase the navigability of the river Ganges.
- The movement of cargo on the Ganges river is expected to increase by four times in the next four years, which will make the movement of goods and passengers cheaper and reduce the import bill.
- During the year 2018-2030, investment of Rs 50 lakh crore for the railway infrastructure will be required.
- Proposal of Public Private Partnership for the rapid development of tracks and delivery of them, rolling stock manufacturing and delivery of passenger freight services.
- The network of 657 km of Metro Rail network running across the country.
- Policy intervention for the development of maintenance, overhaul and maintenance for self-sufficiency in the aviation sector.
- Expenditure of Rs. 10,000 crores for the approved three years for the second phase of FAMEEE scheme.
- Proposal of increased incentives for purchase and charging infrastructure for the purpose of encouraging electric vehicles to adopt rapidly.
- The National Highway Program will be re-organized so that a national highway grid can be ensured.
- Power of states under a nation at economical rates under a grid.
- Blue print should be made available for gas grid, water grid, inland waterways and regional airports.