FM says, fiscal deficit this year is 3.3%, brought down from 3.4%
Fuel price hike!
Petrol and diesel get costlier by Re 1
FM proposes to increase custom duty on gold and other precious from 10% to 12.5%
E-invoice system to be started from January 2020
Taxpayers with an annual turnover of less than Rs 5 crore will have to file only quarterly returns, says FM
FM lauds the GST council for realising India’s one nation, one tax dream
FM says to discourage the practice of making business payments in cash the government proposes to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore in a year from a bank account.
More than 120 crore Indians now have Aadhar card, therefore for ease of tax payers I propose to make PAN card and Aadhar card interchangeable and allow those who don’t have PAN to file returns by simply quoting Aadhar number and use it wherever they require to use PAN
FM says, India to become a global hub of electric vehicle manufacturing. Also, the government has already moved the GST council to reduced GST on electric vehicles from 12% to 5% slab.
Direct tax revenue has significantly grown 78 percent from 2014 to 2019, says FM
A new series of coins of Re 1, Rs 2, Rs 5, Rs 10 and Rs 20 easily identified by the visually impaired launched in March this year to be made available to the public shortly
Regulation of HFCs to move to the Reserve Bank of India (RBI) from NHB. RBI will now be overlooking housing. It will be mentioned in the finance bill as well, says Sitharaman
NPAs of commercial banks gone down by over 1 lakh crore. Public sector banks to be provided Rs 70,000 crore to boost credit
The government is developing 17 iconic tourism sites as world-class tourist centres to improve the flow of domestic and foreign tourists to these destinations says the FM
Government to open 4 more Indian embassies in 2019 to increase its presence and also aide Indians residing outside
The FM proposes of issuing Aadhaar cards to NRI with Indian passport in India without waiting for the requisite 180 days
One woman in every SHG will be made eligible for a loan of Rs 1 Lakh under the Mudra scheme
For the women of India – Naari to Narayani has been the tradition of the country. She quotes Swami Vivekananda, “There is no chance for the welfare of the world unless the condition of women is improved. It is not possible for a bird to fly with one wing’
FM proposes a TV channel under the bouquet of Doordarshan exclusively for startups. A platform for promoting them, discussing their growths and investors to meet
Government to streamline multiple labour laws to four labours codes
From no single Indian institute in top 200 universities ranking until 5 years ago, we now have 3 institutions in the top 200 global institutions bracket, says Sitharaman
Study in India
To make India a hub of higher education the FM proposed ‘Study in India’ to bring in foreign students to pursue education in India
New education policy: National Research Foundation to be set up, says FM
A ‘Gandhipedia’ like Wikipedia is being developed by National Council for Science Museum to sensitise people of positive Gandhian values, says the FM
9.6 cr toilets have been constructed since Oct 2, 2014 under Swachh Bharat mission. More than 5.6 lakh villages have become open defecation free.
‘Har Ghar Jal’ or water in every rural household by 2024 under the Department of Drinking Water and Sanitation
In the Lok Sabha, FM said “Ease of doing business and ease of living should apply to farmers too”
New Space India Limited, a public sector enterprise, has been incorporated to tap the benefits of research and development carried out by ISRO. The company will spearhead commercialization of various space products, FM said
Pradhan Mantri Gram Sadak Yojna envisions to upgrade 1,25,000 km roads for Rs 80,250 cr in the next five year
Everything we do, we keep gaon (village), gareeb (poor) and kisaan (farmer) as the central point of all our efforts, says Sitharaman in the Lok Sabha
Under PMAY if the completion house required 312 earlier, in 2017-18 it has come down to only 114 days, says Sitharaman
In the second phase PMAY (G) 1.95 cr houses are proposed to be provided to the eligible beneficiaries.
By 2022, every single rural family except those who are unwilling to take the connection will have electricity and clean cooking facility, says FM
Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than Rs 1.5 crore under a new scheme ‘Pradhan Mantri Karam Yogi Man Dhan Scheme’, says FM
FM proposes changes for FDI
Further opening up of FDI in media, aviation and other sectors
100% FDI for insurance intermediary
Local sourcing norms to be eased for single brand retail sectors
Comprehensive restructuring of National Highways Programme will be done, to ensure the creation of National Highways Grid of desirable capacity, says FM in Parliament
Need to develop inland water ways to shift Indian cargo movement from road and rail, says Sitharaman
Presenting her maiden budget Sitharaman said: It took us over 55 years to reach $1 trillion dollar economy. But when the hearts are filled with hope, trust and aspiration, we in just 5 years, added $1 trillion
The Indian economy will grow to become a 3 trillion dollar economy this year itself, says FM
FM: From 1.85 trillion dollars in 2014, the economy has reached 2.7 trillion US dollars; we can very well reach 5 trillion dollars in the next few years
What Northeast got in interim Budget
In the interim budget 2019-20 presented in February, the government’s development initiatives in the Northeastern states got a major push after minister Piyush Goyal proposed to increase the allocation to the region by 21% to Rs 58,166 crore.
“Arunachal Pradesh has come on the air map recently and Meghalaya, Tripura and Mizoram have come on India’s rail map for the first time,” Goyal had said in his interim budget speech.
The minister had also said that the Union government will introduce container cargo movement to Northeast by improving the navigation capacity of the Brahmaputra river.
Finance minister Nirmala Sitharaman’s maiden budget speech in Parliament
Union finance minister Nirmala Sitharaman will present her maiden budget speech in Parliament on Friday, 11 am onwards. This is also the first budget of the NDA government after it got re-elected following a landslide victory in the 2019 Lok Sabha elections under PM Narendra Modi.
Generally, the duration of Budget ranges from about 90 to 120 minutes. So Sitharaman’s speech may go up to 1 pm.
What will be the allocations for Northeast India? How will the region benefit (or not) from the Union Budget? Stay with EastMojo for the latest updates on Friday, 11 am onwards.