Budget 2019 Live Updates: Nirmala Sitharaman's budget evokes mixed response!
Finance Minister Nirmala Sitharaman presents her maiden Budget in Parliament today. Here are the key takeaways from the Budget speech.
Finance minister Nirmala Sitharaman presented her maiden budget today, Friday 5th July, at a crucial juncture in the economy when growth is slowing down and so are revenue collections. Consumer demand which has so far been the only engine driving the economy now looks vulnerable.
In February's interim budget, the then acting finance minister Piyush Goyal had provided several income tax sops to the middle-class and introduced zero tax liability for those in the Rs 5 lakh income bracket. The interim budget had also increased the standard deduction to Rs 50,000 from Rs 40,000 for the salaried class.
Here are the key highlights to watch out for in Budget 2019-2020
*India to be Open-defecation free by October 2, 2019
*Cargo movement in Ganga will increase 4 times in 4 years
*Every single rural family, except those unwilling to take connection, to have electricity, LPG connection by 2022
*PAN and Aadhaar card made interchangeable, allowing those who do not have PAN to file returns
*Government to streamline multiple labour laws into a set of four labour codes
*Study in India programme to attract foreign students
*One woman in every SHG to get loan upto Rs 1 lakh under Mudra Yojana
*RBI to get regulation authority of housing finance sector
*Customs duty on certain parts of electric vehicles removed
*TDS of 2 per cent on cash withdrawal of more than Rs 1 cr from a bank account
*Railway station modernisation programme to be launched this year
*Proposal to set up an exclusive TV channel for startups
*Basic customs duty on auto parts, optical fibres, digital camera, cashew, certain synthetic rubber, vinyl flooring hiked
*Aadhaar card for NRIs with Indian passports to be issued after their arrival in India, without waiting for the
mandatory 180 days
*New series of coins of Re 1, 2, 5, 10, 20 easily identifiable for visually challenged to be made available for public use
*Blueprint for a national gas grid, water grid, i-ways and airports to be unveiled
*Funds raised by startups will not require any scrutiny by the tax department
*Govt to build 17 iconic sites to encourage the arrival of tourists in India
*Pradhan Mantri Gram Sadak Yojana phase 3 to upgrade 1,25,000 km of road length over the next 5 years
*Package for power sector tariff and structural reforms to be unveiled soon
*1.95 cr houses to be constructed under Pradhan Mantri Awas Yojana (PMAY) from FY20-22
*NRI portfolio route to be merged with FPI for seamless investment in stock markets
*Govt to liberalise FDI in aviation, media, animation and insurance intermediaries
*10,000 new farmer producer organisations to be set up
*One hundred new clusters to be set up in 2019-20 to enable 50,000 artisans to come into the economic value chain
*Proposal to expand Swachh Bharat mission to undertake sustainable solid waste management in every village
*5 per cent customs duty imposed on imported books