The Union Finance Minister, Nirmala Sitharaman, presented the Union Budget to the Indian Parliament. Being the first woman Finance Minister, in over five decades, she proposed the budget with the aim of helping India become a $5 Trillion Economy. We bring to you the Union Budget 2019 highlights.
Union Budget 2019 Highlights
#1 Rural families, except those unwilling, to have electricity and LPG connections by 2022
#2 Under the “Mudra Yojna Scheme”, a woman in every Self Help Group (SHG) will be given a loan of up to Rs.1 lakh
#3 Cargo movement over the river Ganga will be increased by 4 times in the next 4 years
#4 “Study in India” programme will be initiated to attract foreign students
#5 Multiple labour laws will be refined and streamlined into four main labour codes
#6 Dedicated TV channel for startups is being proposed
#7 Plans for a nationwide water-grid, gas-grid, i-ways and airports will be put up
#8 The Reserve Bank of India (RBI) will lead the regulation authority over housing finance
#9 Modernisation of railway stations across the country will be taken up
#10 Government plans to use rivers for cargo transport in an attempt to decongest roads and railways
#11 Rental laws will be reformed and shared with the states. This is to promote placing houses on rent.
#12 Taxpayers with an annual income less than 5 crore have to file only Quarterly
#13 Easing out the “angel tax” in order to bring some relief to the Indian start-up community
#14 Aadhar cards, for NRIs visiting India, will be issued under 180 days
#15 Government to build 17 iconic sites to encourage tourism in India
#16 Over 1.95 crore houses to be constructed under the “Pradhan Mantri Awas Yojna” from FY20-22
#17 “Pradhan Mantri Gram Sadak Yojna” Phase 3 will upgrade 1.25 lakh km of roads throughout the country
#18 Interoperable “one nation, one card” – a single card can be used for all modes of transport throughout the country. It can also be used as an ATM card to withdraw money
#19 Within the last 5 years, the Indian economy has grown from $1.8 Trillion to $2.7 Trillion. With continued growth, our economy will soon achieve the targeted $5 Trillion economy
#20 India to be transformed into an open defecation free nation by 2 October 2019
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