10-Point Vision of the Union Budget 2019-20 [Key Highlights]

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman made her maiden Budget Speech today and presented the Union Budget 2019-20 before the Parliament.

Indian economy becoming a 3 trillion dollar economy this year with World’s 3rd  largest economy in terms of Purchasing Power Parity, government’s intention to invest Rs 100 lakh crore in infrastructure in next 5 years, enhanced target of over one lakh 5,000 crore of disinvestment in 2019-20, proposal to provide Rs 70,000 crore to PSBs to boost credit, doubling of food security budget in last 5 years, faster adoption of Electric vehicles with an outlay of Rs 10,000 crore, opening of 18 new Indian diplomatic missions in Africa, development of 17 iconic Tourism Sites into world-class tourist destinations and issuance of new series of coins of 1,2,5,10 & 20 rupees are some of the key highlights of the Union Budget 2019-20 presented to Parliament by Union Minister of Finance and Corporate Affairs.

10-point Vision for the decade

  • Building Team India with Jan Bhagidari: Minimum Government Maximum Governance.
  • Achieving green Mother Earth and Blue Skies through a pollution-free India.
  • Making Digital India reach every sector of the economy.
  • Launching GaganyanChandrayan, other Space and Satellite programmes.
  • Building physical and social infrastructure.
  • Water, water management, clean rivers.
  • Blue Economy.
  • Self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables.
  • Achieving a healthy society via Ayushman Bharat, well-nourished women & children, safety of citizens.
  • Emphasis on MSMEs, Start-ups, defence manufacturing, automobiles, electronics, fabs and batteries, and medical devices under Make in India.

Following are the heads under which the budget was presented:

  • Towards a 5 Trillion Dollar Economy
  • Measures to enhance the sources of capital for infrastructure financing
  • Measures to deepen bond markets
  • Social stock exchange
  • Measures to make India a more attractive FDI destination
  • New Space India Limited (NSIL)
  • Direct Taxes
  • Tax Simplification and Ease of living – making compliance easier by leveraging technology:
    • Interchangeability of PAN and Aadhaar
      • Those who don’t have PAN can file tax returns using Aadhaar.
      • Aadhaar can be used wherever PAN is required.
    • Pre-filling of Income-tax Returns for faster, more accurate tax returns
      • Pre-filled tax returns with details of several incomes and deductions to be made available.
      • Information to be collected from Banks, Stock exchanges, mutual funds etc.
    • Faceless e-assessment
      • Faceless e-assessment with no human interface to be launched.
      • To be carried out initially in cases requiring verification of certain specified transactions or discrepancies.
  • Affordable housing
  • Boost to Electric Vehicles
  • Other Direct Tax measures
  • Relief for Start-ups
  • NBFCs
  • International Financial Services Centre (IFSC)
  • Securities Transaction Tax (STT)
  • Indirect TaxesMake In India

        Defence

        Other Indirect Tax provisions

  • Grameen Bharat / Rural India
  • Shahree Bharat/Urban India
  • Youth
  • Ease of Living
  • Naari Tu Narayani/Women
  • India’s Soft Power
  • Banking and Financial Sector
  • Digital Payments
  • Mega Investment in Sunrise and Advanced Technology Areas
  • Achievements during 2014-19
  • Roadmap for future

*Please refer the link for the key highlights of the budget: Union Budget


[Press Release dt. 05-07-2019]

[Source: PIB]

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