Finance Minister Nirmala Sitharaman presented her maiden Union Budget 2019-20 in Parliament announcing sops for farmers, poor among others.
The finance minister Nirmala Sitharaman said that the Indian economy will grow to become a $3 trillion economy in the current year itself.
She said the country’s economy is now the sixth largest in the world.
Here are the 10 key developments from the Union Budget 2019
1) Finance Minister Nirmala Sitharaman says government will take steps to promote rental housing. For this government would make amendments in the existing rental laws.
2) Finance Minister also proposes to set up social-stock exchange for listing social enterprises. She said it’s time to take capital markets closer to the masses.
3)Govt underscores commitment to UDAN scheme to put the rural-urban divide. Government to ensure that National Highway grid is developed with an apt financial model.
4)Government to invest Rs 100 lakh crore in infrastructure over the next 5 years. The finance minister also approves 300-km new metro route in the country.
5)Non-performing assets (NPAs) recovery of Rs 4 lakh crore over the last four years, NPAs down by Rs 1 lakh crore in the last one year.
6)Finance Minister says a new series of coins of Rs 1, 2, 5, 10 and 20 easily identifiable by visually impaired will be available for public use shortly.
7)Every verified women Self Help Group (SHG) member having a Jan Dhan account, will be allowed an overdraft of Rs 5000 rupees. To further encourage women entrepreneurship, Women SHG Interest Subvention Programme will be expanded to all districts in India.
8)Government announces it is aiming to provide drinking water supply for all rural houses in the country by 2014. Newly-constituted Jal Shakti Mantralaya will work with states to ensure ‘Har Ghar Jal’ for all rural houses under the ‘Jal Jeevan Mission’.
9)Government proposes to make PAN and Aadhaar interchangeable for income tax return (ITR) filing. Government to resolve angel tax issue, start-ups and investors who file declarations will not be subject to scrutiny on valuation premiums.
10)Finance Minister proposes to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore in a year from a bank account.