A Budget For Rapid Growth

A Budget For Rapid Growth

NEW DELHI: “People’s hearts filled with Aasha (Hope), Vishwas (Trust), Aakansha (Aspirations),” said Finance and Corporate Affairs Minister Nirmala Sitharaman while making her maiden Budget Speech on Friday and presenting the Union Budget 2019-20 before the Parliament. Indian economy will become a $3 trillion economy in the current year. And the Government aspires to make India a $ 5 trillion economy, she asserted. The Finance Minister further added, “India Inc. are India’s job-creators and nation’s wealth-creator”.

There is need for investment in Infrastructure, digital economy, job creation in small and medium firms, initiatives to be proposed for kick-starting the virtuous cycle of investments, the Finance Minister said, adding, “The common man’s life changed through MUDRA loans for ease of doing business.”

The key highlights

n THE 10-POINT VISION FOR THE DECADE

ROADMAP FOR FUTURE

* Simplification of procedures;

* Incentivizing performance;

* Red-tape reduction;

Making the best use of technology;

* Accelerating mega programmes and services initiated and delivered so far.

SECTOR-WISE HIGHLIGHTS

* Centre to get Rs 12,000 cr from surcharge hike on ‘super rich’

MSMEs

* Pradhan Mantri Karam Yogi Maandhan Scheme

* Pension benefits to about three crore retail traders and small shopkeepers with annual turnover less than Rs. 1.5 crore.

* Enrolment to be kept simple, requiring only Aadhaar, bank account and a self declaration.

* Rs 350 crore allocated for FY 2019-20 for 2 per cent interest subvention (on fresh or incremental loans) to all GST-registered MSMEs, under the Interest Subvention Scheme for MSMEs.

* Payment platform for MSMEs to be created to enable filing of bills and payment thereof, to eliminate delays in government payments.

TRANSPORT

* India’s first indigenously developed payment ecosystem for transport, based on National Common Mobility Card (NCMC) standards, launched in March 2019.

* Inter-operable transport card runs on RuPay card and would allow the holders to pay for bus travel, toll taxes, parking charges, retail shopping.

INFRASTRUCTURE

* Massive push to all forms of physical connectivity through the Pradhan Mantri Gram Sadak Yojana;

* Industrial Corridors and Dedicated Freight Corridors;

* Bhartamala and Sagarmala projects, Jal Marg Vikas and UDAN Schemes;

* The State road networks to be developed in second phase of Bharatmala project.

RAILWAY INFRASTRUCTURE

* Rs 50 lakh crore investment needed in Railway Infrastructure during 2018-2030.

* Public-Private-Partnership proposed for development and completion of tracks, rolling stock manufacturing and delivery of passenger freight services.

* 657 kilometres of Metro Rail network has become operational across the country.

INDIRECT TAXES

Basic Customs Duty increased on cashew kernels, PVC, tiles, auto parts, marble slabs, optical fibre cable, CCTV camera etc.

Exemptions from Custom Duty on certain electronic items now manufactured in India withdrawn.

* End use based exemptions on palm stearin, fatty oils withdrawn.

* Exemptions to various kinds of papers withdrawn.

* 5% Basic Custom Duty imposed on imported books.

* Customs duty reduced on certain raw materials such as:

* Inputs for artificial kidney and disposable sterilised dialyser and fuels for nuclear power plants etc.

* Capital goods required for manufacture of specified electronic goods.

* Export duty rationalised on raw and semi-finished leather

* Increase in Special Additional Excise Duty and Road and Infrastructure Cess each by Rs. 1 per litre on petrol and diesel

* Custom duty on gold and other precious metals increased

* Legacy Dispute Resolution Scheme for quick closure of pending litigations in Central Excise and Service tax from pre-GST regime

TACKLING WATER SCARCITY

* New Jal Shakti Mantralaya to look at the management of our water resources and water supply in an integrated and holistic manner

* Jal Jeevan Mission to achieve ‘Har Ghar Jal’ (piped water supply) to all rural households by 2024

* To focus on integrated demand and supply side management of water at the local level.

* Convergence with other Central and State Government Schemes to achieve its objectives

* 1592 critical and over exploited Blocks spread across 256 District being identified for the ‘Jal Shakti Abhiyan’.

* Compensatory Afforestation Fund Management and Planning Authority (CAMPA) fund can be used for this purpose.

YOUTH WELFARE

* New National Education Policy to be brought with major changes in both school and higher education; better governance systems; greater focus on research and innovation.

* National Research Foundation (NRF) proposed to fund, coordinate and promote research in the country; assimilate independent research grants given by various Ministries; strengthen overall research eco-system in the country. This would be adequately supplemented with additional funds.

* Rs. 400 crore provided for “World Class Institutions”, for FY 2019-20, more than three times the revised estimates for the previous year.

* “Study in India” proposed to bring foreign students to study in Indian higher educational institutions.

* Regulatory systems of higher education to be reformed comprehensively to promote greater autonomy; focus on better academic outcomes.

* Draft legislation to set up Higher Education Commission of India (HECI), to be presented.

SCHEMES FOR WOMEN

* Approach shift from women-centric-policy making to women-led initiatives and movements under ‘Naari Tu Narayani’ mission.

* A Committee proposed with Government and private stakeholders for moving forward on gender budgeting.

* Women SHG interest subvention programme proposed to be expanded to all districts.

* Overdraft of Rs. 5,000 to be allowed for every verified women SHG member having a ‘Jan Dhan’ Bank Account.

* One woman per SHG to be eligible for a loan up to Rs. 1 lakh under MUDRA Scheme. (IANS & PIB)

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