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Budget 2019: Key takeaways of Nirmala Sitharaman's maiden budget speech

We are well within our capacity to reach $5-trillion in the next few years, said Finance Minister Nirmala Sitharaman

BS Web Team  |  New Delhi 

Nirmala Sitharaman
Nirmala Sitharaman presents the 2019 Budget

Finance Minister on Friday said that the country is well within its capacity to become a $5-trillion dollar economy in the next five years.

highlights: Here are the key takeaways from finance minister Nirmala Sitharaman's maiden Budget speech:

  • From $1.85 trillion in 2014, the economy has reached $2.7 trillion
  • We are well within our capacity to reach $5 trillion in the next few years
  • Economy will grow to become a $3 trillion economy in the current year itself
  • Between 2014 and 2019, we provided a rejuvenated centre-state dynamics, cooperative federalism, GST council and strident commitment to fiscal discipline
  • Several reforms would be undertaken to promote rental housing, current rental laws are archaic as they do not address lessor-lessee relationships fairly
  • Upfront incentives on purchase of electric vehicles, greater emphasis on affordable and eco-friendly public transport
  • Private players to play a significant role in railways
  • One Nation One Grid for for affordable power, propose to have gas and water grids also
  • Listing social enterprises and voluntary organisation a priority so they can raise capital
  • Bharat Mala 2.0 to focus on states to build their road networks
  • Village, poor and farmers are at the centre of all of this govt's programmes
  • Govt will invite suggestions for further opening up of FDI in aviation sector, media, animation AVGC and insurance sectors in consultation with all stakeholders. 100 per cent FDI will be permitted for insurance intermediaries
  • Railway infra would need an investment of 50 trillion between 2018 and 2030; PPP to be used to unleash faster development and delivery of passenger freight services
  • Local sourcing norms for FDI to be eased for single-brand retailing sector
  • Electronic Fundraising Platform, a social stock exchange, to be set up to list social enterprises and voluntary organizations working for social welfare objectives
  • FM says Sebi has been asked to condier increasing minimum public shareholding criterion from 25 per cent to to 35 per cent
  • By 2022, every single rural family except those who are unwilling to take the connection, will have an electricity and a clean cooking facility
  • NRI portfolio investment route to be merged with foreign portfolio investment route
  • To harness India's space ability commercially, a public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap the benefits of Isro
  • 80 Livelihood business incubators and 20 technology business incubators to be set up in 2019-20 under ASPIRE to develop 75,000 skilled entrepreneurs in agro-rural industries
  • Programmes exclusively for start-ups on DD channels
  • Railway station modernisation will be started this year
  • Aadhaar to NRIs who arrive in India with an Indian passport without waiting for 180 days
  • NPAs of commercial banks have reduced by Rs 1 trillion in last one year
  • PSU banks to get Rs 70,000 crore boost for credit improvement
  • Women SHG Interest Subvention Programme to be expanded to all districts in India
  • Propose to return regulatory authority over Housing Finance Companies from NHB to the RBI
  • Rs 1 lakh loan for women under interest subvention scheme
  • To popularise sports at all levels, National Sports Education Board for development of sportspersons to be set up under Khelo India
  • Pension for shopkeepers & retailers with turnover less than Rs. 1.5 crore to be launched under Pradhan Mantri Karma Yogi Maan Dhan Scheme
  • Rs 105,000 crore targeted from disinvestment in 2019-20
  • To resolve angel tax issue, start-ups and investors who file declarations will not be subject to scrutiny on valuation premiums
  • PAN and Aadhaar is proposed to be used interchangably. Aadhaar can be used by people to file income tax returns even without a PAN card
  • 2 per cent TDS on cash withdrawal exceeding from a bank account in a year to discourage cash payments in business transactions.
  • Customs duty on gold and precious metals raised to 12 per cent
  • Special additional excise duty of Rs 1/litre on petrol and diesel for road & infrastructure
  • FY20 fiscal deficit target cut to 3.3 per cent from 3.4 per cent

First Published: Fri, July 05 2019. 11:18 IST