Union Budget Highlights 2019 Key Highlights: Budget 2019 of the Modi government has been tabled in Parliament. In her maiden budget speech, Union Finance Minister Nirmala Sitharaman has proposed a host of things. Budget 2019 has clearly outlined the Modi government’s intentions and the Union Finance Ministry’s roadmap to strengthen the Indian economy. Ahead of the Budget 2019, several economic experts predicted that the general budget 2019 will be a moment of truth for the Modi government given the resounding electoral success.
With the sliding Gross Domestic Product (GDP) growth and concern over job creations in India, it became imperative for the Prime Minister Narendra Modi and FM Sitharaman to assure the countrymen and economists that the central government has gone for reformations. Economic observers and common man, income taxpayers, business fraternity want to what has happened in the Budget 2019 India. Financial Express Online is bringing the comprehensive details and nitty-gritty of the Modi government’s Budget 2019.
Union Budget 2019 Highlights
- Finance Minister Nirmala Sitharaman rose to present her maiden Union Budget 2019 in Parliament emphasizing on goals for people of India- economic growth and national security. FM Sitharaman also evoked an Urdu couplet ‘Yakeen ho to koi raasta niklata hai, hawa ki ot(protection) bhi le kar charagh jalta hai’ to begin her Union Budget speech.
- FM Nirmala Sitharaman said India became $1 trillion dollar economy in over 55 years. But the under the tenure of the Narendra Modi government, another $1 trillion dollar was added. She proposed that India enter the threshold of $3 trillion economy in the current year itself. With this India will become the sixth largest economy in the world. FM Sitharaman claimed that five years back it was at 11th position.
- FM Sitharaman thanks voters saying the Lok Sabha Elections was charged with briming hope for a bright and stable India. She said that Voters stamped their approval on a performing government in the recently concluded Lok Sabha polls.
- FM Sitharaman lauded the Modi government’s performance in first term (2014-19) saying it stood out as performing government. NDA government in its first term set the ball rolling for a new India. Its commitment lies on fiscal consolidation. She said that the Modi government’s last mile delivery stood out during the previous term and she emphasized that red tape will be further reduced during the present tenure.
- Modi government will take necessary steps in consultation with Reserve Bank of India and SEBI. FM Sitharaman has proposed to rationalise and streamline KYC norms for Foreign portfolio investment (FPIs) to make this more investor friendly. Finance Minister Sitharaman also proposes to alow FII/FPI investments to be transferred or sold to any domestic investor.
- FM Sitharaman proposes FAME II scheme. Under this scheme there will be faster adoption of electric vehicles by right incentives. She also said there is need to develop inland waterways which will help share the burden of cargo movement from road and rail. FM Sitharaman said that schemes such as Sagarmala, BharatMala and UDAN have been wiping out urban rural divide. These have improved the transport infrastructure.
- In a mega push to uplift the living standard of rural people, FM Nirmala Sitharaman proposes all families will have electricity and LPG connection connections by 2022. The central government will soon announce a package for power sector, FM Sitharaman said.
- Finance Minister Nirmala Sitharaman has proposed a change Aadhaar card rules. The Modi government has announced that Non-resident Indians (NRIs) with Indian passports will get Aadhaar number after arrival. So far, they are given Aadhaar card number after the completion of mandatory waiting period.
- The Modi government encourages women entrepreneurship. Finance Minister Nirmala Sitharaman said Women Self Help Group(SHG) Interest Subvention Programme will be expanded to all across districts in India. FM Sitharaman stated ‘Naari tu Narayaani’ .
- The central government was preparing ‘Gandhipedia’ with an aim to sensitize the youth about the Gandhian values and principles, proposed FM Sitharaman. FM Sitharaman also announced a new series of coins Rs 1, Rs 2, Rs 5, Rs 10 and Rs 20. These will be available to common man soon
- Finance Minister Nirmala Sitharama has proposed that strategic disinvestment of Air India will be re-initiated and the central government will continue with its priority of disinvesting select Central Public Sector Enterprises.