The unemployment in India has touched a 45-year high as a result of which the country has automatically lost its status of being the fastest growing major economy of the world tag to China. The biggest challenge before Nirmala Sitharaman is to meet the twin issues of growth and creating more jobs.
While delivering her first maiden Budget, the first Women Finance Minister of India in five decades had to keep all these things in mind. That makes this budget presented by Nirmala Sitharaman quite crucial.
In her first Budget speech, Sitharaman thanked the voters for her party a chance to form a government a second time in succession. Sitharaman said, “The recent election was charged with brimming home and desire for a bright and stable ‘New India’. Voter turnout was highest; every section came to stamp their approval for performing Government”.
Here are the highlights of Union Budget 2019:
- Every family in rural areas except those not willing for connection will have LPG and electricity connection by 2022.
- Country to become free of Open-defecation by October 2, 2019
- Cargo Movement in river Ganga expected to grow 4 times in the upcoming 4 years
- Both PAN and Aadhaar card to become interchangeable. It will allow those without PAN card to file returns.
- Streamlining of multiple labor laws proposed. All laws to be set into labor codes
- Special emphasis on attracting foreign students through “Study in India” program
- Rs. 1 lakh loan will be available to one woman in every SHG under Mudra Yojana
- RBI becomes the new regulation authority of the housing finance sector
- Cash withdrawal of Rs.1 crore or more from bank to attract 2% TDS
- Exclusive TV channel setup for startups proposed
- Railway Station modernization program to be launched in 2019
- NRIs with Indian passports to get Aadhaar card immediately after their arrival in India without having to wait for the usually mandatory 180 days
- Government to introduce a new series of coins of 1, 2, 5, 10, 20 denomination that will be easily identifiable for visually challenged.
- The unveiling of blueprint for a water grid, national gas grid, and i-ways and airports proposed
- Funds raised by startups waived off from tax department scrutiny
- Government proposes the building of 17 iconic sites to boost Indian tourism.
- A further upgrade of 1,25,000 km of road length in the upcoming 5 years through Pradhan Mantri Gram Sadak Yojna Phase 3.
- Proposal to construct around 1.95 crore houses under Pradhan Mantri Awas Yojna from FY20-22.
- Stock market investments will be made seamless for NRIs by merging NRI portfolio route with FPI
- Liberalization of FDI in media, aviation, insurance, and animation proposed
PM Congratulates Sitharaman For Citizen-friendly Budget
The Indian PM Narendra Modi congratulated the Finance Minister and her team for presenting development and citizen-friendly and a future-oriented budget. The PM said that the budget focuses on the empowerment of the poor offering a brighter future to the youth thereby enriching the country in the long run.
— Narendra Modi (@narendramodi) July 5, 2019
The PM added that the budget will fasten the development of the country, aid the middle class, modernize infrastructure and improve the tax system.