Finance Minister Nirmala Sitharaman presents her maiden Budget
in Parliament today. Here are the key takeaways from the Budget speech.
Finance Minister
Nirmala Sitharaman presents her maiden Budget in Parliament today. Here are the
key takeaways from the Budget speech.
For
economy
- Targets to become a $3 trillion economy in
FY20, $5 trillion in a few years
- Proposes changes to kick-start domestic and
foreign investment
- Will create blueprint for gas, water grids and
regional airports
- Govt proposes to expand Swachch Bharat to
include solid
waste management in every village
- Setting up enhanced disinvestment target
of Rs 1,05,000 crore in FY20 as
against Rs 90,000 crore set in the Interim
Budget
- A new series of
coins of Re 1, 2, 5, 10 and 20 easily to be made available for public use
shortly
Labour
reforms
- Govt to streamline multiple labour laws
into a set of four labour codes
- To focus on
training new age skills like AI, robotics, 3D printing
To
boost investment
- To
liberalise FDI in aviation, media, animation and insurance intermediaries
- To implement enabling measures to boost International Financial Service
Centres (IFSCs)
- To set up a Credit Guarantee Enhancement
Corporation
- To initiate steps for electronic fund
raising programme for listing of social enterprises, voluntary organisations
- Considering whether govt holding can go
below 51 percent in certain CPSEs on case-to-case basis
- To hike statutory limits for foreign
investments in some companies
- Expert committee to be set up to make
recommendations on
infrastructure finance
Market
reforms:
-
Asks SEBI to evaluate hiking minimum public shareholding to 25 percent from 35
percent
- Government will work with
exchanges to allow AA bonds to be used as collateral
- Proposes rationalising and streamlining of KYC
(know your customer) norms for Foreign Portfolio Investors (FPIs) to make it
investor-friendly
- NRI portfolio route to be merged with FPI
for seamless investment in stock markets
- Credit Guarantee Enhancement Corporation
will be set up in 2019-20, action plan to deepen markets for long-term bonds
with specific focus on infra sector to be put in place
- Will take up measures to make RBI and
SEBI depositories inter-operable
-To allow FPIs/NRIs
to subscribe to listed debt papers of REITs and InvITs
Banks
-
State-run banks to get Rs 70,000 crore capital to boost credit
- To bring out a
remedy against cash being deposited without knowledge of bank account holders
NBFCs
- Fundamentally sound NBFCs to keep getting
funding from banks and mutual funds
-To allow FIIs and FPIs investment in debt
securities issued by NBFCs
-Requirement of
Debenture Reservation Reserve to be done away with for NBFCs
Agriculture/fisheries
- Govt to invest widely in agriculture
infrastructure
- Support private entrepreneurship in value
addition in agriculture
-Proposes Pradhan
Mantri Matsya Sampada Yojana to address critical infrastructure gap in
fisheries sector
Transportation
-To carry out comprehensive restructuring of
National Highway programme
-Cargo volume on Ganges to increase four times
over the next four years
-In second phase of Bharat Mala project,
states will be helped to develop roadways
-1,25,000 km of roads will be upgraded
under Pradhan Gram
Sadak Yojana under Phase III at estimated cost
of Rs 80,250 crore
Aviation
-Time right for India to enter into aircraft
financing and leasing
-Will create congenial atmosphere for
development of MRO services
-To harness India's space ability
commercially, New Space India (NSIL) has been incorporated to tap the
benefits of ISRO
- Will
re-initiate privatisation of Air India
Power
- Package for power sector tariff and structural
reforms to be unveiled soon
Retail
- Local sourcing norms
to be eased for single-brand retail FDI
Insurance
Proposes to reduce net
owned fund requirements to Rs 1,000 crore for onshoring of international
insurance companies
Real
estate
- RBI to get regulation authority of housing
finance sector
- Will finalise a model tenancy law and circulate to states; and propose
steps for rental housing
- Govt proposes
setting up 1.95 crore houses under Pradhan Mantari Awas Yojna (Rural)
Small
businesses/MSMEs
- To
extend pension benefit to three crore retail traders with an annual turnover
less than Rs 1.5 crore under Pradhan Mantri Karam Yogi Man Dan Scheme
- Centre will create a payment platform for
MSMEs for payment of bills
- 100 new clusters will be set up in 2019-20 to
enable 50,000 artisans to come into the economic value chain
- To launch mission to integrate traditional
artisans and creative persons with global market; to obtain GI/patents for them
- Will set up 10,000 new farmer producer
organisations
- To start television programme exclusively
for startups
- Proposes to
expand self-help groups to all districts; one woman in every SHG to get a loan
up to Rs 1 lakh under Mudra Yojana
Railways
-
Railways to be encouraged to invest more in suburban rail network via special
purpose vehicles (SPVs) and enhance metro rail network through
public-private partnerships
- Railway station
modernisation programme will be launched this year
Education
-Will bring in new education policy to propose changes in school, higher education
-Propose to set up a national research
foundation to fund, coordinate and to promote research in the country
-National Research Foundation will
assimilate research grants by ministries
-A Gandhi-pedia is being developed to
sensitise youth about Mahatma Gandhi's ideas
-A draft legislation for higher education
commission of
India to be presented
-Proposes Study in India programme to
attract foreign students
-National Sports Education Board to be set
up under Khelo
India scheme
-Allocate Rs 400
crore for world-class higher education institutions in FY20
For
NRIs
-Aadhaar cards to be
issued to non-residents Indians with Indian passports after arrival in India
without waiting for 180 days
Personal
finance
-NPS
Trust will be separated from Pension Fund Regulatory and Development Authority (PFRDA)
Tourism
-To build 17 iconic sites to encourage arrival
of tourists in India
Taxation
-Lower 25 percent corporate
tax will apply on companies with up to Rs 400 crore turnover, covering 99.3
percent of corporate India
Source: https://www. moneycontrol.com/news/india/indian-union-budget-key-takeaways-nirmala-sitharaman-speech-4172661.html
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