Budget puts India on the road to $5 trillion economy in 2025

NEW DELHI,: Finance Minister Nirmala Sitharaman on Friday presented her maiden Budget, with a roadmap for a new India as she presented a plan to unlock Prime Minister Narendra Modi's vision to turn India into $5 trillion economy by 2025. Reiterating
Sat, Jul 6, 2019

NEW DELHI,: Finance Minister Nirmala Sitharaman on Friday presented her maiden Budget, with a roadmap for a new India as she presented a plan to unlock Prime Minister Narendra Modi's vision to turn India into $5 trillion economy by 2025.
Reiterating Modi's vision to turn India into a $5 trillion economy, India's first full-time woman Finance Minister presented a Budget that focused on investment-led growth and reforms, including transforming rural lives, enhancing ease of direct and indirect taxation, harnessing India's space abilities, strengthening connectivity infrastructure, and boosting the country's entrepreneurial ecosystem.
The finance minister made special mention of India Inc and said entrepreneurs are India’s job creators and the wealth creators of India. She said,
Taking a pragmatic approach, Sitharaman announced no changes in personal income tax rates but levied additional surcharge on the super rich. She also sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
Among key announcements, Sitharaman said that digital payments will get cheaper, govt will launch an ATM-like One Nation One Card for pan-India travel and new model rental laws will be unveiled to boost affordable housing.
Saying that the Stand-Up India scheme has delivered enormous benefits since its launch in 2016, she said that the scheme would be continued for the entire period coinciding with the 15th Finance Commission period of 2020-25.
"The country is witnessing emergence of thousands of entrepreneurs from women and also from the Scheduled Castes and Scheduled Tribes, most of them assisted to set up their businesses and industry with capital provided under the Stand-Up India scheme," Sitharaman said while presenting her first Union Budget.
The Modi government has hiked the spending on health by around 18 per cent with allocation for the flagship 'Ayushman Bharat' scheme jumping from Rs 2,400 crore to Rs 6,400 crore.
In a bid to boost economic growth, the Finance minister also proposed in the full-Budget 2019-20 to launch a scheme inviting global companies through competitive bidding to set up mega-manufacturing plants in advanced technology areas.
Seeking to ease the compliance burden, she has proposed to make PAN and Aadhaar interchangeable and allow those who do not have PAN to file Income Tax returns by simply quoting their Aadhaar number. The taxpayers may also use it wherever they are required to quote PAN.
BUDGET HIGHLIGHTS
10-point Vision for the decade
1. Building Team India with Jan Bhagidari: Minimum Government Maximum Governance.
2. Achieving green Mother Earth and Blue Skies through a pollution-free India.
3. Making Digital India reach every sector of the economy.
4. Launching Gaganyan, Chandrayan, other Space and Satellite programmes.
5. Building physical and social infrastructure.
6. Water, water management, clean rivers.
7. Blue Economy.
8. Self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables.
9. Achieving a healthy society via Ayushman Bharat, well-nourished women & children, safety of citizens.
10. Emphasis on MSMEs, Start-ups, defence manufacturing, automobiles, electronics, fabs and batteries, and medical devices under Make in India.
• Pension benefits to about three crore retail traders & 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.
• Massive push to all forms of physical connectivity through Pradhan Mantri Gram Sadak Yojana.
• Industrial Corridors, Dedicated Freight Corridors.
• Bhartamala and Sagarmala projects, Jal Marg Vikas and UDAN Schemes.
• State road networks to be developed in second phase of Bharatmala project.
• Rs 50 lakh crore investment needed in Railway Infrastructure during 2018-2030.

 

 

 


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