Ditching the cliched leather bag, Finance minister Nirmala Sitharaman marched proudly with a red folder that had Union government’s Ashoka emblem itched on top. That’s how she began her stride for Lok Sbaha with her team to present her first budget.
Budget 2019- The goal for further development
Union Budget 2019 comes in the backdrop of falling employment and farm distress with tepid growth and global trade wars. Sitharaman means to overcome all problems and make India a 5 Trillion dollar economy in 5 years.
“We have shown by our deeds that the principles ‘perform, reform, transform’ can indeed succeed. Have set the ball rolling for a ‘New India’, says Sitharaman.
She quotes that, “In PPP terms we are the third largest economy already after China and US, she says pointing out that India has already become a $3 billion economy.”
Main points of the budget
Sitharaman began with an Urdu couplet ‘Yakeen ho to koi raasta niklata hai, hawa ki oott (protection) bhi le kar Chiraag jalta hai’ with loud thumping of desks in support.
The following are the important things that were presented during the budget.
UDAY scheme launched in 2015 for financial and operational turnaround of discoms to be enhanced.
“One Nation, One Grid” for power availability to states at affordable rates.
1.95 crore houses proposed to be provided under PMAY Grameen by 2021.
1.25 lakh kilometers of roads will be upgraded.
Proposed to use Public-Private partnership to unleash faster development.
Railway infra to have an investment of Rs 50 lakh crore between 2018 and 2030.
Upfront incentive to be offered on purchase of EVs.
National Common Mobility Card launched by PM Modi in March 2019 will enable people to pay multiple transport charges across India.
New metro rail projects approved during 2018-19. This year, 210 km of metro lines have been operationalized.
Time is right for India to enter into aviation finance.
Udan scheme is providing air connectivity to the common man helping bridge rural and urban divide.
Bharatmala program will help develop roads and highways, while Sagarmala will enhance port connectivity.
India’s private sector aided industrial growth.
Gone are the days of policy paralysis.
Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme.
Proposed Social Stock Exchange under SEBI.
NRI investment in Indian capital market is less. Proposed to merge the NRI portfolio investment scheme route with FPI route.
Government is mulling organizing an annual global investors’ meet in India.
100% FDI will be permitted for insurance intermediary.
Plan to streamline KYC to make it more investor-friendly.
Measures to further deepen the bond market.
Plans to use rivers for cargo transportation to decongest roads and railways.
Govt will create a payment platform for MSMEs to enable filing of bills and payment on the platform itself.
Several reform measures will be taken up to promote rental housing.
By 2022, power and LPG will be provided to all households
Commercialization of various space products
The budget looks promising and we hope Modi government will do a lot of development just like it did in the last five years of ruling. Let’s hope for the best from ‘Abki bar fir Modi sarkar’.