Highlights of Union Budget for 2019-20
10 POINTS OF VISION
* Building social infrastructure among 10 points of vision
* Building pollution-free environment among 10 points of vision
* Digital India in every sector among 10 points of vision
* Make in India with stress on MSME in 10 points of vision
* Water management, clean rivers among 10 points of vision
* Export of food grain in 10 points of vision
* Ayushman Bharat, clean India among 10 points of vision
* Space programmes, safety of citizen in 10 points of vision
GROWTH, INFLATION
* Well within capacity to reach $5-trln economy in few years
* India to become $3-trln economy in FY20
* India now 6th largest economy vs 11th five years ago
REFORMS
* Need to continue undertaking structural reforms
* Need to continue structural reforms to reach $5-trln aim
* Need to invest in job creation in MSMEs
* Need to invest heavily in digital India, job creation
* $5-trln economy target is imminently achievable
* "Gone are the days of policy paralysis"
* Wish to propose many initiatives to kick-start growth
* Reforms needed in power tariffs
* To soon announce policy package for power tariffs
* Model tenancy law to soon be finalised
* Propose several reform measures for rental housing
* PPP to fast develop track, rolling stock, freight svcs
* To have blueprint for water grids, gas grids, airways
* Examining performance of UDAY scheme
* One nation, one grid to ensure power connectivity
* 2 more terminals at Sahibganj, Haldia to be functional soon
* Movement of cargo in river Ganga to rise 4 times in 4 yrs
FINANCIAL SECTOR, MARKETS
* FDI inflows remain robust despite global headwinds
* Important to increase retail invest in T-bills
* Propose to create platform for listing social enterprises
* To work with regulators for AA bonds as collateral for repo
* Asked SEBI to mull hiking minimum public shareholding to 35%
* Propose to rationalise existing KYC norms for FPIs
* India needs 20-trln-rupee estimated investment every year
* To put in place action plan to deepen long-term bond mkt
* Action plan to deepen market for long-term bonds
* Invest driven growth requires access to low-cost capital
* To create payment platform for MSMEs
* Large infrastructure can be built on land owned by CPSEs
* To allow FPIs to subscribe to listed debt papers of REITs
* Propose to merge NRI, FPI investment scheme routes
* To mull hiking FDI limit in media, insurance, animation cos
* Contemplating an annual global investors meet in India
* Propose 100% FDI in insurance intermediaries
* To examine suggestions to further open up FDI in aviation
* FDI flows rose 6% to $64.37 bln in FY19
* Propose to make India a more attractive FDI destination
* To take steps for RBI, SEBI depositories' inter-operability
* To allow FPIs to subscribe to listed debt papers of REITs
* Propose to merge NRI, FPI investment scheme routes
* To mull hiking FDI limit in media, insurance, animation cos
* Contemplating an annual global investors meet in India
* Propose 100% FDI in insurance intermediaries
* To examine suggestions to further open up FDI in aviation
* FDI flows rose 6% to $64.37 bln in FY19
* Propose to make India a more attractive FDI destination
* To take steps for RBI, SEBI depositories' inter-operability
* To allow FPI invest in listed debt securities of InvITs
INFRASTRUCTURE, INDUSTRY
* Need to invest heavily in infrastructure
* Rail infra may need investment of 50 trln rupees 2018-2030
* 2nd stage of Bharatmala to help develop state roads
* To incentivise advanced vehicle battery manufacturing
* Need to develop inland waterways for cargo movement
* To comprehensively restructure national highway programme
* To comprehensively restructure national highway programme
* 210 km of new metro lines operationalised in 2019
* Launching national common mobility card
* To leverage engineering skill for project maintenance work
* Public infra, affordable housing to be taken up in FY20
* To aid cluster-based development of traditional industries
* To use more PPP mode for metro rail network
* Railways to be encouraged to use
Taxes:
* No change in personal income tax rates
* Increase in surcharge on super rich: 3% surcharge for Rs 2 crore income; 7% on Rs 5 crore and above
* Annual turnover limit for 25% Corporate tax raised to Rs 400 crore from Rs 250 crore
* Taxpayers with annual turnover of less than Rs 5 crore to have to file only quarterly
* Direct tax revenue has increased by 78%
* Additional Rs 1.5 lakh deduction on home loans
* Interchangeability of PAN and Aadhaar for ITR who don't have PAN cards
* 2% TDS on withdrawals of Rs 1 crore in a year from bank accounts for business payments
* Govt waives MDR changes on cashless payment
10 POINTS OF VISION
* Building social infrastructure among 10 points of vision
* Building pollution-free environment among 10 points of vision
* Digital India in every sector among 10 points of vision
* Make in India with stress on MSME in 10 points of vision
* Water management, clean rivers among 10 points of vision
* Export of food grain in 10 points of vision
* Ayushman Bharat, clean India among 10 points of vision
* Space programmes, safety of citizen in 10 points of vision
GROWTH, INFLATION
* Well within capacity to reach $5-trln economy in few years
* India to become $3-trln economy in FY20
* India now 6th largest economy vs 11th five years ago
REFORMS
* Need to continue undertaking structural reforms
* Need to continue structural reforms to reach $5-trln aim
* Need to invest in job creation in MSMEs
* Need to invest heavily in digital India, job creation
* $5-trln economy target is imminently achievable
* "Gone are the days of policy paralysis"
* Wish to propose many initiatives to kick-start growth
* Reforms needed in power tariffs
* To soon announce policy package for power tariffs
* Model tenancy law to soon be finalised
* Propose several reform measures for rental housing
* PPP to fast develop track, rolling stock, freight svcs
* To have blueprint for water grids, gas grids, airways
* Examining performance of UDAY scheme
* One nation, one grid to ensure power connectivity
* 2 more terminals at Sahibganj, Haldia to be functional soon
* Movement of cargo in river Ganga to rise 4 times in 4 yrs
FINANCIAL SECTOR, MARKETS
* FDI inflows remain robust despite global headwinds
* Important to increase retail invest in T-bills
* Propose to create platform for listing social enterprises
* To work with regulators for AA bonds as collateral for repo
* Asked SEBI to mull hiking minimum public shareholding to 35%
* Propose to rationalise existing KYC norms for FPIs
* India needs 20-trln-rupee estimated investment every year
* To put in place action plan to deepen long-term bond mkt
* Action plan to deepen market for long-term bonds
* Invest driven growth requires access to low-cost capital
* To create payment platform for MSMEs
* Large infrastructure can be built on land owned by CPSEs
* To allow FPIs to subscribe to listed debt papers of REITs
* Propose to merge NRI, FPI investment scheme routes
* To mull hiking FDI limit in media, insurance, animation cos
* Contemplating an annual global investors meet in India
* Propose 100% FDI in insurance intermediaries
* To examine suggestions to further open up FDI in aviation
* FDI flows rose 6% to $64.37 bln in FY19
* Propose to make India a more attractive FDI destination
* To take steps for RBI, SEBI depositories' inter-operability
* To allow FPIs to subscribe to listed debt papers of REITs
* Propose to merge NRI, FPI investment scheme routes
* To mull hiking FDI limit in media, insurance, animation cos
* Contemplating an annual global investors meet in India
* Propose 100% FDI in insurance intermediaries
* To examine suggestions to further open up FDI in aviation
* FDI flows rose 6% to $64.37 bln in FY19
* Propose to make India a more attractive FDI destination
* To take steps for RBI, SEBI depositories' inter-operability
* To allow FPI invest in listed debt securities of InvITs
INFRASTRUCTURE, INDUSTRY
* Need to invest heavily in infrastructure
* Rail infra may need investment of 50 trln rupees 2018-2030
* 2nd stage of Bharatmala to help develop state roads
* To incentivise advanced vehicle battery manufacturing
* Need to develop inland waterways for cargo movement
* To comprehensively restructure national highway programme
* To comprehensively restructure national highway programme
* 210 km of new metro lines operationalised in 2019
* Launching national common mobility card
* To leverage engineering skill for project maintenance work
* Public infra, affordable housing to be taken up in FY20
* To aid cluster-based development of traditional industries
* To use more PPP mode for metro rail network
* Railways to be encouraged to use
Taxes:
* No change in personal income tax rates
* Increase in surcharge on super rich: 3% surcharge for Rs 2 crore income; 7% on Rs 5 crore and above
* Annual turnover limit for 25% Corporate tax raised to Rs 400 crore from Rs 250 crore
* Taxpayers with annual turnover of less than Rs 5 crore to have to file only quarterly
* Direct tax revenue has increased by 78%
* Additional Rs 1.5 lakh deduction on home loans
* Interchangeability of PAN and Aadhaar for ITR who don't have PAN cards
* 2% TDS on withdrawals of Rs 1 crore in a year from bank accounts for business payments
* Govt waives MDR changes on cashless payment
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