New Delhi, July 5: Finance Minister Nirmala Sitharaman's maiden Union Budget 2019 is not a populist financial blueprint, but does offer an array of good news for a vast section of the nation's populace. Apart from imposing cess on petrol and diesel, Sitharaman has not proposed any measure which will burden the common person. Full Highlights of Union Budget 2019.
Union Budget 2019: 10 Good News From Nirmala Sitharaman's First Financial Blueprint
- Pension For Retailers: Sitharaman unveiled the Pradhan Mantri Karmi Yogi Maan Dhan Scheme, which will provide pension to retailers and traders with an annual turnover of Rs 1.5 crore. The scheme is estimated to benefit nearly 3 crore traders.
- TV Channel For Startups: To give an impetus to startups in the nation, the Finance Minister said Doordarshan will dedicate a TV channel specifically to promote the startups and allow them to reach a wider audience.
- Aadhaar For NRIs on Arrival: Sitharaman has announced the scrapping of 180-day waiting period for non-resident Indians while applying for Aadhaar after returning to India. The NRIs could now avail the unique identity card immediately after landing in the nation.
- Women SHG Program in All Districts: Sitharaman has proposed to extend Women Self Help Groups program to all districts. Woman SHG members with Jan Dhan Bank account will be eligible for an overdraft of Rs 5,000. One woman in every SHG will also be made eligible for a loan up to Rs 1 lakh under Mudra scheme.
- Tax Rebate on Loan For Electric Vehicle: A minimum tax rebate of Rs 1.5 lakh is proposed by the government for those taking loans for electric vehicle. The quantum of rebate could be extended to an upper limit of Rs 2.5 lakh.
- PAN, Aadhaar Interchangeable For Filing I-T Returns: For filing Income Tax returns, submitting both PAN and Aadhaar would no longer be essential. One out of the two essential ID proofs would be sufficient to file the I-T returns, Sitharaman said.
- Water to All Rural Households by 2024: Sitharaman announced a new programme - Jal Jeevan Mission - which aims to provide piped water connection to all rural households by the year 2024. The programme will be implemented by the Jal Shakti Ministry.
- Impetus to Education & Research: The "National Research Foundation" (NRF) will be set up this financial year by the government fund and promote research across the country. The goal of NRF is to create research ecosystem with focus on thrust areas.
- Lower Corporate Tax Benefit: Sitharaman announced that the annual turnover limit for those companies charged under a lower tax rate - 25 per cent - has been increased from Rs 250 crore to Rs 400 crore. This will allow a larger number of companies to reap the benefits of lower tax rate.
- Indian Economy Will be $3 Trillion Strong by End of This Year: According to the FM, the country's economy, which ranks 5th of the global scale, will be $3 trillion strong by the year-end.
Prime Minister Narendra Modi has lauded the Budget, calling the financial blueprint of the 21st century India. "The #BudgetForNewIndia is one of hope and it is a budget that will boost India's development in the 21st century. This Budget has a roadmap to transform the agriculture sector of India (sic)" he said on Twitter.