New Delhi, July 5: Union Finance Minister Nirmala Sitharaman on Friday presented the first full-fledged Union Budget 2019-20 of the Modi 2.0 government. In her budget speech, Nirmala Sitharaman, India's first full-time woman finance minister, made a slew of announcements related to income tax, housing, investment, start-ups, banking, agriculture and defence sectors. "People’s hearts filled with Aasha (Hope), Vishwas (Trust), Aakansha (Aspirations)," said Sitharaman in her budget speech.
In a bid to promote digital payments and curb black money, Sitharaman proposed tax deduction at source (TDS) of two per cent on cash withdrawals exceeding Rs 1 crore in a year from a bank account. She also proposed an increase in Special Additional Excise Duty and Road and Infrastructure Cess each by Rs. 1 per litre on petrol and diesel. Full Highlights of Union Budget 2019.
Here's the full text of Nirmala Sitharaman's maiden budget speech:
Prime Minister Narendra Modi lauded the Union Budget 2019-2020, as the budget for building New India. In a statement after the presentation of the Union Budget, the Prime Minister said that budget will strengthen the poor and will create a better future for the youth of the country. "The budget will simplify the tax processand help in modernizing the infrastructure in the country," PM said.
The Prime Minister said that the budget will strengthen the enterprises as well as the entrepreneurs. He said that the budget will further increase the participation of women in the development of the country. The budget has a roadmap to transform the agriculture sector of India, PM added.