Budget 2019: Key points of Nirmala Sitharaman's first presentation
New Delhi : Union Finance Minister Nirmala Sitharaman presented her first budget of BJP-led NDA government's second budget in the Lok Sabha on Friday. Starting her speech she said a "strong nation comes from a strong citizen."
Check out the key points from the Budget 2019 speech:
# India is set to begin $3 trillion economy
# Will simplify procedures, reduce red tape, make best use of tech. Building social infra, Digital India, Pollution-free India, Make in India are govt's vision: Sitharaman
# Railways infrastructure needs ₹50 trillion till 2030
# Cargo transportations to be done via rivers, reducing road congestions: Sitharaman
# The finance ministry has proposed to Sebi to increase public-holding in listed companies to 35% from 25%.
# The Modi govt will examine steps to hike FDI cap in aviation, media, insurance.
# 100% FDI will be permitted for insurance intermediaries: Sitharaman
# 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: Sitharaman
# India plans electricity, clean cooking facilities for all Indian families by 2022.
# Finance Minister Nirmala Sitharaman says aims to achieve housing for all by 2022
# 125,000 km of road to be upgraded over next 5 years at a cost of 802.5 billion rupee
# 95% Indian cities have become open defecation free
# Local sourcing norms for FDI to be eased for single-brand retailing sector: FM in Budget.
# Finance Minister Nirmala Sitharaman says to start a TV channel exclusively for start-ups
# NRIs with Indian passports will get Aadhaar cards after arrival without mandatory wait of 180 days.
# Govt to build 17 iconic sites to encourage arrival of tourists in India: FM
# Corporate tax on companies with turnover up to ₹400 crore reduced to 25%
# Additional income tax exemption of ₹1.5 lakh to buyers of electric vehicles
# To discourage cash payments, the finance minister has proposed a TDS of 2% on cash withdrawals exceeding ₹1 crore in a year from a bank account.
# Income tax surcharge: Those earning more than Rs2 crore annually to pay higher surcharge
# Customs duty on gold hiked to 12.5% vs 10%
# Additional excise duty on petrol and diesel to be imposed by Re 1 per litre
# "Nil duty on import of defence equipment. Nil customs duty on certain capital goods used in electronics": Sitharaman