Union Finance Minister Nirmala Sitharaman on Friday presented her maiden budget in the Parliament, reiterating the Modi government’s vision to create new empowered India having robust economy. Healthy society – Ayushman Bharat, well-nourished women & children was among ten-point vision announced in the budget.
“Our economy was at approximately US$ 1.85 trillion when we formed the Government in 2014. Within 5 years it has reached US$ 2.7 trillion. Hence, it is well within our capacity to reach the US$ 5 trillion in the next few years,” Sitharaman said.
The first budget after the Government came to power with bigger mandate mainly focused on infrastructure, development and foreign investment.
Meanwhile, in a televised address after the Union Budget was tabled in the House, the Prime Minister Narendra Modi said it the budget would empower the downtrodden and turn them into a “power house” for the development of the country. He also described the Union Budget as citizen friendly, development friendly and future oriented.
10 points for vision for the decade are:
• Building physical and social infrastructure;
• Digital India reaching every sector of the economy;
• Pollution free India with green Mother Earth and Blue Skies;
• Make in India with particular emphasis on MSMEs, Start-ups, defence manufacturing, automobiles, electronics, fabs and batteries, and medical devices;
• Water, water management, clean Rivers;
• Blue Economy;
• Space programmes, Gaganyan, Chandrayan and Satellite programmes;
• Self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables;
• Healthy society – Ayushman Bharat, well-nourished women & children. Safety of citizens;
• Team India with Jan Bhagidari. Minimum Government Maximum Governance
- Government proposes to make PAN and Aadhaar interchangeable for income tax return (ITR) filing.
- A new series of coins of Rs 1, 2, 5, 10 and 20 easily identifiable by visually impaired will be available for public use
- The government has proposed to provide Rs 70,000 crore for PSU bank recapitalisation
- FM proposed to levy TDS of 2% on cash withdrawal over Rs 1 crore per year from bank account.
- Government process to enhance surcharge on high net individuals with taxable income of Rs 2 crore, Rs 5 crore and above.
- The surcharge will be increased by 3 per cent and 7 per cent respectively.
- Union Finance Minister Nirmala Sitharaman said new education policy would bring reform in higher education announcing to provide Rs 400 crore for world-class institutions
- National Research Foundation (NRF) would be established