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Union Budget 2019 announces 10-points vision for the decade; other highlights

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Nirmala Sitharaman

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.

Also read: Interim Budget 2019: Govt to scale up Ayushman Bharat to create a healthy India

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

Also read: Elets Exclusive! Union Budget 2019: Here are the key expectations by industry experts

Other highlights

  • 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

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