Timeline of Union Budget 2019 presented by India’s first woman full-time FM

‘Nirmala Sitharaman’ India’s first India’s first woman full-time finance minister presented the 89th union budget including the interim ones in the Parliament. This was the first budget under the Modi 2.0 Government rule.

Jul 05, 11:08 AM (IST)

Nirmala says “In the next few years, our vision is to reach the capacity of $5 trillion and 10 steps that the government will be taking to achieve the same.  Reaching the heights that India deserves and with the far-sighted PM we surely are on the track.”

Jul 05, 11:09 AM (IST)

She stated “ after china and US , India is the 3^rd largest economy in terms of PPP and India is already a $3 billion economy.

Jul 05, 11:10 AM (IST)  

We reached $1 trillion in 55 years, but with hopes and trust of the people of our country it helped to achieve next couple of trillions in short time period.

Nirmala Sitharaman is talking about the schemes and projects that have left positive impact on people’s lives and also about the reforms that took place in the Modi-led Government in the period 2014-2019.

Jul 05, 11:14 AM (IST)  

She says “Bharatmala project will improve the road connectivity whereas Sagarmala will enhance the connectivity of port and waterways.” Udaan scheme will lead better India’s infrastructure, connectivity and will fill the gap between rural-urban.

Jul 05, 11:18 AM (IST)  

The main purpose of the FAME II will take place and will foster necessary changes in the infra with incentivizing common man for easy and affordable mode of transportation, she says.

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Jul 05, 11:08 AM (IST)

Nirmala says “In the next few years, our vision is to reach the capacity of $5 trillion and 10 steps that the government will be taking to achieve the same.  Reaching the heights that India deserves and with the far-sighted PM we surely are on the track.”

Jul 05, 11:09 AM (IST)

She stated “ after china and US , India is the 3^rd largest economy in terms of PPP and India is already a $3 billion economy.

Jul 05, 11:10 AM (IST)  

We reached $1 trillion in 55 years, but with hopes and trust of the people of our country it helped to achieve next couple of trillions in short time period.

Nirmala Sitharaman is talking about the schemes and projects that have left positive impact on people’s lives and also about the reforms that took place in the Modi-led Government in the period 2014-2019.

Jul 05, 11:14 AM (IST)  

She says “Bharatmala project will improve the road connectivity whereas Sagarmala will enhance the connectivity of port and waterways.” Udaan scheme will lead better India’s infrastructure, connectivity and will fill the gap between rural-urban.

Jul 05, 11:18 AM (IST)  

The main purpose of the FAME II will take place and will foster necessary changes in the infra with incentivizing common man for easy and affordable mode of transportation, she says.

Jul 05, 11:19 AM (IST)  

Railways infrastructure will need Rs 50 lakh Crore investment in the time frame of 2018- 2030. With given expenditure of Rs 1.4-1.6 lakh crore per annum, it may take decades for the completion that’s why there is a need to privatise it, she further stated.

Jul 05, 11:21 AM (IST)  

She says, UDAY has helped in the recent years and will get better in the coming years.  Now, we will take up the recommendations of high level empowered committee of retiring power old plants and other structural reforms.

Jul 05, 11:27 AM (IST)

Adding to this she says, various measures will be undertaken to enhance the corporate bond market with the proposal to increase minimum public shareholding in the companies from 25% to 30%.

Jul 05, 11:28 AM (IST)

Nirmala says, “We will work to make a platform for listing social enterprises and voluntary organizations to raise capital as equity, debt or units like mutual fund.”

Jul 05, 11:30 AM (IST)  

In2018-19, India’s FDI flows tend to be strong as compared globally at $54.2 billion which is 6% higher than the last year. Government will look into measures that can open up FDI in media, animation and some other sectors to improve these flows, she further says.

Jul 05, 11:32 AM (IST)

She says, the government is organizing an annual global meet to 3 sets of global players: – Industrialists, corporate leaders, corporate sovereign and venture funds.

Jul 05, 11:37 AM (IST)

Steps will taken to improve Rural India- Gramin Bharat

This year marks the 150^th birth anniversary of Mahatma Gandhi. The focus will remain on Gaav, Garib and Kisan, she says. Further commented , ‘Ujjwala’ and ‘Saubhagya’ will be the two mega schemes that will improve ease of living, easy access of clean cooking gas, and electricity supply to the needy.

Jul 05, 11:38 AM (IST)  

The finance minister assures that all will have the access to electricity by 2022 except those who are not willing to take up the connection.

Jul 05, 11:39 AM (IST)  

She states, under Pradhan Mantri Awas Yojana almost 1.95 crores houses will be given to eligible people of the country. Highlighting that in 2015-16 it required 314 days to complete the houses that reduced to 114 days in 2017.

Jul 05, 11:40 AM (IST)  

She assures that every family in the rural area will get electricity by 2022.

Jul 05, 11:41 AM (IST)  

Under Pradhan Mantri Gram Sadak Yojana almost 1,25,000 km of roads will be constructed that has the estimated cost of nearly Rs 80,200 crore, she says.

Jul 05, 11:44 AM (IST)

She says, The government plans to allow FPIs to Subscribe to listed debt papers of REITs and InviTs adding to this she says there is also a proposal to merge NRI portfolio route merged with FPI route.

Jul 05, 11:46 AM (IST)

The farmers have given great contribution in the production of pulses and she hopes that they will exhibit same performance in oilseeds as well. The government will give benefits of e-nam to the farmers that will ensure Ease of business and living.  

Jul 05, 11:47 AM (IST)

Another major point addressing farmers she says, adequate and safe water to farmers will be the next initiative that the government will work. ‘Har Ghar Jal’ or water to each house will ensure proper water supply.

Jul 05, 11:50 AM (IST)  

Finance Minister ‘Nirmala Sitharaman’ on India’s space programme:

“India has emerged as a major space power. It is time to harness our ability commercially. To harness India’s space ability commercially, a public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap benefits of ISRO.”

Jul 05, 11:50 AM (IST)  

Swacch Bharat Abhiyan has positively impacted the environment and health.

Toilets constructed- 9.6 crores and 5.6 lakhs or even more villages are free of open-defecation, she says. Further proposing to expand and undertake solid waste management in every village.

Jul 05, 11:52 AM (IST)  

Next section will discuss about the urban areas of the country.

Jul 05, 11:53 AM (IST)  

Measures for Urban India

Sitharaman says, around 95% of all the cities have declared themselves free of open-defecation. On google maps more than 45,000 public toilets have uploaded and nearly 1 crore citizens have installed the Swachhta app.

Jul 05, 11:54 AM (IST)  

National Council for Science Museums will develop ‘Gandhipedia’ to introduce Gandhian values in people, she states.

Jul 05, 11:56 AM (IST)  

For youth of India, the government proposes National Education Policy to take and transform India’s higher education system to meet the global standards.

Jul 05, 11:59 AM (IST)  

FM says, GYAN to uplift the teaching quality, it aimed to bring the global scientists and researchers and this initiative paid off. Until 5 years ago, no Indian institute was ranked in the top 200 universities but now we have 3 institutions in this bracket.  Adding to this she says, ‘Study in India’ is to make India a hub of higher education and bring in foreign students to pursue education here.

The government proposes allocation of Rs 400 crore for world-class higher education institutions in the country, she says.

Jul 05, 12:02 PM (IST)  

Newer areas like Artifical Intelligence, Big Data, Robotics, etc will be focused more and efforts will be made to improve the skills of youth. These fields are valued in India as well as outside and she says, the country to ensure they can secure high paying jobs both in India and abroad.

Jul 05, 12:03 PM (IST)  

The government proposing to streamline multiple labour laws into a set of ‘four labour codes’, she says.

Jul 05, 12:07 PM (IST)  

For easy living, the Pradhan Mantri Shram Yogi Maan Dhan Yojana provides Rs 3,000 nearly 30 lakhs workers have joined the scheme, she says.

Jul 05, 12:09 PM (IST)  

UJALA scheme – approx 35 Crore LED bulbs have been distributed that saved Rs.18, 341 Crore annually, she says. She adds, we will use the mission of LED bulb method to promote solar in the country.

Jul 05, 12:10 PM (IST)  

Now for the women of India, She says quoting Swami Vivekananda, “There is no chance for the welfare of the world unless the condition of women is improved. It is not possible for a bird to fly with one wing”

Jul 05, 12:13 PM (IST)  

Nirmala Sitharaman says, I propose a committee to evaluate and suggest measure to improve women’s welfare and pointing out how in every field India’s women have stood out. Adds on by saying women have moved beyond just women-centric policies to building women-led movements.

Jul 05, 12:15 PM (IST)  

She says, the government will consider issuing Aadhaar cards to NRIs Indian passports in India without waiting for the necessary 180 days.

Jul 05, 12:19 PM (IST)  

17 iconic world-class tourist centres will be developed to enhance the flow of domestic and foreign tourists. Even Documentaries with anthropological details will be stored for tourists, she says.

Jul 05, 12:22 PM (IST)  

FM Nirmala Sitharaman:- Record recovery of over Rs 4 lakh crore have achieved over last 4 years. Provision coverage ratio is at its highest in 7 years and credit growth has improved to over 13%. The government has smoothly carried out consolidation reducing the number of public sector banks by 8. We have enabled 6 public sector banks out of PCA.

Jul 05, 12:24 PM (IST)  

Proposed to allocate Rs 70,000 Crore for PSU Bank recapitalization is planned by the government.

Jul 05, 12:25 PM (IST)  

FM Nirmala Sitharaman: One-time six month partial credit guarantee to buy pooled assets of sound NBFCs

Jul 05, 12:26 PM (IST)  

Regulation of HFCs to move to the Reserve Bank of India (RBI) from NHB.

Jul 05, 12:28 PM (IST)  

FM Nirmala Sitharaman has proposed Rs 100 lakh crore investment for infrastructure over 5 years.

Jul 05, 12:31 PM (IST)  

She says, during FY20 the government is setting a target of Rs 1,05,000 crore for disinvestment and will continue with disinvestment of PSUs in the non-financial space as well.

Jul 05, 12:33 PM (IST)  

She says pointing out that India’s sovereign external debt to GDP is among the lowest globally at less than 5%. And also a new series of coins including for Rs 20 will be made for public use shortly, she further says.

Jul 05, 12:34 PM (IST)  

Foreign shareholding limit of CPSEs is proposed to be hiked to permissible sectoral limits, she says.

Jul 05, 12:35 PM (IST)  

FM thanked the taxpayers for their valuable contribution through taxes for all-round development of the country.

Jul 05, 12:36 PM (IST)  

Sohrab Bararia, Associate Partner/Indirect Tax, BDO India says: In continuation to bolstering MSME sector growth, interest subvention of 2 percent announced for fresh or incremental loans. This keeps the supply chain intact and registered assesses get additional buoyancy in this sector.

Jul 05, 12:39 PM (IST)  

She quotes a verse in Tamil — ‘Just a few mounds of rice cooked from a small piece of land is enough for the elephant. But if the same elephant enters a paddy field it will end up trampling more than it would consume’.

Explaining the verse, she says the government does not intend to ‘trample’ anybody like the elephant.

Direct tax revenue has grown 78 % from 2014 – 2019.

Jul 05, 12:41 PM (IST)  

Currently, 25% corporate tax rate – annual turnover of up to Rs 250 crore. Now, this has been applicable for the companies with turnover of up to Rs 400 crore. Only 0.7% companies will remain outside of this 25 percent rate.

Jul 05, 12:44 PM (IST)  

To buy electric vehicles there is additional income tax deduction of Rs 1.5 lakh on interest paid on loans.

Benefit of Rs 2.5 Lakh Crore over the tax period of the loan for the loan payer.

Jul 05, 12:45 PM (IST)  

To resolve the issue of Angel Tax the startups and investors who file requisite declarations will not be subjected to any kind of scrutiny in respect of valuation of share premium. A mechanism of e-verification will be put in place and with this; the funds raised by startups will not require any tax scrutiny.

Jul 05, 12:47 PM (IST)  

FM Nirmala Sitharaman proposes the steps to carry forward and set off losses for startups. Also, increase in period of exemption of capital gains from the sale of residential house for investment in startups up to March 2021.

Jul 05, 12:49 PM (IST)  

Until 2020 the loans borrowed on affordable housing will get an additional deduction of Rs 1,50,000 on interest.

Jul 05, 12:52 PM (IST)  

More than 120 crore Indians now have Aadhaar card.

She proposes to make the two documents interchangeable so that Aadhaar card can be used for verification with no requirement for PAN.

Jul 05, 12:53 PM (IST)  

She says, STT is proposed to be restricted to the difference between settlement and strike price of options.

Jul 05, 12:57 PM (IST)

She proposes to levy 2% tax on cash withdrawal over Rs 1 crore per year so as to discourage business payments in cash and promote digital payments.

Various apps like BHIM, UPI, Aadhaar Pay, NEFT, RTGS can be used to promote less cash economy. Business establishments with annual turnover of Rs 50 crore will have to use these modes of payments with no charges or merchant discount rates will be imposed on customers or merchants. These costs will be absorbed by RBI and banks.

Jul 05, 01:01 PM (IST)  

As income levels are rising, a surcharge will be levied on individuals with taxable income of Rs 2 to 5 crore, and Rs 5 cr and above.

The effective tax rate for these categories will increase by around 3% points and 7% points, respectively.

Jul 05, 01:02 PM (IST)  

She says, GST rates have been eased with a relief of Rs 92,000 Crore provided during the year. Further steps will be taken to make the process of filing returns and tax compliance easy. A simplified single monthly return is now being ruled out. Adding to this she says, Taxpayers with an annual turnover of less than Rs 5 Crore will have to file only quarterly returns.

Jul 05, 01:09 PM (IST)  

Proposed by Government to Increase in customs duty on gold and other precious metal to 12.5% and additional excise duty of Re 1/L on petrol & diesel.

A 5% customs duty on imported books and hike of price in auto parts, synthetic rubber, PVC, vinyl flooring and tiles.

Jul 05, 01:10 PM (IST)  

Sitharaman made statements on medium-term cum fiscal policy strategy and macro-economic framework.

Jul 05, 01:10 PM (IST)  

The first full-time FM Nirmala Sitharaman concluded her maiden Union Budget presentation in the Parliament and the speech lasted almost for over two hours.

Jul 05, 01:11 PM (IST)  

Lok Sabha has been adjourned till Monday (July 8).

Jul 05, 01:14 PM (IST)  

The fiscal deficit this year is 3.3 percent, brought down from 3.4 percent.