10-Point Vision of the Union Budget 2019-20 [Key Highlights]

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman made her maiden Budget Speech today and presented the Union Budget 2019-20 before the Parliament.

Indian economy becoming a 3 trillion dollar economy this year with World’s 3^rd  largest economy in terms of Purchasing Power Parity, government’s intention to invest Rs 100 lakh crore in infrastructure in next 5 years, enhanced target of over one lakh 5,000 crore of disinvestment in 2019-20, proposal to provide Rs 70,000 crore to PSBs to boost credit, doubling of food security budget in last 5 years, faster adoption of Electric vehicles with an outlay of Rs 10,000 crore, opening of 18 new Indian diplomatic missions in Africa, development of 17 iconic Tourism Sites into world-class tourist destinations and issuance of new series of coins of 1,2,5,10 & 20 rupees are some of the key highlights of the Union Budget 2019-20 presented to Parliament by Union Minister of Finance and Corporate Affairs.

10-point Vision for the decade

• Building Team India with Jan Bhagidari: Minimum Government Maximum Governance.
• Achieving green Mother Earth and Blue Skies through a pollution-free India.
• Making Digital India reach every sector of the economy.
• Launching Gaganyan, Chandrayan, other Space and Satellite programmes.
• Building physical and social infrastructure.
• Water, water management, clean rivers.
• Blue Economy.
• Self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables.
• Achieving a healthy society via Ayushman Bharat, well-nourished women & children, safety of citizens.
• Emphasis on MSMEs, Start-ups, defence manufacturing, automobiles, electronics, fabs and batteries, and medical devices under Make in India.

Following are the heads under which the budget was presented:

• Towards a 5 Trillion Dollar Economy
• Measures to enhance the sources of capital for infrastructure financing
• Measures to deepen bond markets
• Social stock exchange
• Measures to make India a more attractive FDI destination
• New Space India Limited (NSIL)
• Direct Taxes
• Tax Simplification and Ease of living – making compliance easier by leveraging technology:
  • Interchangeability of PAN and Aadhaar
    • Those who don’t have PAN can file tax returns using Aadhaar.
    • Aadhaar can be used wherever PAN is required.
  • Pre-filling of Income-tax Returns for faster, more accurate tax returns
    • Pre-filled tax returns with details of several incomes and deductions to be made available.
    • Information to be collected from Banks, Stock exchanges, mutual funds etc.
  • Faceless e-assessment
    • Faceless e-assessment with no human interface to be launched.
    • To be carried out initially in cases requiring verification of certain specified transactions or discrepancies.
• Affordable housing
• Boost to Electric Vehicles
• Other Direct Tax measures
• Relief for Start-ups
• NBFCs
• International Financial Services Centre (IFSC)
• Securities Transaction Tax (STT)
• Indirect TaxesMake In India

        Defence

        Other Indirect Tax provisions

• Grameen Bharat / Rural India
• Shahree Bharat/Urban India
• Youth
• Ease of Living
• Naari Tu Narayani/Women
• India’s Soft Power
• Banking and Financial Sector
• Digital Payments
• Mega Investment in Sunrise and Advanced Technology Areas
• Achievements during 2014-19
• Roadmap for future

*Please refer the link for the key highlights of the budget: Union Budget

[Press Release dt. 05-07-2019]

[Source: PIB]