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Budget 2019 presented by Nirmala Sitharaman

Budget 2019 presented by Nirmala Sitharaman

The Central government is presenting a full budget in Parliament on 05 July 2019. The first budget of the second term of Modi Government is being presented in Parliament. Finance Minister Nirmala Sitharaman presented this budget. This was the first time in India that a woman as full time finance minister is going to present general budget.

Finance Minister Nirmala Sitharaman started reading the budget speech in the Lok Sabha. She is the first woman in the country to present a full-time finance minister's budget.

The budget is most important for the functioning of any government. The government can not spend a single penny on its proposal without the approval of the Parliament. The government also holds a picture of the future plans of the budget..

Finance Minister Nirmala Sitharaman also read a poetry starting her budget speech. It was ‘Yakeen ho agar to koi rasta nikalta hai, Hawaaon ki ot bhi lekar chirag jalta hai.' These lines belongs to Famous poet ‘Manzoor Hashmi’.

According to Nirmala Sitharaman, this time the people of the country have selected them in the government with the full majority. People voted a lot in this election. For the first time women, youth, the elderly rely on the good working government. Our government is working rapidly under the leadership of Prime Minister Narendra Modi and is helping the person standing at the top notch.

 

Highlights of Budget2019

3% additional tax on those earning 2 to 5 crores annually

  • The Modi government will now get 3 per cent additional tax on people earning between Rs 2 and 5 crore annually.
  • At the same time earning more than Rs 5 crore is to pay 7 per cent additional tax.

TDS of 2% on withdrawal of more than one crore in one year

  • If any person withdraws more than 10 million rupees in a year from the bank, then 2% will be levied on TDS.
  • It means, to remove more than 1 crore rupees annually, 2 lakh rupees will be deducted in tax.

GST reduced from 5% to 12% on E vehicles

  • GST will be reduced from 12% to 5% on E vehicles.
  • Along with this there is a big discount announcement for startup.
  • The start up will not have to pay Angel tax.
  • Income Tax Department will not investigate them.
  • Our goal is to promote electronic vehicles.

New coins were announced

  • The finance minister said that about one lakh crore rupees will be mobilized through disinvestment, in which disinvestment will also be done in Air India.
  •  At the same time, the government announced that the companies will now directly control the transaction companies.
  • The government has announced new coins of to 20 rupees, which will be released soon for the people.

Remission of additional 1.5 lakh rupees for house purchase of 45 lakh rupees

  • Buying a house of 45 lakh rupees will be given an additional 1.5 lakh rupees.
  • The total rebate on the interest of the housing loan has now increased from 2 lakh to 3.5 lakh.
  • Apart from this, the purchase of an electric vehicle upto 2.5 lakh rupees will also be allowed.

Emphasis on foreign policy

  • The Finance Minister announced that our government is also pushing for foreign policy.
  • For this, the government, ??will insist on opening the embassy in those countries where we have not embassy, currently.
  • The government wants to open four other embassies in the financial year 2019-20.
  • The government's objective is to invest about Rs 100 lakh crore in infrastructure.

 

People will also be able to fill their income tax by Aadhar card

  • Government has made a big announcement for ITR.
  • Tax payers will now be able to fill his income tax with the Aadhaar card.
  • That is, it is not necessary to have a PAN card now, the PAN and the Aadhaar card will work.

Big Declaration for Overseas Indians

  • The government has made a big announcement for Indians living abroad.
  • Now NRI will get the facility of issuing Aadhaar card while coming to India.
  • They do not need to stay in India for 180 days.
  • The main goal of our government is that 17 destinations will be made world-class.

Increase in direct tax over the last two years

  • Expressing his gratitude to the income tax payers in his budget speech in 2019-20, Finance Minister Nirmala Sitharaman said that direct taxes have increased in the last two years.
  • In the year 2018-19, direct tax amounted to 11.37 lakh crore rupees.
  • She said that continuously reducing corporate taxes will continue to reduce.
  • The Finance Minister announced to increase the limit of 25 per cent corporate tax from Rs 250 crore to 400 million annual turnover.
  • This decision will bring 99.39 percent of the companies in this scope.

Benefits to women under Stand-up India scheme

  • The Finance Minister announced that under Stand-up India scheme women, ST-ST entrepreneurs will be benefited.
  • Programs will be started on the TV channel for start-up.

Announcement of Rashtriya Swachchhta Kendra

  • Rashtriya Swachchhta Kendra will be built on Rajghat.
  • Khelo Bharat Yojna was also announced.

NPA withdrawn

  • Finance Minister has announced that 70 thousand crore rupees will be provided to public sector banks to promote credit.
  • With the reforms, the bank's NPA has been reduced.
  • We will take banking to every door.

36 million LED bulbs are distributed

  • Regarding electricity, the finance minister said that our government has distributed 36 million LED bulbs.
  • Through this, the country's survival is about Rs 18,431 crore annually.
  • At the large level, railway stations are being modernized.

Development of the country without the development of women

  • The Finance Minister said that without the development of women the country cannot be developed.
  • The Finance Minister announced that women will get an additional overdraft of 5000 rupees for Jandhan account holders.
  • For women, the Mudra Loan of one lakh rupees will be arranged separately.

Announcement of new education policy

  • The Finance Minister said that the government has announced that we will bring new education policy.
  • Research center on education policy will also be consructed.
  • national research establishment was announced.
  • Ideal fare law will also be introduced.
  • The government will spend 400 crores for higher education.
  • India has only three colleges in the top 200 colleges in the world.
  • The government will insist on enhancing these numbers in such a way.
  • Our aim is to promote online courses.
  • The 'Adhyayan' program will be started in the country.
  • Under this, foreign students will be invited to India.
  • A separate law will be introduced for higher education.

Constitution of Hydro Power Ministry

  • Nirmala Sitharaman said that our government has constituted the Ministry of Water Supply for water.
  • The goal of water supply is being implemented.
  • To achieve this, 1500 blocks have been identified.
  • Through this water will be transported to every house.

Construction of 2.6 million houses completed

  • The Finance Minister said that so far 26 lakh houses have been completed.
  • At present, 24 lakh people have been given accommodation.
  • Our goal is to give home to everyone by 2022.

Construction of 9.6 million toilets

  • The Finance Minister announced that after 2014, about 9.6 million toilets have been constructed.
  • About 5.6 lakh villages have become free from defecation in the country today. The government is committed to the expansion of Swachh Bharat Mission.
  • More than 95 percent cities of our government has been declared ODF.
  • Today, there is ‘Swachchh Bharat’ app in the phone of nearly one crore people.
  • About 20 million people have been digitally educated.
  • The government is promoting the digital sector to bridge the rural-urban gap.

100 new clusters will be made

  • In her speech, the Finance Minister informed that about 100 new clusters will be made in the country through the medium of enthusiasm.
  • 20 Technology Business Incubators will be installed.
  • Under this 20 thousand people will be given skills.

Encourage investment in agricultural infrastructure

  • The Finance Minister announced that investment in agricultural infrastructure will now be encouraged.
  • About 10 thousand new farmers will become a productive union, in the case of pulses, the country becomes self-sufficient.
  • Our goal is to spend less on imports.
  • Along with this, dairy works will also be encouraged.
  • Food provider(Anndata) can now be the energy provider(Oorzadata) too.

More Focus on Village and Farmer

  • The Finance Minister said that Mahatma Gandhi had the idea that India's soul resides in the villages.
  • Our government is going to promote Antyoday in its every plan.
  • The main point of our government is villagefarmer and poor.
  • Our goal is that by 2022electricity will reach every village.
  • There has been a lot of change in the country through Ujjwala scheme and Saubhagya scheme.

Emphasis on promoting Infrastructure

  • The Finance Minister said that it took about 314 days to build a house first, but now it takes about 114 days.
  • Our main emphasis is now on increasing the infrastructure.
  • Through the Bharatmala project, we are reaching the solid roads to every village of the country and are building the National Highway.
  • The Finance Minister said that in the next five years, 125,000 km’s road will be constructed.
  • 80 thousand 250 crores will be spent for this scheme.

India emerged as a major force in the field of space

  • India has emerged as a major force in the field of space.
  • Our government wants to increase this strength further and the ability to launch the satellite will be enhanced.

Considers increasing foreign investment limit in Media

  • In the speech, the Finance Minister said that the media is also considering increasing the limit of foreign investment.
  • In addition, 100 percent FDI is being considered in the insurance sector.

Announcement of pension to small shopkeepers

  • The Finance Minister announced that the small shopkeepers will be given a pension.
  • In addition, it is also planned to lend all the shopkeepers in just 59 minutes.
  • It will benefit more than three crore small shopkeepers.
  • Along with this, our government is also moving ahead on the plan to house everyone.

National Transport Card Announcement

  • National Transport Card (NTC) has been announced by the government.
  • This card will be used in railways and buses.
  • It can be run with the help of the Rupee card.
  • This will allow bus tickets, parking expenses, rail tickets, all together.
  • The government has also said that MRO's formula should be adopted.
  • In which manufacturing, repair and operating formula will be implemented.

Moving towards indigenous through Make inIndia

Finance Minister Sitharaman said that we are moving towards indigenous by Make in India.

Apart from this, our government is also making the country modern.

PPP model for railway development

  • The Finance Minister announced that the government is pushing for increasing private participation in the Railways.
  • The PPP model will be implemented for the development of the railway.

The next big goal is to promote the water way

  • In her speech, the Finance Minister said that our goal is to reform, performance and transform.
  • The next big goal of our government is to promote the water way.
  • Our objective is to start the water route within the country.
  • Also, we are moving forward for forest nation, forest grid, whose blue print is being prepared.

India became an employment-oriented country

  • Nirmala Sitharaman said that India has become a country providing employment today.
  • Our emphasis is now on increasing the infrastructure.
  • During this time, she mentioned many of her plans, including the money scheme, Sagarmala, Make in India etc.

Sixth largest economy

  • Finance Minister Nirmala Sitharaman said that our economy is the sixth largest economy in the world.
  • In the last five years, we have worked to revive the country's economy.
  • Our goal was to bring toilets in the homes of people and to provide electricity to households.

 

Nirmala Sitharaman's Goals

  • The Finance Minister put the target of the coming decade in front of the country in her budget.
  • Our economy will reach $ 5 trillion in the next few years.
  • During this, she enumerated that pollution free India, emphasis on medical equipment, water management, space program, Chandrayaan, and Gaganyan are the main points.

Expectations from Budget-2015

  • With this time in the Modi government's budget, keeping fiscal deficit under control, there can be an emphasis on accelerating economic growth and employment generation.
  • Those who earn more than Rs 10 crores may be taxed at a new rate of 40 percent at a new rate with the intention of enhancing the tax scope and improving compliance to strengthen the Modi government's fiscal position.
  • For job seekers, a change in tax slab is being expected on the crucial income tax front.
  • In the interim budget 2019-20, a tax rebate was made on income up to Rs 5 lakhs.
  • At present, the tax rate for income up to 2.5 lakh rupees to 5 lakh rupees is 5 %, income from Rs 5 lakh to Rs 10 lakh is 20 percent and 30 percent tax rate on income over Rs 10 lakh.
  • Before the Lok Sabha election 2019, BJP had issued a resolution letter containing 75 promises. The Modi government can step in to fulfill certain promises of the resolution letter in this budget.
  • The Reserve Bank of India has cut interest rate three times this year to accelerate economic growth, so that is looking over new government with hopes.

 

Q.1 Who is the first woman to present the budget in India?
A. Indira Gandhi
B. Nirmala Sitharaman
C. Sushma Swaraj
D. Pratibha Patil
Answer...
Ans: Nirmala Sitharaman
Q.2 Who presented Interim Budget 2019?
A. Arun Jaitley
B. P Chidambaram
C. Piyush Goel
D. Pranav Mukherjee
Answer...
Ans: Piyush Goel

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