A- A A+
Last Updated : May 26 2020 10:13AM     Screen Reader Access
News Highlights
532 flights operated on the first day of resumption of domestic flights; Andhra Pradesh to resume flights today            Over 40 lakh migrant workers ferried by Railways in 3060 Shramik Special trains            PM Modi says India-UAE cooperation has grown even stronger during COVID-19 challenge            India utilised lockdown period to ramp up its healthcare infrastructure, says Health Minister            Uttar Pradesh govt to set up migration commission to help find jobs for workers returning from different States           

National News

Jul 05, 2019
9:04PM

Budget stresses on investment in infrastructure & job creation

AIR Pics
Finance Minister Nirmala Sitharaman presented the first General Budget of Narendra Modi Government’s second term today. Infrastructure development; vision for making India a five trillion-dollar economy; Farmers’ welfare and water security are some of the key features of Mrs. Sitharaman’s first budget as Finance Minister. 

She said that the NDA government had set the ball rolling for a new India and showed that the principle of Reform, Perform and Transform can succeed. The Finance Minister exuded confidence that India will become a five-trillion-dollar economy in the next few years.

 Asserting, that connectivity is the life-blood of an economy, the Finance Minister said the government has given a massive push to all forms of physical connectivity through Pradhan Mantri Gram Sadak Yojana, industrial corridors, dedicated freight corridors, Bharatmala and Sagarmala projects, Jal Marg Vikas and UDAN Schemes.


Mrs Sitharaman said under the third phase of Pradhan Mantri Gram Sadak Yojana, road length will be upgraded.


Mrs Sitharaman said around two crore houses are proposed to be provided in the next three years to the eligible beneficiaries under the second phase of Pradhan Mantri Awas Yojana - Gramin. 


Minister said that New National Educational Policy will be brought in to transform Indian educational system and major changes in higher as well as school system will be brought in. She said, Budget 2019 proposes to establish a National Research Foundation to fund, to coordinate and to promote research in the country.


The Finance Minister said, Public sector banks will be provided with 70 thousand crore rupees to boost capital and improve credit. She said, for purchase of high-rated pooled assets of financially sound Non Banking Finance Companies amounting to 1 lakh crore rupees during 2019-20, one-time six-month partial credit guarantee will be given to Public Sector Banks. She proposed strengthening of regulatory authority of RBI over NBFCs. 

 
There is no change proposed for personal income tax rate below 2 crores. However, Surcharge on individuals having taxable income from 2 crore - 5 crore and 5 crore and above to be enhanced, so that effective tax rate will increase by around 3% and 7% respectively.


Finance Minister proposed to increase the threshold for applicability of lower corporate tax rate of 25 percent from 250 crores to 400 crore rupees. 


It is also proposed to make return filing compulsory for persons who have deposited more than one crore rupees in a current account in a year, or who have expended more than two lakh rupees on foreign travels, or more than one lakh rupees on electricity consumption in a year. 


Interest deduction is proposed to be enhanced upto 3.5 lakh rupees for purchase of a house. Existing interest deduction is upto two lakh rupees. 


Under indirect taxes, Finance Minister proposed several changes as an incentive for domestic value addition and Make in India. Custom duty on capital goods used for manufacturing of certain electronic items including set top box, compact camera module, mobile phone charger, Lithium Ion Cell has been withdrawn. 


Ms Sitharaman said, multiple labour laws will be streamlined to into a set of four Labour Codes, to standardize registration and filing of returns and reduce disputes.


She said, to further encourage women entrepreneurship, Women SHG Interest Subvention Programme to be expanded to all districts in India. 


Duty on petroleum crude and specified electronic goods like switches, sockets and plugs has been rationalized. 

Live Twitter Feed

Listen News

Morning News 26 (May) Midday News 25 (May) News at Nine 25 (May) Hourly 26 (May) (0605hrs)
समाचार प्रभात 26 (May) दोपहर समाचार 25 (May) समाचार संध्या 25 (May) प्रति घंटा समाचार 26 (May) (1000hrs)
Khabarnama (Mor) 26 (May) Khabrein(Day) 25 (May) Khabrein(Eve) 25 (May)
Aaj Savere 26 (May) Parikrama 25 (May)

Listen Programs

Market Mantra 25 (May) Samayki 25 (May) Sports Scan 23 (Mar) Spotlight/News Analysis 25 (May) Samachar Darshan 22 (Mar) Radio Newsreel 21 (Mar)
    Public Speak

    Country wide 12 (Mar) Surkhiyon Mein 10 (May) Charcha Ka Vishai Ha 11 (Mar) Vaad-Samvaad 17 (Mar) Money Talk 17 (Mar) Current Affairs 6 (Mar)
  • Money Matters 22 (Mar)
  • International News 22 (Mar)
  • Press Review 23 (Mar)
  • From the States 23 (Mar)
  • Let's Connect 22 (Mar)
  • 360°- Ek Parivesh 23 (Mar)
  • Know Your Constitution 30 (Jan)
  • Ek Bharat Shreshta Bharat 22 (Mar)
  • Sanskriti Darshan 23 (Mar)
  • Fit India New India 23 (Mar)
  • Weather Report 21 (Mar)
  • North East Diaries 22 (Mar)
  • 150 Years of Bapu 22 (Mar)
  • Sector Specific Discussions 22 (Mar)