Key Highlights of Union Budget 2019-20

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New Delhi: Finance Minister Nirmala Sitharaman today presented the annual budget for the year 2019-2020 in Lok Sabha.

Key Highlights

* 1.95 crore houses to be constructed under PMAY from FY20-22
* Pradhan Mantri Gram Sadak Yojana –  Phase 3 envisaged to upgrade 1.25 lakh km of road length at an estimated cost of Rs 80,250 crore.
* 1.5 cr rural houses have been constructed under Pradhan Mnatri Awas Yojana-Grameen in the last five years and 1.95 cr houses are proposed to be constructed from FY20-22
* Every single rural family, except those who are unwilling to take the electricity connection, will have electricity by 2022
* To merge NRI portfolio route with FPI route
* Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme
* Government will examine opening up FDI further in aviation, media. Local sourcing norms to be eased for single-brand retail FDI
* Govt will examine opening up FDI further in aviation, media
* We will invest heavily in agricultural infrastructure
* To invest Rs 80,250 cr for upgradation of roads under PM Gram Sadak Yojana
* Govt. is contemplating to organize annual Global Investors Meet in India
* Ease of doing business applies to farmers too. 10,000 new-farmer producer organisations will be set up.
* Integrated water ministry to make sure ‘Har Ghar Jal’ by 2024. Jal Shakti Mantralaya will work with states to ensure Har Ghar Jal for all rural houses by 2024, under Jal Jeevan Mission.
* To harness India’s space ability commercially, a public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap the benefits of ISRO.
* 80 Livelihood business incubators and 20 technology business incubators to be set up in 2019-20 under ASPIRE to develop 75,000 skilled entrepreneurs in agro-rural industries
* Swachh Bharat mission to undertake solid waste management in every village
* A National Research Foundation proposed
* National education policy to be brought in to transform Indian educational system and major changes in school and higher education.
* ‘Gandhipedia’ is being developed about positive Gandhian values
* Under Pradhan Mantri Grameen Digital Saksharata Abhiyan, Bharat Net is targeting internet connectivity in local bodies in every panchayat in the country; this will be speeded under Universal Service Obligation Fund.
* India will be made Open Defecation Free on October 2nd, 2019, as per the dream of PM Narendra Modi
* The government is committed to expanding ‘Khelo India’ scheme. To popularize sports at all levels, National Sports Education Board for development of sportspersons to be set up under the scheme.
* Govt will focus on new-age skills like artificial intelligence, IoT, 3D printing, virtual reality and robotics for skill empowerment of youth
* ‘Stand Up India’ scheme to continue till 2025
* 35 crore LED bulbs have been distributed under Ujjwala Yojana which saved 18,341 crore saved annually
* proposal to commence television channel for start-ups
* 17 new tourist sites to be developed.
* Multiple labour laws to be streamlined to into a set of four Labour Codes, to standardize registration and filing of returns and reduce disputes
* Aadhaar cards to be issued to NRI’s holding Indian Passport without having to wait for the necessary 180 days
* Govt proposes to expand Women SHG interest subvention programme to all districts in the country
* Rs 400 crore under head, World Class Institutions in 2019-20, more than 3 times the revised estimates of previous year; Study in India to commence to bring in foreign students into Indian higher education system
* The government aims to bring greater ease of living in the lives of its citizens
* Govt will set up 100 new clusters for 50,000 artisans in FY20
* NPAs have reduced by one lakh crore in last one year. PSB to be provided Rs 70,000 crore to boost credit
* Mission for integrating traditional artisans and their creative products with global markets to be launched; patents and Geographical Indications to be obtained for them where necessary

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