Budget 2019 Highlights: It has been a budget speech by FM Nirmala Sitharaman that has laid out the roadmap and announced measures to tackle several aspects of the economy. In the Direct and Indirect taxes proposals announced by her in the second part of her speech, she announced that corporate tax rate of 25% would be extended to companies that now have a turnover of upto Rs 400 crore. FM Sitharaman proposed a further thrust to Make in India and the setting up of an initiative to set up to facilitate setting up of mega plants in areas such semiconductors, laptops, solar products etc. In order encourage purchase of electric vehicles, a tax deduction of Rs 1.5 lakh was announced for those purchasing these automobiles. Lower GST on these vehicles was also proposed. The government announced a disinvestment target of over Rs 1 lakh crore and said that will continue to pursue strategic disinvestment of Air India and other PSEs. It also expressed willingness to go below 51% in non- financial PSEs. The government reiterated its intention to invest Rs 100 lakh crore in infrastructure and said an expert committee will be set up. A singly monthly return for GST was also introduced. Customs duties were altered on a number of items.
In addition to the proposals she announced earlier in her speech, the Narendra Modi government has announced its vision on several economic and social fronts. Measures have been announced for financial markets with the idea of attracting more capital – she has proposed to increase public shareholding in listed companies, improve KYC norms for FPIs, get retail investors into the government treasury bills market and provide for more foreign participation in insurance intermediaries, media, aviation and animation. She has also announced her intention to get more NRI investment into India.
Announcing key measures for common man, she reiterated the government’s promise to give power to all rural families by 2022. For the common man, gold could expensive. She said even farmers need to have ease of doing business and ease of living. Budget 2019 live streaming speech sought to replicate the success of the pulses production programme to oilseeds, another key import for India currently. Solid waste management and comprehensive water management at a local level were key points. On education, she coined the slogan of ‘Study in India’, promising to make India a hub for education and get foreign students into India. A new TV channel for startups and reform of labour laws is also on the agenda as per the speech of Budget 2019 live streamed from Lok Sabha.