Union Budget 2019: FM Nirmala Sitharaman Says Highest Income Group Should Contribute More For National Development
Union Finance Minister Nirmala Sitharaman, the second woman finance minister of India after Indira Gandhi, presented the Union Budget 2019 in the Parliament.
Nirmala Sitharaman laid out the roadmap of India’s growth in her maiden budget speech. FM Sitharaman announced key measures of Modi 2.0 government. These measures include power to all rural families by 2022, reform of labour laws and solid waste management and comprehensive water management at local level.
Top 10 Takeaways From Union Budget 2019
• Surcharge on individual income of ₹2-5 crore and over ₹5 crore by 3% and 7% respectively.
• Custom duty on precious metals including gold increased from 10% to 12.5%.
• Additional deduction of ₹1.5 lac on interest paid on home loans up to ₹45 lacs borrowed up to 31 March 2020.
• Special additional duty and road and infrastructure cess on diesel and petrol increased by ₹2/litre.
• Starting from 1.85 trillion dollars in 2014, the economy has jumped to 2.7 trillion dollars. It will become 3 trillion dollars this year and 5 trillion dollars in the coming years.
• GST rate on electric vehicles (EV) to be reduced from 15% to 12%.
• Fiscal deficit brought down to 3.3% from 3.4%.
• Companies with annual turnover of ₹400 crores will pay 25% corporate tax.
• Gandhi-pedia to be developed like an encyclopedia to promote Gandhian School of thought.
• Expansion of Women Self-Help Groups (SHGs) Interest Subvention Programme to all districts of India.