Finance Minister Nirmala Sitharaman presents Union Budget 2019-20 on Friday; becomes the first full-time woman Finance Minister in India to present the Budget.
Finance Minister Nirmala Sitharaman, announcing the Union Budget for 2019-20 in Parliament today announced a national transport card for universal travel which can used on various modes of transport, including road, railways etc.
Sitharaman said that Government will do a restructuring of the national highway programme. In the second phase of Bharat Mala, states will be helped to develop state highways.
Nirmala Sitharaman said the government has taken an initiative of “one nation one grid” for ensuring electricity supply in the country.
Finance Minister Nirmala Sitharaman said that Gaon, Gareeb aur Kisan are at the centre of all our policies. The minister assured that by 2022 every single rural family, except those who are unwilling to take the connection, will have electricity and clean cooking gas.
FM said that with the changing economic scenario it’s important to upgrade roads connecting villages to rural markets. For this Pradhan Mantri Gram Sadak Yojana phase 3 is envisaged to upgrade 1,25,000 km of road length over the next 5 years.
The Finance Minister said the government will examine further opening FDI in aviation, media, animation AVGC and insurance sectors. She added that the government will permit 100% FDI for insurance intermediaries. Sitharaman said in spite of fall in FDI worldwide, India’s FDI flows in 2018 remained strong at USD 64.37
The Finance Minister said that it took 55 years to make India $1 trillion economy, while the NDA government achieved as much in 5 Years.
Sitharaman proposed a zero-budget farming, as a model for farmers which will help double farmers income.
FM praised farmers for making India self-sufficient in pulses. She further hoped that we achieve success in oilseeds as well.
The Minister said the government has proposed setting up 1.95 crore houses under Pradhan Mantari Awas Yojna (Rural). In the past five years, houses to 1.5 crore poor families has been provided. She added that time taken to complete construction of houses under PMAY cut to 114 days from 314 days in 2015-16 due to use of DBT platform, technology.
She also said the government aims to promote online courses. She added that learning programme will be initiated in the country, under which foreign students will be invited and separate draft bill will be presented for higher education.
Finance Minister Nirmala Sitharaman said that by 2022 every single rural family will have electricity and clean cooking gas.
To harness India’s space ability commercially, the Finance minister said that “New Space India Limited” has been incorporated to tap the benefits of ISRO.
Finance Minister Nirmala Sitharaman said that 9.6 crore toilets have been constructed since October 2014 while adding that India will be open-defecation free by October 2, 2019.
Nirmala Sitharaman said that the government has proposed starting exclusive programmes on DD channels for startups.
Finance Minister Nirmala Sitharaman has announced that under the stand-up India scheme women entrepreneurs will be given benefits.
FM said that Aadhaar cards will be issued to non-residents Indians with Indian passports after arrival in India without waiting for 180 days.
Nirmala Sitharaman said that the government has proposed to open 4 new embassies in 2019-20 to increase footprint of India overseas and to make public services more accessible.
She added that the government proposes to launch mission to integrate traditional artisans and creative persons with global market and to obtain GI/patents for them.
Sitharaman also said that financially sound Non Banking Financial Companies should continue to get funds from banks and mutual funds.
The Finance Minister said that the government will develop 17 iconic tourism sites into world class tourist destinations to improve footfall of both domestic as well as international tourists.
Govt to bring ETF in line of equity linked savings schemes of mutual funds to encourage retail investors.