2019 Union Budget Highlights
Key highlights of Finance Minister Nirmala Sitharaman, the first full-time female Finance Minister’s Union Budget.
PM Narendra Modi’s government presented the Union Budget. Finance Minister Nirmala Sitharaman was the first full-time female Finance Minister to have presented the budget. Our video explains some key highlights in the Finance Minister’s speech. The speech talks about Tax rates, Sports, Education, Digital Transactions, Economic Development, etc.
The Union Budget focuses on taxing the rich and providing benefits to the poor. In order to do this they have decided to introduce 3% surcharge hike on an income of Rs 2 crore and 7% on Rs 5 crore and above. The Budget promises that India will become $3 trillion economy this year. We need to continue to take many reforms to achieve the goal of a $ 5 trillion economy. In order to promote digital transactions, they will levy tax deduction at source (TDS) of 2 per cent on the cash withdrawal of more than Rs 1 crore from a bank account in one financial year to discourage business payments in cash. Women Self Help Group (SHG) Programme will be expanded to all districts in India. Rs 1 lakh loan to be provided for SHG women members under the Mudra Scheme. This is to encourage and support women to carry out business.
The government has focused on Education as well. Allocate Rs 400 crore for world-class higher education institutions in 2020 . They will introduce new education policies to make changes in school and higher education as well. KYC rules for Foreign Investors will be simplified to make it more investor-friendly. Villages, Poverty and agriculture will be the main focus of our government. New Jal Shakti Ministry will work with states to ensure rural houses have water by 2024. They have also promised that every single rural family will have electricity by 2022. The government’s budget has made many promises. Let’s hope that they can live of them.
