close

News WrapGet Handpicked Stories from our editors directly to your mailbox

Union Budget 2019 presented with a 10-year vision in mind: Nirmala Sitharaman

Addressing a press conference after the presentation of the Union Budget 2019, the Finance Minister said that the emphasis was very clearly on the overall development of economy.

Union Budget 2019 presented with a 10-year vision in mind: Nirmala Sitharaman

New Delhi: Finance Minister Nirmala Sitharaman on Friday said that budget has been presented with a 10-year vision in mind, echoing the same thoughts as Prime Minister Narendra Modi.

Addressing a press conference after the presentation of the Union Budget 2019, the Finance Minister said that the emphasis was very clearly on the overall development of economy.

“We looked at rural initiatives, all of which will give certain dynamic to the rural areas. Similarly, we looked at how urban living can be better,” she said.

The Finance Minister added that the start-ups are being given a whole set of tax benefits. Presenting her maiden Budget speech Sitharaman said, “We propose to start a television programme within the DD bouquet of channels exclusively for start-ups. To resolve the so-called ‘angel tax’ issue, the
start-ups and their investors who file requisite declarations and provide information in their returns will not be subjected to any kind of scrutiny in respect of valuations of share premiums”.

Sitharaman also proposed to relax some of the conditions for carry forward and set off of losses in the case of start-ups by announcing exemption of capital gains arising from sale of residential house
for investment in start-ups up to March 31, 2021 and relax certain conditions of this exemption.

Stating that Non Banking Financial Companies(NBFC) are critical component of the banking system, Sitharaman said that the government has adopted a comprehensive approach for NBFC financing.

“For purchase of high-rated pooled assets of financially sound NBFCs, amounting to a total of Rs 1 lakh crore during the current financial year, government will provide one time six months' partial credit guarantee to Public Sector Banks for first loss of up to 10 percent. Appropriate proposals for strengthening the regulatory authority of RBI over NBFCs are being placed in the Finance Bill,” she said during her Budget speech.