General Budget 2019 News

Finance Minister Nirmala Sitharaman in her maiden Budget address laid out a clear road map to make India a $5 trillion economy by 2024.

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, Nirmala Sitharaman said.

Nirmala Sitharaman also proposed to move to an electronic invoice system wherein invoice details will be captured in a central system at the time of issuance in Union Budget 2019.

Nirmala Sitharaman said reduction in corporate tax rate will cover 99.3% of the companies. Now only 0.7% of companies will remain outside this rate.

Nirmala Sitharaman presenting Budget 2019 said NPAs of commercial banks have reduced by over 1 lakh crore over the last year, record recovery of over 4 lakh crore due to IBC and other measures has been effected over the last four years.

Nirmala Sitharaman in the Budget 2019 speech further informed that Government will undertake strategic sale of PSUs and continue to do consolidation of PSUs in the non-financial space as well.

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.

A person purchasing an affordable house will now get an enhanced interest deduction up to Rs 3.5 lakh.

As part of road and infrastructure cess (customs), the government has decided to hike the cess on the fuel products from Rs 8 per litre to Rs 9 per litre.

Modi further said that the Budget has set the tone for tax structure to get simplified and infrastructure getting modernized.

Union Budget 2019 is the maiden budget for Union Finance Minister Nirmala Sitharaman, who becomes the second woman finance minister to do so. She called on President Ram Nath Kovind at the Rashtrapati Bhavan before presenting her first Union Budget. 

Expectations are high from the Union Budget 2019, given that PM Modi came back to power following a bigger mandate than his first term. As such, Finance Minister Nirmala Sitharaman will have to do a tough balancing act, as she aims to boost growth.

Economic Survey 2018-19 stated that public investments in social infrastructure like education, health, housing and connectivity is important for inclusive development of the country.

CII said that it is in affirmation with the Survey’s key prognosis that for sustaining growth at 8 percent, investment would need to be the “key driver” for heralding simultaneous growth in demand, jobs, exports & productivity.

This factor has been termed especially important in context of the Survey’s recommendations for shifting gears to an investment driven growth model for the country.

The Economic Survey 2019 notes that India’s External Debt was USD 521.1 billion at end-December 2018, 1.6 percent billion lower than its level at end-March 2018. 

The Economic Survey 2018-19 states that an effective minimum wage policy that targets the vulnerable bottom rung of wage earners can help in driving up aggregate demand and building and strengthening the middle class, and thus spur a phase of sustainable and inclusive growth.

The Economic Survey 2018-19 clearly stated that the year 2019-20 has delivered a huge political mandate for the government, which augurs well for the prospects of high economic growth.

Till March 31, 2019, the Corporate Insolvency Resolution Process yielded a resolution of 94 cases which has resulted in the settlement of claims of  Rs 1,73,359 crore.

The Economic Survey has projected India would grow at 7 percent in 2019-20 and maintain its fastest growing large economy tag in the world.