Finance Minister, Smt. Nirmala Sitharaman presents the Union Budget 2019 in the Parliament today and here we are with the Budget 2019 Live updates. Budget 2019 facts and figure will be extremely important for all the upcoming exams in 2019 such as SBI PO and Clerk, IBPS PO and Clerk, RBI Grade B Officer and Assistant, SSC CGL, SSC CHSL, SSC CPO, IBPS RRB PO, Railways RRB, SEBI and more. Check the key highlights of Budget 2019 and make notes for revision.
Budget 2019 Live Updates: Key Highlights
India is all set to become $3 trillion economy this year.
- 25% tax for all companies with annual turnover of Rs 400 crore
- Interest subvention for up to Rs 2.5 lakh on buying electric vehicle
- Additional Rs 1.5 lakh deduction in income tax on home loans
- Start-ups won’t be subject to scrutiny on angel tax.
- TDS of 2% for withdrawals of Rs 1 crore in a year from bank accounts for business payment.
- No change in personal income tax rates
- No need for a PAN, you can quote Aadhaar number for filing I-T return
- Govt waives MDR (Merchant Discount Rate) changes on cashless payment
- Excise duty on fuel hiked by 1 rupee.
- Fiscal deficit in FY19 targets at 3.3%.
Govt plans to create MRO (Manufacturing, Repair and Operate) industry.
National transport card for universal travel which can used on various modes of transport (road, railways etc).
New tenancy Law
A modern tenancy law will be finalized and given to the states.
- Payment platform for MSMEs to be created
- 350 crore rupees allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans.
- 100 new clusters to be set up in 2019-20 under SFURTI – Scheme of Fund for Regeneration of Traditional Industries, which will enable 50,000 artisans to join the economic value chain
- Have proposed to SEBI to increase public-holding in listed companies to 35% from 25%.
- SEBI to allow AA corporate bonds as collateral
Credit Guarantee Enhancement Corporation
Credit Guarantee Enhancement Corporation will be set up in 2019-20
- Railway infrastructure would need an investment of 50 lakh crores between 2018 and 2030
- PPP to be used to unleash faster development and delivery of passenger freight services
Annual Global Investors’ Meet
New Space India Limited (NSIL)
New Space India Limited (NSIL) has been incorporated to tap benefits of ISRO.
- 12 PSU banks to be provided ₹70,000 crore to boost capital
- RBI and not NHB to regulate Housing Finance Companies.
- To provide PSU banks one-time 6-month credit guarantee of Rs1 lakh crore to buy high-rated pooled assets of “sound” NBFCs.
To sensitise people of positive Gandhian values, a ‘Gandhipedia’ is being developed by National Council for Science Museums.
- Govt to launch ‘Study in India’ Programme to attract foreign students in higher education.
- Rs 400 crore allocated for world-class higher education institutions in FY20.
- Under Pradhan Mantri Grameen Digital Saksharata Abhiyan, Bharat Net is targeting internet connectivity in local bodies in every panchayat in the country; this will be done under Universal Service Obligation Fund.
Electronic Fundraising Platform
Govt proposes Pradhan Mantri Matsya Sampada Yojana to address critical infrastructure gap in fisheries sector.
NRIs with Indian passports will get Aadhaar cards after arrival without mandatory wait of 180 days.
To popularise sports at all levels, National Sports Education Board for development of sportspersons to be set up under Khelo India.
- Govt decided to open Indian embassies and high commissions in countries where India doesn’t have a resident diplomatic mission as yet.
- Approved opening of 18 new embassies in Africa; to open four new embassies in 2019.
Stay tuned for more Budget 2019 Live updates!