Taxes:
- No change in personal income tax rates
- Custom duty hike on fuel by 1 rupee, gold and precious items; Petrol & diesel to get costlier.
- 3% surcharge on an income of Rs 2 crore; 7% on Rs 5 crore and above.
- Corporate tax with turnover of up to Rs 400 crore slashed to 25 per cent from a current rate of 30 per cent.
- Interchangeability of PAN and Aadhaar for ITR for those who don’t have PAN cards.
- Advises GST Council to reduce tax rate on EVs from 12 per cent to 5 per cent.
- Duty has been raised on: tiles, cashew kernels, vinyl flooring, auto parts, some synthetic rubber, digital and video recorder and CCTV
camera.
Affordable housing: - Rental laws to be reformed. Modern tenancy laws will be shared with states to promote house renting.
- Additional Rs 1.5 lakh tax relief on home loan for purchase of a house up to Rs 45 lakh.
To promote digital payments: - 2% TDS on withdrawals of Rs 1 crore in a year from your bank account for business payments.
- No charge on digital payments: MDR charges waived on cashless payment.
- Aadhaar card for NRIs on arrival in India.
- Rs 3,000 pension per month for workers from the informal sector.
Transportation - Inter-operable One Nation One transport card: ATM-like Transport card for universal travel on various modes of transport (metro,
road, railways etc). - Govt plans to create MRO (Manufacturing, Repair and Operate) industry.
- PPP to be used to unleash faster development and the delivery of passenger freight services.
- Comprehensive restructuring of National Highways Programme for creation of National Highways Grid.
- Government envisions using rivers for cargo transport to decongest roads and railways.
Economy: - Fiscal deficit in FY 19 at 3.3% of the GDP.
- Govt will start raising part of borrowing in foreign currency.
- Govt external debt to GDP is among the lowest in the world.
Women empowerment: - Nari tu Narayani: Women SHG Interest Subvention Programme to be expanded to all districts in India.
- Rs 1 lakh loan to be provided for SHG women members under Mudra Scheme.
- Every verified woman SHG member having a Jan Dhan account can avail Rs 5,000 rupees overdraft facility.
Banking reform: - On purchase of high-rate pooled assets of NBFC amounting of Rs 1 lakh core in this FY, govt will provide one-time 6 month credit
guarantee. - Propose to provide Rs 70,000 crore capital for PSU Banks.
- Regulation of HFCs (Housing Finance Cos) to move to RBI from National Housing Bank.
Divestment: - Govt to modify present policy of retaining 51% stake in PSUs.
- Govt to continue with strategic divestment of select CPSEs.
- Divestment target of Rs 1.05 lakh crore for FY 20.
- Strategic disinvestment of Air India proposed to be re-initiated.
Railways: - Budgetary allocation of Rs 65,837 crore and the highest ever outlay for capital expenditure amounting to Rs 1.60 lakh crore for
railways. - A new PPP model will usher in the a new dawn of Indian railways.
- Government to complete the dedicated freight corridor project by 2022.
- Railways to be encouraged to invest more in suburban rail network via SPVs.
- Railway infrastructure will need an investment of Rs 50 lakh crore between 2018 and 2030.
- Massive programme for modernisation of railway stations to be launched in 2019.
MSME: - Propose easing angel tax for startups.
*Angel tax: Wont require scrutiny from I-T department for startup. - E-verification mechanism for establishing investor identity and source of funds for startups.
- 2% interest subvention for GST-registered MSME on fresh or incremental loans.
- ‘Stand Up India’ Scheme to continue till 2025.
- New television channel for start-ups.
- Pension benefit extended to retail traders with annual turnover less than Rs 1.5 crore.
- New payment platform for MSMEs to be created.
Education: - Govt to launch ‘Study in India’ programme to attract foreign students in higher education.
- Allocate Rs 400 crore for world-class higher education institutions in FY 20 .
- To unveil a new education policy.
- National research foundation to fund, coordinate and to promote research in the country.
- New Higher Education Commission with focus on higher autonomy.
- New national education policy to propose changes in school, higher education.
- To make the Indian youth ready to take up jobs in foreign countries, more emphasis on new-age skills like Artificial Intelligence, Internet
of Things, Big Data, etc.
Tourism:
*17 iconic world-class tourist sites to be developed.
FDI: - Local sourcing norms will be relaxed for the single-brand retail sector.
- Govt to open FDI in aviation, insurance, animation AVGC and media.
Investment: - Existing KYC norms for FPIs to be rationalized and simplified to make it more investor-friendly.
- Long-term bonds for market.
- To allow FIIs & FPIs investment in debt securities issued by NBFCs.
- Credit Guarantee Enhancement Corporation to be set up long-term bonds with specific focus on infra sector
- Propose Social Stock Exchange under SEBI for listing social enterprises & voluntary organisations.
- To merge NRI portfolio route with FPI route.
*To hike statutory limit for foreign investment in some companies. - To set up a credit guarantee enhancement corporation.
- Govt will take up measures to make RBI & SEBI depositories inter-operable.
- SEBI to mull increasing minimum public shareholding to 35% from 25%.
- User friendliness of trading platforms for corporate bonds will be reviewed, including issues arising out of capping of International
Securities Identification Number. - To deepen corporate tri-party repo market in corporate debt securities. Plan to enable stock exchanges to allow AA rated bonds as
collateral. - Annual Global Investors’ Meet for attracting global players to come and invest in India.
*To allow FPIs to subscribe to listed debt papers of REITs.
Auto sector: - FAME II scheme aims to encourage faster adoption of electric vehicles through the right incentives and charging infrastructure.
For Rural India: - Gaon, Garib and Kisan are the focus of our government.
- New Jal Shakti ministry will work with states to ensure Har Ghar Jal for all rural houses by 2024.
- Pradhan Mantri Gram Sadak Yojana phase 3 is envisaged to upgrade 1,25,000 km of road length over the next 5 years.
- Govt will set up 100 new clusters for 50,000 artisans in FY 20.
- To invest Rs 80,250 cr for upgradation of roads under PM Gram Sadak Yojana.
*Every single rural family, except those unwilling, to have electricity by 2022.
Agriculture: - Govt to promote innovative zero Budget farming.
- 10,000 new farm produce organisations.
- 80 Livelihood business incubators and 20 technology business incubators to be set up in 2019-20 under ASPIRE to develop 75,000
skilled entrepreneurs in agro-rural industries.
Space:
*India has emerged as a major space power. It is time to harness our ability commercially. - A public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap benefits of ISRO.
Sports: - To popularise sports at all levels, National Sports Education Board for development of sportspersons to be set up under ‘Khelo India.’
State of the economy: - Railways will require investment of Rs 50 lakh crore from 2018-30.
- Schemes such as BharatMala, Sagarmala and UDAN are bridging rural urban divide and improving our transport infrastructure.
- ‘Gandhipedia’ is being developed to sensitize the youth about positive Gandhian values.
- The unambiguous mandate by the people in the recent election has set the ball rolling for the New India.
- NPAs recover Rs 4 lakh crore over the last four years, NPAs down by Rs 1 lakh crore in the last one year.
- Rashtriya Swachhta Kendra to be inaugurated at Rajghat on October 2.
- The people of India have validated their two goals for our country’s future: National security and Economic growth.
- ‘ Yakeen ho to koi raasta niklata hai, hawa ki awt(protection) bhi le kar chiragh jalta hai’
- It took us over 55 years to reach $1 trillion dollar economy, but we added $1 trillion in just 5 years.
- We can very well reach $5 trillion in the next few years.
- Last mile delivery stood out, citizens in every nook and corner of the country felt the difference; our objective was and continues to be
Mazbooth Desh Ke Liye Mazbooth Nagarik. - Government lays out 10-point vision for the New India.
- India will become $3 trillion economy this year. We need to continue to take many structural reforms to achieve $5 trillion economic
goal.
*Connectivity is the lifeline of the economy.