Sunday 18 August 2019, 11:30 PM
Highlights of Union Budget 2019-20
By IANS | Bharat Defence Kavach | Publish Date: 7/5/2019 2:00:25 PM
Highlights of Union Budget 2019-20

New Delhi: Finance and Corporate Affairs Minister Nirmala Sitharaman made her maiden Budget Speech on Friday and presented the Union Budget 2019-20 before Parliament.

The key highlights of Union Budget 2019 are as follows:

10-point Vision for the decade

1. Building Team India with Jan Bhagidari: Minimum Government Maximum Governance.

2. Achieving green Mother Earth and Blue Skies through a pollution-free India.

3. Making Digital India reach every sector of the economy.

4. Launching Gaganyan, Chandrayan, other Space and Satellite programmes.

5. Building physical and social infrastructure.

6. Water, water management, clean rivers.

7. Blue Economy.

8. Self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables.

9. Achieving a healthy society via Ayushman Bharat, well-nourished women & children,safety of citizens.

10. Emphasis on MSMEs, Start-ups, defence manufacturing, automobiles, electronics, fabs and batteries, and medical devices under Make in India.

Sitharaman's 'power' push: UDAY scheme to be improved, new package soon
 

New Delhi: The beleagured power sector may get some relief as Finance Minister Nirmala Sitharaman on Friday said that the government will improve the "Ujwal DISCOM Assurance Yojana" and it will announce a package for the power sector.

She also said that the government will come out with new tariff policy for the power sector.Presenting her first Union Budget, she said that the Centre is going to work with the state governments to remove the barriers in the implementation of the UDAY scheme for the turnaround of power distribution companies.The scheme was launched in 2015 and has faced criticism from several counters over rising debt and overdues of power discoms.
 
 
ISRO's new commercial arm incorporated: Sitharaman
 
To tap benefits of the Indian Space Research Organisation (ISRO), a public sector enterprise, New Space India Limited (NSIL) has been incorporated, Union Finance Minister Nirmala Sitharaman announced on Friday. NSIL's primary aim will be to scale up industry participation in Indian space programmes. "India has emerged as a major space power. Time has come to harness this ability commercially," the Finance Minister said while presenting her first Union Budget. "The company will spearhead commercialisation of various space products," she added.
 
NSIL was incorporated on March 6 under the administrative control of Department of Space (DOS) to commercially exploit the research and development work of ISRO centres and constituent units of DOS. NSIL functions involve, among other things, transferring small satellite technology to industry, wherein NSIL will obtain license from DOS/ISRO and sub-license it to industries and manufacturing Small Satellite Launch Vehicle (SSLV) in collaboration with the private sector. It will also be involved in marketing spin-off technologies and products/services, both in India and abroad, and in any other subject which the government deems fit.
 
The initiative is expected to enable Indian industries to scale up high-technology manufacturing and production base for meeting the growing needs of Indian space programmes and would further spur the growth of Indian industries in the space sector. 
 
Govt to double down on creating New-Age skill sets: Sitharaman
 
Realising the need to create skilled professionals in the New-Age technologies that are fast changing the business landscape for both big and small enterprises, Finance Minister Nirmala Sitharaman on Friday said the government would double down on its efforts to help develop the required skill sets needed by the industries across the spectrum. "We would ensure creating skill sets for technologies like Artificial Intelligence (AI) Internet of Things (IOT), data analytics, 3D printing, Virtual Reality and robotics," said Sitharaman while presenting her first Union Budget. Stressting that India is now a hub for startups, she said that the government would introduce a special TV programme to exclusively cater to the Indian startups, also helping them connect with venture capitalists (VCs).
 
Scheme to modernize fishery sector: Sitharaman
 
Finance Minister Nirmala Sitharaman on Friday announced a 'Pradhan Mantri Matsya Sampada Yojana to modernize the fishery sector. Presenting the Budget for 2019-20 in the Lok Sabha, Sitharaman said fishing and fishermen were closely aligned with farming and were crucial to rural India. "Through the focussed Pradhan Mantri Matsya Sampada Yojana, the Department of Fishery Management will establish robust fishery management framework," she said. "This will address critical gaps in value chain including infrastructure modernization, traceability, production, productivity, post-harvest and quality control."
 
Foreign investors to be allowed to invest in NBFC debt securities
 
In a move to attract more foreign funds into the Indian market, Finance Minister Nirmala Sitharaman on Friday proposed to allow foreign institutional investors (FIIs) and foreign portfolio investors (FPIs) to invest in debt securities issued by non-banking finance companies (NBFCs).Proposing a series of reforms of the capital market while presenting her maiden Union Budget, Sitharaman also proposed merging the Non-resident Indian (NRI) portfolio route with the FPI route to increase more NRI fund flows into the country.
 
The government proposes to allow FII and FPI investment in debt securities issued by NBFCs, she said, adding that it will work with exchanges to allow 'AA' rated bonds to be used as collateral.Allowing FIIs and FPIs to invest in debt securities issued by the NBFCs will permit availability of funds for cash-strapped NBFCs who have been facing a crisis following defaults by IL&FS last year, which made banks wary of lending to these shadow bankers.
 
The 2019-20 Budget states that the NRI portfolio route will now merged with FPI for se amless investment in stock markets to increase more NRI portfolio flows into India. Budget 2019-20 also says that the Credit Guarantee Enhancement Corporation will be set up in the current fiscal and action plan will be put in place to deepen markets for long-term bonds with specific focus on infrastructure sector. 
 
Besides, the Finance Minister said that measures will be taken to make the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi) depositories inter-operable, which is necessary for the seamless transfer of treasury bills. To attract more funds into the real estate and infrastructure sectors, the Budget proposes to allow FPIs and NRIs to subscribe to listed debt papers of real estate investment trusts (REITs) and infrastructure investment trusts (InvITs)The Minister also said that trading in corporate bonds would be made user-friendly. 

Govt to double down on creating New-Age skill sets: Sitharaman
 
Realising the need to create skilled professionals in the New-Age technologies that are fast changing the business landscape for both big and small enterprises, Finance Minister Nirmala Sitharaman on Friday said the government would double down on its efforts to help develop the required skill sets needed by the industries across the spectrum.
 
"We would ensure creating skill sets for technologies like Artificial Intelligence (AI) Internet of Things (IOT), data analytics, 3D printing, Virtual Reality and robotics," said Sitharaman while presenting her first Union Budget. Stressting that India is now a hub for startups, she said that the government would introduce a special TV programme to exclusively cater to the Indian startups, also helping them connect with venture capitalists (VCs).
 
Sitharaman for public private partnership in railways
 
Union Finance Minister Nirmala Sitharaman on Friday stressed that the railways need an investment of Rs 50 lakh crore from 2018 to 2030 and proposed public private partnership to unleash faster development of passenger and freight services.Presenting the Union Budget in Parliament, Sitharaman said: "It is estimated that railway infrastructure would need an investment of Rs 50 lakh crore between 2018 to 2030.
 
"Given that the capital expenditure outlays of railways is between Rs 1.5 to 1.6 lakh crore per annum, completing even all sanctioned projects would take decades. "It is therefore proposed to use public private partnership to unleash faster development and completion of tracks and rolling stock manufacture and also delivery of passenger freight services," she said. 
 
Scheme to modernize fishery sector: Sitharaman
 
Finance Minister Nirmala Sitharaman on Friday announced a 'Pradhan Mantri Matsya Sampada Yojana to modernize the fishery sector.Presenting the Budget for 2019-20 in the Lok Sabha, Sitharaman said fishing and fishermen were closely aligned with farming and were crucial to rural India. "Through the focussed Pradhan Mantri Matsya Sampada Yojana, the Department of Fishery Management will establish robust fishery management framework," she said."This will address critical gaps in value chain including infrastructure modernization, traceability, production, productivity, post-harvest and quality control."
 
1.25 lakh km roads to be upgraded: Sitharaman
 
Union Finance Minister Nirmala Sitharaman on Friday said 1.25 lakh km of roads across the country will be upgraded under phase three of the Pradhan Mantri Gram Sadak Yojana (PMGSY).Presenting the Budget for 2019-20 in the Lok Sabha, Sitharaman said allocation of Rs 80,250 crore had been made for the plan.
 
Sitharaman announces creation of 'social stock exchange'
 
Finance Minister Nirmala Sitharaman on Friday announced the setting up of a social stock exchange under the Securities and Exchange Board of India (SEBI) for listing of organisations which work for social welfare.Presenting her maiden Union Budget, the Minister said that the exchange would help social and voluntary organisations which work for social causes to raise capital as equity, debt or a unit of mutual fund.
 
Indian economy to reach $3tn in current fiscal: Sitharaman
 
Presenting her first Union Budget, Finance Minister Nirmala Sitharaman on Friday said that India will become a $3 trillion economy in the financial year 2019-2020.She also said that many structural changes are needed for the country to become a $5 trillion economy, adding the target is eminently achievable.The Economic Survey for 2018-19 released on Thursday also set out a vision for the country to reach the landmark level of $5 trillion economy by the year 2024-25. It said that to achieve that target India will have to grow at the rate of 8 per cent per year.
 

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ISRO,UDAY,distribution,Sitharaman,DOS,programme,3D,Virtual

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