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Highlights of Union Budget 2019-20

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Nation First News:  The Finance Minister of India Nirmala Sitharaman presented the Union Budget 2019-20 on Friday in the Lok Sabha.

Nirmala Sitharaman became only the second woman in the history of independent India after Indira Gandhi to present the Union Budget.

The Economic Survey has lined up an ambitious plan to turn India into a $5 trillion economy by 2024-25.

Union Budget 2018-19 Key Highlights:

Education
– National Research Foundation to be set up.
– Research in Higher Studies.
– New Education Policy soon.
– Education System to ve tweaked.
– Focus on Online Courses.
– To streamline Education Grants.
– Allocation of Rs 400 crore for world-class higher education institutions in FY20.

Railways
– Railway infra will need investment of Rs 50 lakh crore from 2020-2030.
– Metro Rail – 300 km has been approved in 2018-19. 210 km metro line operationalised in 2019 alone.
– Railway station modernisation to be launched this year.
– New Metro Rail Projects for 300 km have been approved.
– 657 km of Metro Rail Network operational now.

MSME
– Rs. 350 crore has been allocated for interest subvention to GST-registered MSMEs.
– MSMEs get 2% interest subvention for less than 1 cr.
– Loans up to Rs 1 crore for MSMEs ithin 59 minutes.

Housing
– 1.9 crore houses to be provided by 2022.
-Additional 1.5L deduction on Housing loans.
– Har Ghar Jal (Water) to all Rural Households by 2024.
– Water all rural households. Rain water, ground water harvesting proposed across the nation.
– RBI to regulate Housing Loans.
– Nearly 1.95 crore houses are proposed to be provided to eligible beneficiaries under the Pradhan Mantri Awas Yojana.

UJALA Scheme
– 35 crore LED bulbs distributed under UJALA Scheme.
– Usage of LED bulbs resulted in a saving of Rs 18,341 crore annually.

Water Management
– Har Ghar Jal (Water) to all Rural Households by 2024.
– Water all rural households. Rain water, ground water harvesting proposed across the nation.
– Water Management key priority.
– 1592 critical blocks over 256 districts identified for Jal Skhakti Abhiyan.

Tax
– No income tax for those earning up to Rs 5 lakh.
– Corporate tax now 25% for cos with 4 bln rupees/yr revenue.
– Direct Tax Revenues increased by 78% to Rs 11.37 lakh crore.
– 25% tax rate for Companies having annual turnover of up to Rs 400 crore.
– GST Council urged to lower rate on E-Vehicles.
– Tax deduction on interest for E-Vehicles Loans.
– Annual turnover limit for 25% corp tax raised to Rs 400 cr from Rs 250 cr.
-Aadhaar can be used instead of PAN Card to file income tax returns.
– Enhance surcharge on taxable income of Rs 2-5 crore.
– 3% additional surcharge on people having taxable income between Rs 2-5 crore & 7% surcharge on income above Rs 5 Crore.
-5% customs duty on imported books and increase on auto parts, digital camera.
-Customs duty exempted on components of specified electronic goods.
-Additional income tax relief of Rs 1.5 lakh announced for loans up to Rs 45 lakh taken till 2020.
-Govt to invest ₹100 lakh crore in infrastructure sector over next five years.

ODF
– 5.6 Crore villages have become Open Defecation Free (ODF).
– 95% Cities have become ODF.
– 9.6 Crores Toilets constructed since October 2, 2014.

Others
– By 2022 every single rural family will have electricity and clean cooking gas.
– Govt will work with RBI and Sebi to allow AA rated bonds as collaterals.
– Pension benefit to be extended to around 3 crore retail traders and shopkeepers.
– Pension for shopkeepers, retailers with turnover less than Rs. 1.5 crore. KYC Norms to be eased.
– Credit Guarantee Enhancement Corporation will be set up in 2019-20.
– Power & Fuel for All by 2020.
– 75,000 Private Entrepreneurs to be trained.
– Green Roads to be built.
– Blueprint to be prepared for One India One Card mobility
– 1,25,000 km of Roads to be constructed in next 5 years at the cost of Rs 80,250 Crores.
– 75,000 Private Entrepreneurs to be trained.
-Additional 1.5L deduction on Housing loans.
-Rs 1.5 lakh deduction for electric vehicle loans.
-Additional income tax relief of Rs 1.5 lakh announced for loans up to Rs 45 lakh taken till 2020.
-Govt to invest ₹100 lakh crore in infrastructure sector over next five years.
-Extend ‘Women SHG Interest Subvention Programme’ to all districts.
-Under MUDRA scheme, one woman in every SHG will be made eligible for a loan of Rs 1 lakh.

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