Budget 2019 Live: Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman starts off her maiden budget speech acknowledging the decisive mandate given by India’s voters in the recently concluded elections. The people of India have validated goals of national security and economic growth, she said. 

                             We have set the ball rolling for a new India  -  Sitharaman

                               Indian Economy Will Touch $3 Trillion This Year: FM

NEWS ALERT | FM Nirmala Sitharaman injects Rs 70,000 crore booster shot for public sector banks

The latest fund injection is part of the government’s road map to adequately bolster the state-owned banks’ capital base.
Finance Minister Nirmala Sitharaman in her Budget speech on July 5   administered a booster shot to India’s beleaguered state-owned banks, setting aside Rs 70,000 crore that the government will inject additional capital into public sector banks. The banking sector has been beset with bad loans that have risen due to slow growth and delays in project implementation. 

1  Connectivity Is The Lifeline Of Indian Economy, Says FM 

FM says the common man was served even as major transformational reforms were rolled out. Sitharaman expects the dedicated freight corridor will mitigate rail congestion, benefiting the citizens. 

The Bharatmala project will enhance road connectivity and Sagarmala will help port and waterways connectivity, she said. These along with other such initiatives such as UDAAN scheme will improve India's infrastructure and enable connectivity and bridge the rural and urban divide, she said.

Besides she said the time is right for India to enter into aircraft financing and leasing. “ There's a need to develop inland waterways for cargo transport.” The government will carry out a comprehensive restructuring of highways program.

2  FM Launches Pradhan Mantri Karam Yogi Man Dhan Scheme 

The finance minister said Rs 350 crore has been allocated for interest subvention scheme for GST-registered MSMEs Pradhan Mantri Karam Yogi Man Dhan Scheme launched for retail traders. Government to extend pension benefit to three crore retailers. Rs 350 crore allocated for interest subvention scheme for GST-registered MSMEs.

3  Propose To Raise Limit On FPI On Par With FDI: FM 

FM says India's FDI flows in 2018-19 remained strong compared to global at $54.2 billion, 6 percent higher than last year. The government will examine options of opening up FDI in media, animation and some other sectors to improve these flows further, she said. 

• Propose to merge NRI portfolio route with FPI route 
• Propose to raise the limit on FPI to be on par with FDI 
• To examine raising FDI caps in aviation, media, animation, insurance 
• FDI inflows in India have remained robust despite global headwinds 
• To allow FPIs to invest in listed securities of Rites InVITS 
• Will ask SEBI to raise minimum public holding in listed equities to 35%, from 25%
• Government to allow Aa-rated bonds to be used as collateral in the tri-party repo market

4  The village, Poor, Farmer Are The Focus Of All Government Policies: FM 

Every single rural family except those unwilling to get access will have electricity by 2022 1.5 crores rural home have been completed under the Pradhan Mantri Aawas Yojana in five years. The second phase of PM for 2019-20 will see the construction of 1.95 crore houses. Nearly 1,25,000 km of roads will be upgraded under Pradhan Mantri Gram Sadak Yojana at an estimated cost of nearly Rs 80,200 crore. All weather connectivity provided to 97 percent of 2019 target under Gram Sadak Yojana.

5  To Invest Widely In Agricultural Infrastructure, FM Says 

The FM appreciate farmers for making India self-sufficient in pulses. "We will invest widely in agriculture infrastructure," said FM Sitharaman in the budget speech. 

The government will set up 100 clusters to promote bamboo, honey, and khadi in FY20. It will also promote wide-scale investment in agriculture industry and extend support to private entrepreneurship.

• Government to go back to basics on zero budget farming. 
• Import bill of oilseeds will reduce as farmer enhance production

6  'Har Ghar Jal' By 2022, Says FM 

Ensuring farmers access to safe and adequate water is another important initiative the government will work toward, she said. Water supply in an integrated and holistic manner will help ensure ‘Har Ghar Jal’ or water in every house, she said.

7  India To Be Open Defecation Free By October, Says FM

Swachh Bharat has brought enormous environmental and health benefits, said Sitharaman. 5.6 lakh villages have now become open defecation-free 9.6 crore toilets constructed since Oct. 2, 2014, Swachh Bharat Mission to undertake solid waste management In every village.

Source

Union Budget | Budget2019| Finance Minister | Nifty | Share Market | Sitharaman