The government has reduced the fiscal deficit target for the current financial year 2019-20 to 3.3 percent of GDP. Earlier it was estimated to be 3.4 percent. While presenting the budget for 2019-20, Finance Minister Nirmala Sitharaman said that the fiscal deficit target for the current fiscal is being done at 3.3 percent.
Presenting the Union budget of 2019-20 in February, the government had estimated the fiscal deficit to be 3.4 percent. Congress termed the budget presented by Finance Minister Nirmala Sitharaman on Friday as “old liquor in the new bottle” and said there is nothing new in it. In the Lok Sabha, party leader Adhir Ranjan Chowdhury told reporters in the Parliament House premises, “There is nothing new in it. Old things have been repeated. This new bottle contains old liquor. “Senior Congress leader Motilal Vora said that there is nothing for the common man in this budget.
What is for the middle and lower class in this budget?
The Narendra Modi government has announced benefits of pension facility to small shopkeepers and businessmen in the year before its second term. Three crore small shopkeepers and businessmen with an annual turnover of fewer than 1.5 crores will be able to avail of this facility. Up to 3.5 lakh on home loans up to Rs.45 lakhs and those who earn less than 5 lakhs annually, no tax will be required.
Tax on the higher earnings
The surcharge of 7% on taxable earnings of 3% on tax earnings of Rs 2 to 5 crores and 5 crores on rich.
Promotion of electronic vehicles
In order to reduce the dependence on India’s imported petroleum products, the Narendra Modi government has announced incentives to electric vehicles in the general budget. Among them, proposals for additional income tax reduction on interest was taken up to the purchase of electric vehicles up to Rs 1.5 lakh.
Promoting women entrepreneurship
Finance Minister Nirmala Sitharaman has proposed the formation of a committee to increase the participation of women in the economy. This committee will suggest ways to increase the participation of women in the development of the country. In addition, it will help in increasing women’s participation.
Sitharaman, while proposing an expansion of self-help groups (SHGs) in all the districts, said that one SHG from each SHG will get a loan of up to one lakh rupees under the money scheme. He said that the government will consolidate many laws of labor laws into four labor codes. Sitharaman said that the major economies of the world will have to face a shortage of labor. He said that India will focus on the training of a new generation of skill artificial media (AI), robotics and 3D printing.
Disinvestment in government companies
Finance Minister Nirmala Sitharaman said on Friday that the government will consider reducing its holding in some PSUs (CPSEs) to below 51 percent. The matter will be considered on this subject. Presenting the budget for the financial year 2019-20, Sitharaman said that the government has decided to amend the policy to hold 51 percent stake in public sector undertakings.
Finance Minister Nirmala Sitharaman on Friday proposed to make corporate tax at a rate of 25 percent for companies doing business worth Rs 400 crore. So far, companies doing business up to Rs 250 crore were taxed at a rate of 25 percent.
Pradhan Mantri Housing Scheme to the villagers
Finance Minister Nirmala Sitharaman said on Friday that the government will build 1.95 crore houses under the Prime Minister’s housing scheme (PMAY) – Rural in the next two years. Sitharaman said in his first budget that there are villages, poor and farmers in the center of all the government programs.
The Finance Minister said that the period of construction of houses under the Prime Minister’s Housing Scheme has reduced from 114 days to the use of Direct Benefit Transfer Platform and Technology. In 2015-16, it took 314 days for the construction of houses under this scheme. Electricity, LPG connections, and toilets will be available in these homes.
The government will bring a new education policy Also the quality of education will be encouraged. To attract foreign students to the Indian higher education system, the ‘Read in India’ program will be started. A provision of 400 crores for the global level institute, it is three times more than the revised estimate of the previous government.
Preparation of large manufacturing plant
Scheme for attracting global companies for transparent competitive bidding on setting up large manufacturing plants in areas like emerging and state-of-the-art technologies such as solar energy charging infrastructure and computer server.