Digital Edition – July 5

  • Vision for the decade : From 1.85 trillion dollars in 2014, the economy has reached 2.7 trillion US dollars in five years; it is well within our capacity to reach 5 trillion dollars in the next few years : FM Nirmala Sitharaman
  • Special Court convicts MDMk Chief Vaiko found guilty under sedition charges in a case filed by DMK back in 2009, sentenced to one year jail term along with 10,000 rupees fine
  • Budget 2019 – In a departure from the past, the conventional way of carrying the Budget papers in a briefcase gives way to the Indian tradition of a ‘Bahi khata’ – a ledger
  • Union Finance Minister Nirmala Sitharaman to present the Union Budget 2019 in Lok Sabha today
  • Lok Sabha Election to Vellore Constituency to be held on Aug 5th: ECI
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Budget 2019 – Public sector banks to be provided 70,000 crore rupees to boost capital and improve credit

Budget Highlights –

  • Public sector banks will use technology, enabling customer of one PSB to access service across all PSBs as well.
  • For purchase of high-rated pooled assets of financially sound Non Banking Finance Companies amounting to 1 lakh crore rupees during 2019-20, one-time six-month partial credit guarantee to be given to PSBs.
  • Proposals for strengthening regulatory authority of RBI over NBFCs have been made.
  • Regulation authority over housing finance sector to be returned from National Housing Bank to RBI.
  • 100 lakh crore rupees to be invested in infrastructure sector over next five years, Expert Committee to be set up to recommend structure and flow of funds through development finance institutions.
  • Net owned fund requirements to be reduced from 5000 crore to 1000 crore rupees, to facilitate onshoring of international insurance transactions and enable opening of branches by foreign reinsurers.
  • Govt. considering to go below 51% to an appropriate level of ownership stake in non-financial public sector undertakings on case by case basis.
  • Strategic disinvestment of select CPSEs will continue as priority of Govt. Govt also sets 1.05 lakh crore rupees as disinvestment target.
  • Govt to re-initiate strategic disinvestment of Air India.
  • Investment option in Exchange Traded Funds on the lines of equity-linked trading Scheme to be offered to encourage long-term investment in CPSEs.

Budget 2019 – Need to replicate Zero Budget Farming : Nirmala Sitharaman

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  • Need to replicate Zero Budget Farming, to go back to basics, which will help Doubling Farmers Income.
  • Scheme of Fund for Regeneration of Traditional Industries (SFURTI) to set up Common Facility Centres for cluster based development.
  • Scheme of Fund for Regeneration of Traditional Industries (SFURTI) envisions setting up 100 new clusters during 2019-20.
  • Bamboo, Honey and Khadi clusters to be focused sectors.
  • 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.
  • Local sourcing norms for FDI to be eased for single-brand retailing sector.
  • Mission for integrating traditional artisans and their creative products with global markets to be launched.

Budget 2019 – Study In India’ to be started to bring in foreign students into Indian higher education system

Budget 2019 – Highlights

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  • 400 crore rupees under head, World Class Institutions in 2019-20, more than 3 times the revised estimates of previous year; ‘Study In India’ to be started to bring in foreign students into Indian higher education system.
  • New National Educational Policy to be brought in to transform Indian educational system; Major changes proposed in higher and school system.
  • To popularize sports at all levels, National Sports Education Board for development of sportspersons to be set up under Kehlo India.
  • We propose to establish a National Research Foundation to fund, coordinate and promote research in the country..
  • National Research Foundation to be set up to strengthen overall research ecosystem in the country; funds available under all Ministries to be integrated with NRF.

 

Budget 2019 – To harness India’s space ability commercially, a public sector enterprise, New Space India Ltd. incorporated

India has emerged as a major space power. Time has come to harness our ability commercially.

To harness India’s space ability commercially, a public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap the benefits of ISRO : Finance Minister Nirmala Sitharaman.

 

Budget 2019 – To provide NRIs seamless to Indian equities, NRI portfolio investment route to be merged with foreign portfolio investment route : FM

Budget 2019 – Highlights

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  • To provide NRIs seamless to Indian equities, NRI portfolio investment route to be merged with foreign portfolio investment route.
  • Credit Guarantee Enhancement Corporation will be set up in 2019-20, action plan to deepen markets for long-term bonds with specific focus on infra sector to be put in place.
  • Further opening up of FDI in aviation, media, animation AVGC and insurance to be examined, in consultation with stakeholders; 100% FDI to be permitted for insurance intermediaries.
  • Local sourcing norms for FDI to be eased for single-brand retailing sector.
  • Measures will be taken to provide NRIs seamless access to Indian equities.
  • Existing Know Your Customer norms for Foreign Portfolio Investors to be rationalized and simplified, to make it more investor-friendly.
  • Interoperability of RBI depositories and SEBI depositories necessary for seamlesss transfer of treasury bills; govt. will take necessary measures in this regard in consultation with RBI and SEBI
  • Propose to allow FII/FPI investments to be transferred or sold to any domestic investor.
  • Annual Global Investors’ Meet to be organized in India, using NIIF as the anchor to get key sets of global players to come and invest in India.

Budget 2019 – Need to develop inland waterways to shift portion of cargo movement from road and rail : Nirmala Sitharaman

Finance Minister Nirmala Sitharaman presents Budget 2019 in Parliament.

Highlights :

  • FAME II scheme aims to encourage faster adoption of electric vehicles by right incentives and charging infra.
  • Comprehensive restructuring of National Highways Programme to be done, to ensure creation of National Highways Grid of desirable capacity.
  • Government envisions using rivers for cargo transportation, which will also decongest roads and railways.
  • Railway infra would need an investment of 50 lakh crores between 2018 and 2030; PPP to be used to unleash faster development and delivery of passenger freight services

Budget 2019 : Indian economy will become 3 trillion dollar economy in the current year: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman presents Budget 2019 in Parliament.

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Highlights :

  • From 1.85 trillion dollars in 2014, the economy has reached 2.7 trillion US dollars; we can very well reach 5 trillion dollars in the next few years.
  • The Indian economy will grow to become a 3 trillion dollar economy this year itself.
  • When we aspire to reach 5 trillion dollars, many wonder whether it is possible; the target is eminently achievable, given our citizens’ desire and the leadership of the Government.
  • The people of India have validated their two goals for our country’s future: National security and economic growth.
  • Between 2014 and 2019, we provided rejuvenated centre-state dynamic, cooperative federalism, GST Council and a strident commitment to fiscal discipline; set the ball rolling for New India.

Budget 2019 – Briefcase gives way to a traditional ‘Bahi khata’ – ledger

In a departure from the past the conventional way of carrying the Budget papers in a briefcase gives way to the Indian tradition of a ‘Bahi khata’ – a ledger, in which the Budget papers are beng carried by Union Finance Minister Nirmala Sitharaman to present Budget 2019 in Lok Sabha today. The ledger is covered with a red cloth embossed with our National emblem and tied with a string.

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Finance Minister Nirmala Sitharaman calls on President Kovind at Rashtrapati Bhavan before presenting the Union Budget, as per tradition

Pic Credit : @rashtrapatibhvn

 

Halwa Ceremony

The Union Finance Minister,  N Sitharaman participated in the Halwa Ceremony held today in North Block, New Delhi, to mark the beginning of printing of Budget related documents. MOS Anurag Thakur also participated among others.

Pic Credit: @FinMinIndia

Editor’s Pick

Budget 2019

Take-aways…

  • Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate

  • Individuals with gross income up to 6.5 lakh rupees will not need to pay any tax if they make investments in provident funds and prescribed equities

  • Around 3 crore middle class taxpayers will get tax exemption due to this measure

  • Standard tax deduction for salaried persons raised from 40,000 rupees to 50,000 rupees

  • TDS threshold on interest on bank and post office deposits raised from 10,000 to 40,000 rupees

  • TDS threshold on rental income raised from 1.8 lakh to 2.4 lakh rupees

  • Benefit of rollover of capital tax gains to be increased from investment in one residential house to that in two residential houses, for a taxpayer having capital gains up to 2 crore rupees; can be exercised once in a lifetime

 

 

  • Benefits under Sec 80(i)BA being extended for one more year, for all housing projects approved till end of 2019-2020

  • Amendments proposed to ensure streamlined system for levy of stamp duties, to be imposed and collected at one place, seamlessly

  • Expenditure to rise by 13% from RE 2018-19 to BE 2019-20,Capital expenditure – 3.36,292 lakh crore

  • FM announces fiscal deficit as a proportion of GDP – 3.4% for the coming year, considering need for income support for farmers

  • GST registered MSME units to get 2% interest subvention on loan of 1 crore

  • Businesses with less than Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to file quarterly returns.

  • Within almost two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by tax officials.

  • Single window clearance for filmmaking to be made available to Indian filmmakers, anit-camcording provision to be introduced to Cinematography Act to combat film privacy.

  • @CSCegov_ CSCs are creating digital infra in villages, to convert them into digital villages: FM Piyush Goyal.

  • Defence budget enhanced beyond 3 lakh crore rupees.

  • 9 nine priority areas identified; National Artificial Intelligence Portal to be developed soon.

 

Mega Pension Yojana to benefit 10 crore workers in unorganized sector

  • Mega Pension Yojana, namely Pradhan Mantri Shram Yogi Mandhan, to provide assured monthly pension of 3000 rupees per month, with contribution of 100 rupees per month, for workers in unorganized sector after 60 years of age. Will benefit 10 crore workers in unorganized sector, may become the world’s biggest pension scheme for unorganized sector in five years.

  • Gratuity limit increased from 10 lakh to 30 lakh rupees.

  • 2% interest subvention to farmers pursuing animal husbandry and fisheries.

 

  • Farmer income support of Rs 6000/- per year

  • Under Pradhan Mantri Kisan Samman Nidhi, 6000 rupees per year for each farmer, in three installments, to be transferred directly to farmers’ bank accounts, for farmers with less than 2 hectares land holding.

  • To provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi has been approved.

  • For welfare of farmers and for doubling their income, historic decision taken to increase MSP by 1.5 times the production cost for all 22 crops.

  • To provide assured income support for small and marginal farmers, Pradhan Mantri Kisan Samman Nidhi has been approved.

 

 

 

 

LIVE : Union Finance Minister Piyush Goyal presents Interim Budget 

 

 

PM Narendra Modi arrives in Parliament, Cabinet meeting ahead of presentation of Budget2019 to start shortly

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Pic Courtesy : PIB

 

 

 

 

As per tradition, Finance Minister Piyush Goyal calls on President Kovind at Rashtrapati Bhavan before presenting the Union Budget

Pic Courtesy : @rashtrapatibhvn

Before the Budget Session
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Before today’s budget session at North Block with Piyush Goyal ji, Shiv Pratap Shukla ji along with finance Ministry officials : Pon Radhakrishnan

Pic Courtesy : @PonnaarrBJP

 

The Budget Team

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Union Minister of Finance, Corporate Affairs, Railways & Coal, Piyush Goyal , Union MoS Finance Shiv P Shukla & Ponn Radhakrishnan Revenue Secretary A.B Pandey, Chairman CBIC P K Das and Budget team of CBIC.

 

 

AP CM Chandrababu Naidu wore black to the assembly today as a sign of protest

NCBN wore black to the assembly today as a sign to protest against step-motherly treatment meted out to Andhra Pradesh and for breaking all promises made including Special Status:
via @JaiTDP

 

 

Former Finance Minister P Chidambaram questions…

 

@PChidambaram_IN Tweeted : 

Modi Government revises GDP growth figures upward. What government did not realise was that unemployment figure was also revised upwards!

NITI Aayog vice-chairman asked ‘How can a country grow at an average of 7% without employment?’ That is exactly our question. With unemployment at a 45-year high, how can we believe that the economy is growing at 7 per cent?

The demonetisation year was the best year of growth (8.2%) under Mr Modi. So, let’s have another round of demonetisation. This time let’s demonetise 100 rupee notes.

 

 

Swamy on Ram Temple

Now I am convinced that Government can permit VHP construct sanctum sanctorum of Ram Temple on the 0.313 acre disputed land because it belongs to Govt and Title holder after SC verdict whenever only entitles the holder to compensation under Article 300A of Constitution.

Dharma Sansad and Acharyas can enter the disputed area and start constructing garbhajan graha of the Ram Temple. The land belongs to the Govt and SC is only deciding who should get the compensation:
@Swamy39

 

 

 

A breakfast with promoted Public Works Dept officers

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A breakfast with promoted Public Works Dept officers. The Dept which saved Puducherry from getting flooded by desiring of urban drains as well as making Puducherry water rich in irrigation by helping desilt water channels with help of the community donors. This is the Team A:
@theKiranBedi

 

 

 

Change of good times

A change is underway in Kerala. Projects that were once written off as unrealizable are being resuscitated. The progress of Thalassery-Mahe bypass is a reflection of this change of direction. Special officers were appointed to solve issues related to land acquisition:
@CMOKerala