FM Nirmala Sitharaman presents her first budget; focuses on rural development, MSMEs: All you need to know

* The budget for a New India has a roadmap to transform the agriculture sector of the country, this budget is one of hope: Prime Minister Narendra Modi

* Ye desh ko samridh aur jan jan ko samarth banane wala budget hai. Is budget se gareeb ko bal milega. yuva ko behtar kal milega: PM Narendra Modi

* The Budget has a roadmap to transform the agriculture sector of India: PM Narendra Modi

* The "Budget For New India" is one of hope and it is a budget that will boost India's development in the 21st century: PM Modi

* Nirmala Sitharaman concludes budget speech that lasted for 2 hour 7 minutes

* The fiscal deficit this year is 3.3%, brought down from 3.4%: FM Sitharaman

* PAN and Aadhaar to be made interchangeable for convenience of tax payers; Income Tax returns can now on be filed using Aadhaar number, if PAN card not available: FM

* To provide further impetus to affordable housing, additional deduction of 1.5 lakh rupees on interest paid on loans borrowed upto 31 Mar, 2020 for purchase of house up to 45 lakhs: FM

* Govt. has already GST Council to reduce tax rate  from 12% to 5%; additional income tax deduction of 1.5 lakh rupees on interest paid on loans taken to purhase electric vehicles: FM

* I propose to increase special additional excise duty and road and infrastructure cess each one by 1 rupee a litre on petrol and diesel: FM 

* All companies having annual turnover of 400 crores, will now be under the bracket of 25%. This will cover 99.3% of all the companies: FM

* As I stated earlier, we have taken a slew of measures to ease burden on small and medium earners. Those having annual income up to Rs 5 lakhs are not required to pay any income tax. We are thankful to tax payers who play an important role in nation building

* To discourage the practice of making business payments in cash I propose to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore in a year from a bank account

* Surcharge on individual taxpayers with taxable income between Rs 2 crore to 5 crore and above Rs 5 crore increased to 3% and 7% respectively

* TDS of 2% on cash withdrawal exceeding Rs 1 crore a year from bank accounts

* I propose to make PAN and Aadhaar interchangeable. You do not require PAN to file tax return and can simply do that by using Aadhaar number: FM Sitharaman

* Currently, 25% corporate tax applicable to companies with annual turnover up to 250 crore, we propose to make it 400 crore: FM Sitharaman

* Sitharaman announces corporate tax rate of 25% for all companies with turnover of Rs 400 crore per year

* A new series of coins of Re 1, Rs 2, Rs 5, Rs 10, Rs 20 easily identifiable to the visually impaired were released by the PM on 7th March 2019. These coins will be made available for public use shortly: FM 

* 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 : FM

* 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: FM

* Funds raised by startups will not require any scrutiny by income tax department: FM

* Regulation authority over housing finance sector to be returned from National Housing Bank to RBI: FM

* Govt has been following policy of disinvestment in non-financial public sector undertakings, maintaining govt's stake not to go below 51%.Govt is considering,in case where undertaking is still to be retained in govt control,to go below 51% to an apt level on case to case basis: FM

* Proposals for strengthening regulatory authority of RBI over NBFCs have been made: FM

* Direct tax revenue increased to Rs 11.37 lakh crore in 2017-18: FM 

* 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: FM

* Public sector banks to be provided 70,000 crore rupees to boost capital and improve credit. Public sector banks will use technology, enabling customer of one PSB to access service across all PSBs as well: FM

* Indian Developmental Assistance Scheme to be revamped during current financial year: FM Sitharaman 

* 4 new embassies to be opened in 2019-20, to improve footprint of India's overseas presence and to provide better public services to local Indian communities: FM Sitharaman 

* Mission for integrating traditional artisans and their creative products with global markets to be launched; patents and Geographical Indications to be obtained for them where necessary: FM

* Govt is setting a target of Rs 1.05 L crore for disinvestment in FY20, says FM Sitharaman

* One woman in every SHG shall be made eligible for a loan of 1 lakh rupees under MUDRA scheme: FM

* Every verified woman SHG member having a Jan Dhan account, an overdraft of 5000 rupees will be allowed: FM

* Non-performing asset(NPAs) recovery of Rs 4 lakh crore over the last four years, NPAs down by Rs 1 lakh crore in the last one year

* I propose to consider issuing Aadhaar Card for Non Resident Indians (NRIs) with Indian passports after their arrival in India without waiting for the mandatory 180 days: FM Sitharaman

* To further encourage women entrepreneurship, Women SHG Interest Subvention Programme to be expanded to all districts in India: FM

* Broadbased committee to evaluate and suggest actions for moving forward on gender analysis of budget to be formed: FM

* "Standup India" will be continued for the entire period coinciding with the 15th Finance Commission, i.e. 2020 - 2025 : FM

* Exclusive TV programme exclusively for startups to be started, channel will be designed and executed by startups themselves: FM

* Multiple labour laws to be streamlined to into a set of four Labour Codes, to standardize registration and filing of returns and reduce disputes: FM

* Union FM Nirmala Sitharaman on higher education: Today we have three institutions, 2 IIT's & IISC Bangalore in top 200 institutions of the world. An amount of 400 crores has been provided under the head 'World Class Institutions' for the year 2019-20.

* Sitharaman: I draw attention to the women of India, 'Naari tu Narayaani'. This Government believes that we can progress, with greater women participation

* To popularize sports at all levels, National Sports Education Board for development of sportspersons to be set up under "Khelo India : FM Sitharaman 

* 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: FM Sitharaman 

* 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: FM Sitharaman 

* New National Educational Policy to be brought in to transform Indian educational system; major changes in higher as well as school system to be brought in: FM

* Railways to be encouraged to invest more in suburban railways through SPV structures such as Rapid Regional Transport System; more PPP initiatives to be encouraged in rail sector: FM Sitharaman 

* To mark this occasion, Rashtriya Swachhata Kendra to be inaugurated at Raj Ghat, on 2nd October, 2019; Gandhipedia too to be developed to spread positive Gandhian values: FM

* Happy and satisfied to report that India will be made Open Defecation Free on October 2nd, 2019, as per the dream of PM Narendra Modi: FM Sitharaman 

*  Under Pradhan Mantri Grameen Digital Saksharata Abhiyan, Bharat Net is targeting internet connectivity in local bodies in every panchayat in the country; this will be speeded under Universal Service Obligation Fund: FM 

* Swachh Bharat to be expanded to undertake sustainable solid waste management in every village, harnessing latest tech : FM

* FM Sitharaman on FDI in single brand retail: Local sourcing norms for FDI to be eased for single-brand retailing sector.

* Jal Shakti Mantralaya will work with states to ensure "Har Ghar Jal" for all rural houses by 2024, under "Jal Jeevan Mission": FM Sitharaman 

* 9.6 crore toilets have been constructed since Oct 2, 2014. More than 5.6 lakh villages have become open defecation free. We have to build on this success. I propose to expand the Swachh Bharat mission to undertake sustainable sold waste management in every village: FM

* FM Sitharaman: We'll invest widely in agricultural infrastructure. We'll support pvt entrepreneurship in driving value addition to farmers produce & those from allied activities too, like bamboo, timber & also for generating renewable energy. Ann daata ko kyun oorja daata bana nahi sakte?

* Need to replicate "Zero Budget Farming", to go back to basics, which will help doubling farmers income: FM Sitharaman 

* 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 : FM

* 100 new clusters to be set up in 2019-20 under SFURTI, which will enable 50,000 artisans to join the economic value chain : FM Sitharaman 

* Pradhan Mantri Gram Sadak Yojana - Phase 3 envisaged to upgrade 1.25 lakh km of road length at an estimated cost of 80,250 crore rupees: FM Sitharaman 

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

* All-weather road connectivity provided to more than 97% of eligible and feasible habitations, made possible by a high pace of road construction: FM 

* Robust fisheries management framework to be set up under Pradhan Mantri Matsya Sambada Yojana to address critical gaps in value chain: FM

* Time for completion of houses under PMAY reduced from 314 days in 2015-16 to 114 days in 2017-18, enabling the scale of achievement in PMAY: Sitharaman

* In second phase of PMAY-Gramin, 1.95 crore houses to be provided to eligible beneficiaries, during 2019-20 to 2021-22; they will have amenities such as LPG, electricity and toilets: FM Sitharaman

* Comprehensive restructuring of National Highways Programme to be done, to ensure creation of National Highways Grid of desirable capacity: FM Sitharaman

* Finance Minister Nirmala Sitharaman: It's right time to consider increasing minimum public shareholding in the listed companies, I have asked SEBI to consider raising the current threshold of 25% to 35%

* By 2022, every single rural family except those who are unwilling to take the connection, will have an electricity and a clean cooking facility: FM Sitharaman 

* Government keeps Gaon, Garib and Kisan at the centre of everything we do, of every programme: FM Sitharaman 

* 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: FM Sitharaman 

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

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

* 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: FM Sitharaman

* 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: FM

* Finance Minister Nirmala Sitharaman: User friendliness of trading platforms for corporate bonds will be reviewed, including issues arising out of capping of International Securities Identification Number

* Local sourcing norms for FDI to be eased for single-brand retailing sector: FM

* 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: FM Sitharaman

* Govt will invite suggestions for further opening up of FDI in aviation sector, media, animation AVGC and insurance sectors in consultation with all stakeholders. 100% FDI will be permitted for insurance intermediaries: FM Sitharaman

* 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: FM Sitharaman

* Electronic Fundraising Platform, a social stock exchange,   to be set up to list social enterprises and voluntary organizations working for social welfare objectives: FM Sitharaman 

* The government has given a massive push to all forms of physical connectivity via :-

1. PMGSY
2.Industrial corridors
3. Dedicated freight corridors
4. Bharatmala
5. Sagarmala
6. Jal Marg vikas
7. UDAN schemes

* Existing Know Your Customer norms for Foreign Portfolio Investors to be rationalized and simplified, to make it more investor-friendly: FM  Sitharaman 

* 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: FM Sitharaman 

* Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme: Union Finance Minister Sitharaman 

* FAME II scheme aims to encourage faster adoption of electric vehicles by right incentives and charging infra:  FM Sitharaman 

* Payment platform for MSMEs to be created: FM Sitharaman 

* Schemes such as BharatMala, Sagarmala and UDAN are bridging rural urban divide and improving our transport infrastructure: Union Finance Minister Sitharaman 

* 350 crore rupees allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans: FM Sitharaman 

* We don't look down upon legitimate profit earning. Gone are the days of policy paralysis & license quota control regime. India Inc are India's job creators, nation's wealth creators. Together with mutual trust we can gain, catalyse past & attain sustained growth: Union Finance Minister Sitharaman 

* Several reforms would be undertaken to promote rental housing, current rental laws are archaic as they do not address lessor-lessee relationships fairly: FM Sitharaman

* 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: FM

* Government envisions using rivers for cargo transportation, which will also decongest roads and railways: FM Sitharaman

* Comprehensive restructuring of National Highways Programme to be done, to ensure creation of National Highways Grid of desirable capacity: FM

* FAME II scheme aims to encourage faster adoption of electric vehicles by right incentives and charging infra: FM Sitharaman

* The people of India have validated their two goals for our country's future: national security and economic growth : Union Finance Minister Sitharaman

* India's first indigenous payment ecosystem for transport based on National Common Mobility Card was launched PM in March 2019, enabling people to pay multiple types of transport charges: FM

* 657 km of metro rail network has become operational in the country: FM

* 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: Union Finance Minister

* For providing an enabling ecosystem for Maintenance, Repair and Overhaul, suitable policy interventions will be adopted: FM

* Schemes such as BharatMala, Sagarmala and UDAN are bridging rural urban divide and improving our transport infrastructure: FM

* India Inc, our job creators, are the nation's wealth creators; together, we can prosper. I wish to propose no. of reforms to kickstart virtuous cycle of growth: FM

* 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: FM Sitharaman

* The common man was served even as major transformational reforms were brought about: FM Sitharaman

* It took us over 55 years to reach $1 trillion dollar economy. But when the hearts are filled with hope, trust & aspiration, we in just 5 years, added $1 trillion: Nirmala Sitharaman

* The Indian economy will grow to become a $3 trillion economy in the current year itself. It is now the sixth largest in the world. 5 years ago it was at the 11th position: Nirmala Sitharaman

* 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: FM Sitharaman

* Last mile delivery stood out, citizens in every nook and corner of the country felt the difference; our objective was and continues to be Mazbooth Desh Ke Liye Mazbooth Nagarik: FM Sitharaman

 Average amount spent on food security per year approx. doubled during 2014-19 compared to preceding five years: FM

* 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: FM Sitharaman

* The people of India have validated their two goals for our country's future: national security and economic growth: FM

* Voter turnout was highest; every section came to stamp their approval for a performing Government: FM

* The recent election was charged with brimming home and desire for a bright and stable New India

* 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: FM Sitharaman

* 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: FM

* 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: FM

From pension for small traders to surcharge on income of Rs 2 crore: Highlights of Nirmala Sitharaman's first Budget

* Sitharaman also proposed to raise the annual turnover limit from Rs 250 crore to Rs 400 crore for availing a lower corporate tax rate of 25 per cent.

* Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme: Union Finance Minister Sitharaman 

* 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: FM Sitharaman

* Surcharge on individual taxpayers with taxable income between Rs 2 crore to 5 crore and above Rs 5 crore increased to 3% and 7% respectively: Nirmala Sitharaman

* PAN and Aadhaar to be made interchangeable for convenience of tax payers; Income Tax returns can now on be filed using Aadhaar number, if PAN card not available: FM

* Funds raised by startups will not require any scrutiny by income tax department: FM

* Regulation authority over housing finance sector to be returned from National Housing Bank to RBI: FM

* A new series of coins of Re 1, Rs 2, Rs 5, Rs 10, Rs 20 easily identifiable to the visually impaired were released by the PM on 7th March 2019. These coins will be made available for public use shortly: FM 

Pradhan Mantri Karam Yogi Maandhan: Pension benefits to retail traders and small shopkeepers

Pradhan Mantri Matsya Sampada Yojana (PMMSY): Establish robust fisheries management framework

Payment platform for bill filing for MSMEs to be created

Jal Jeevan Mission: Jal Shakti Mantrayala To ensure Har Ghar Jal to all rural households by 2024

Railways has got a budgetary allocation of Rs 65,837 crore and the highest ever outlay for capital expenditure amounting to Rs 1.60 lakh crore from Union Finance Minister Nirmala Sitharaman in her Budget.

Last year, the outlay for the railways was Rs 1.48 lakh crore while the Budget allocation was Rs 55,088 crore.

In the Budget, funds of Rs 7,255 crore have been allocated for construction of new lines, Rs 2,200 crore for gauge conversion, Rs 700 crore for doubling, Rs 6,114.82 crore for rolling stock and Rs 1,750 crore for signalling and telecom - the allocations have remained the same as in the interim budget in February presented by the then Finance Minister Piyush Goyal. 

An allocation of Rs 3.18 lakh crore was made in the Union Budget to the defence sector for 2019-20 as against last year's Rs 2.98 lakh crore.

Out of the total allocation, Rs 1,08,248 crore has been set aside for capital outlay to purchase new weapons, platforms and military hardware. 

The revenue expenditure which includes expenses on payment of salaries and maintenance of establishments has been pegged at Rs 2,10,682 crore as against Rs 1,88,118 crore for 2018-19.

The outlay for defence sector almost remained unchanged compared to what was allocated in the interim budget on February 1.

 Aiming to double farmers' income by 2022, the government Friday said it will invest in a big way in developing infrastructure in both agriculture and allied farm sector, and encourage private entrepreneurs in food processing.

Presenting the Budget for the 2019-20 fiscal, Finance Minister Nirmala Sitharaman said the government keeps "gaon, garib, aur kisan" at the centre of everything that it does. Both 'ease of doing business' and 'easy of living' should apply to farmers too.

"We will invest widely in agricultural infrastructure. We will support private entrepreneurships in driving value addition to farmers' produce from the field and for those from allied activities, like bamboo and timber from the hedges and for generating renewable energy," she said.

The Centre Friday allocated Rs 400 crore for setting up world-class education institutes and announced 'Study in India' programme that will aim at attracting foreign students to the country.

Presenting the first Budget of the NDA government in its second term, Nirmala said the government will bring in a new national education policy to transform India's higher education system to one of the best in the world.

The policy proposes major changes in both school and higher education, improve governance and gives more focus on research and innovation, for which a National Research Foundation (NRF) would be set up to coordinate and promote research in the country, she said.

The Finance Minister  Friday announced Rs 62,659.12 crore outlay for the health sector in the 2019-2020 fiscal, the highest in the last two financial years.

The health outlay for this financial year saw an increase of around 19 per cent over the 2018-2019 fiscal when it was Rs 52,800 crore.

The budgetary allocation for the sector is Rs 60,908.22 crore, with Rs 6,400 crore earmarked for the centre's flagship health insurance scheme Ayushman Bharat- Pradhan Mantri Jan Arogya Yojna (AB-PMJAY).

The AB-PMJAY is a flagship scheme of the Union government that aims at providing annual health cover of up to Rs 5 lakh per family for secondary and tertiary care hospitalisation to over 10.74 crore vulnerable families (approximately 50 crore beneficiaries).

* Rs 350 crore has been allocated for 2019-20 for 2 per cent interest subvention for all GST-registered MSMEs for fresh or on incremental loans under the interest subvention scheme for such enterprises: FM Sitharaman 

* We don't look down upon legitimate profit earning. Gone are the days of policy paralysis & license quota control regime. India Inc are India's job creators, nation's wealth creators. Together with mutual trust we can gain, catalyse past & attain sustained growth: Union Finance Minister Sitharaman 

* Payment platform for MSMEs to be created to enable filing of bills and facilitate timely payments: FM Sitharaman 

* Government payments to suppliers and contractors are a major source of cash flow especially to SMEs and MSMEs. Investment in MSMEs will receive a big boost if these delays in payments are eliminated: Sitharaman said. The government will create a payment platform for MSMEs to enable filing of bills and payment on the platform itself, Sitharaman said.

* Sitharaman also proposed to raise the annual turnover limit from Rs 250 crore to Rs 400 crore for availing a lower corporate tax rate of 25 per cent.

* The proposal would cover 99.3 per cent of the companies operating in the country, she said.

*The corporate tax rate is 30 per cent for companies with annual turnover of more tha Rs 250 crore at the moment. 

* Rs 350 crore has been allocated for 2019-20 for 2 per cent interest subvention for all GST-registered MSMEs for fresh or on incremental loans under the interest subvention scheme for such enterprises: FM Sitharaman 

* We don't look down upon legitimate profit earning. Gone are the days of policy paralysis & license quota control regime. India Inc are India's job creators, nation's wealth creators. Together with mutual trust we can gain, catalyse past & attain sustained growth: Union Finance Minister Sitharaman 

* Payment platform for MSMEs to be created to enable filing of bills and facilitate timely payments: FM Sitharaman 

* Government payments to suppliers and contractors are a major source of cash flow especially to SMEs and MSMEs. Investment in MSMEs will receive a big boost if these delays in payments are eliminated: Sitharaman said. The government will create a payment platform for MSMEs to enable filing of bills and payment on the platform itself, Sitharaman said.

* Sitharaman also proposed to raise the annual turnover limit from Rs 250 crore to Rs 400 crore for availing a lower corporate tax rate of 25 per cent.

* The proposal would cover 99.3 per cent of the companies operating in the country, she said.

*The corporate tax rate is 30 per cent for companies with annual turnover of more than Rs 250 crore at the moment.

Sitharaman ditched the traditional leather briefcase which has been carried by all her predecessors. She carried the budget documents wrapped in swadeshi 'bahi khata' red cloth instead.

The tradition of posing with the briefcase before the budget speech started with Independent India's first ever budget presented by then Finance Minister RK Shanmukham Chetty on November 26, 1947.

Chief Economic Adviser (CEA) Krishnamurthy Subramanian, when asked about the replacement of the briefcase, said, "She believes that leather made products are not auspicious for the big occasion, so she avoided the leather bag and took the bahi khata wrapped in the red cloth. This is considered to be auspicious. Also, ditching the briefcase symbolises our departure from the slavery of western thought."

"The Finance Minister has worked in the United Kingdom and she knows the tradition of our country. We must appreciate her decision," he added.