Finance Minister Nirmala Sitharaman presents her maiden Budget in Parliament today. Here are the key takeaways from the Budget speech.<\/p>\n
For economy<\/strong> –\u00a0To liberalise FDI in aviation, media, animation and insurance intermediaries<\/p>\n Transportation<\/strong> –\u00a0In second phase of Bharat Mala project, states will be helped to develop roadways<\/p>\n – Time right for India to enter into aircraft financing and leasing<\/p>\n – Will create congenial atmosphere for development of MRO services<\/p>\n Power<\/strong> be unveiled soon<\/p>\n To boost investment –\u00a0To initiate steps for electronic fund raising programme for listing of social enterprises, voluntary organisations<\/p>\n Market reforms: –\u00a0NRI portfolio route to be merged with FPI for seamless investment in stock markets<\/p>\n For real estate For small businesses\/MSMEs<\/strong> Improve youth’s skills in AI and Robotics<\/strong><\/p>\n -We will increase our efforts to improve the skills of our youth in newer areas such as Artifical Intelligence, Big Data, Robotics, etc valued highly within and outside the country to ensure they can secure high paying jobs both in India and abroad, she says.<\/p>\n Upgrade in education\u00a0<\/strong><\/p>\n The government proposes allocation of Rs 400 crore for world-class higher education institutions in the country, she says.<\/p>\n Measures for Urban India<\/strong><\/p>\n Nearly 95% of all cities have declared themselves open-defecation free. More than 45,000 public toilets have been uploaded on google maps and nearly 1 crore citizens have downloaded the Swachhta app, the FM says.<\/p>\n PSU Banks recapitalization<\/strong><\/p>\n The government has proposed to\u00a0allocate Rs 70,000 crore for PSU Bank recapitalisation.<\/p>\n To boost investment – Asks SEBI to evaluate hiking minimum public shareholding to 25 percent from 35 percent – To allow FPIs\/NRIs to subscribe to listed debt papers of REITs and InvITs<\/p>\n Banks – To bring out a remedy against cash being deposited without knowledge of bank account holders<\/p>\n NBFCs<\/strong> – Requirement of Debenture Reservation Reserve to be done away with for NBFCs<\/p>\n Agriculture\/fisheries<\/strong> – Proposes Pradhan Mantri Matsya Sampada Yojana to address critical infrastructure gap in fisheries sector<\/p>\n Transportation<\/strong> crore<\/p>\n Aviation<\/strong> –\u00a0Will re-initiate privatisation of Air India<\/p>\n Power<\/strong> be unveiled soon<\/p>\n Retail<\/strong><\/p>\n – Local sourcing norms to be eased for single-brand retail FDI<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Finance Minister Nirmala Sitharaman presents her maiden Budget in Parliament today. Here are the key takeaways from the Budget speech. For economy – Targets to become a $3 trillion economy in FY20, $5 trillion in a few years – Proposes changes to kick-start domestic and foreign investment – Will create blueprint for gas, water grids […]<\/p>\n","protected":false},"author":1,"featured_media":5739,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[4119,4104,3339],"class_list":["post-5738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-and-politics","tag-5-trillion-economy","tag-finance-minister-nirmala-sitharaman","tag-union-budget-2019"],"aioseo_notices":[],"yoast_head":"\n
\n– Targets to become a $3 trillion economy in FY20, $5 trillion in a few years
\n– Proposes changes to kick-start domestic and foreign investment
\n– Will create blueprint for gas, water grids and regional airports<\/p>\n
\n– To carry out comprehensive restructuring of National Highway programme
\n– Cargo volume on Ganges to increase four times over the next four years<\/p>\n
\n– Package for power sector tariff and structural reforms to<\/p>\n
\n<\/strong>– To implement enabling measures to boost International Financial Service Centres (IFSCs)
\n– To set up a Credit Guarantee Enhancement Corporation<\/p>\n
\n<\/strong>– Asks SEBI to evaluate hiking minimum public shareholding to 25percent from 35 percent
\n– To allow FIIs and FPIs investment in debt securities issued by NBFCs
\n–\u00a0<\/strong>Government will work with exchanges to allow AA bonds to be used as collateral- Proposes rationalising and streamlining of KYC (know your customer) norms for Foreign Portfolio Investors (FPIs) to make it investor-friendly<\/p>\n
\n<\/strong>– Will finalise a model tenancy law and circulate to states; and propose steps for rental housing<\/p>\n
\n– To extend pension benefit to three crore retail traders with an annual turnover less than Rs 1.5 crore\u00a0under\u00a0Pradhan Mantri Karmyogi Mandand scheme- Centre will create a payment platform for MSMEs for payment of bills.<\/p>\n
\n<\/strong>–\u00a0To liberalise FDI in aviation, media, animation and insurance intermediaries
\n<\/strong>– To implement enabling measures to boost International Financial Service Centres (IFSCs)
\n– To set up a Credit Guarantee Enhancement Corporation
\n–\u00a0To initiate steps for electronic fund raising programme for listing of social enterprises, voluntary organisations
\n–\u00a0Considering whether govt holding can go below 51 percent in certain CPSEs on case-to-case basis
\n– To hike statutory limits for foreign investments in some companies
\n–\u00a0Expert committee to be set up to make recommendations on infrastructure finance.<\/p>\n
\n–\u00a0<\/strong>Government will work with exchanges to allow AA bonds to be used as collateral
\n– Proposes rationalising and streamlining of KYC (know your customer) norms for Foreign Portfolio Investors (FPIs) to make it investor-friendly
\n–\u00a0NRI portfolio route to be merged with FPI for seamless investment in stock markets
\n–\u00a0Credit 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
\n–\u00a0Will take up measures to make RBI and SEBI depositories inter-operable<\/p>\n
\n<\/strong>– State-run banks to get Rs 70,000 crore capital to boost credit<\/p>\n
\n– Fundamentally sound NBFCs to keep getting funding from banks and mutual funds
\n– To allow FIIs and FPIs investment in debt securities issued by NBFCs<\/p>\n
\n– Govt to invest widely in agriculture infrastructure
\n– Support private entrepreneurship in value addition in agriculture<\/p>\n
\n– To carry out comprehensive restructuring of National Highway programme
\n– Cargo volume on Ganges to increase four times over the next four years
\n–\u00a0In second phase of Bharat Mala project, states will be helped to develop roadways
\n– 1,25,000\u00a0km of roads will be upgraded under Pradhan Gram
\nSadak Yojana under Phase III at estimated cost of Rs 80,250<\/p>\n
\n– Time right for India to enter into aircraft financing and leasing
\n– Will create congenial atmosphere for development of MRO services
\n–\u00a0To harness India’s space ability commercially, New Space\u00a0India (NSIL) has been incorporated to tap the benefits\u00a0of ISRO<\/p>\n
\n– Package for power sector tariff and structural reforms to<\/p>\n