The much awaited 2019
Union Budget has been announced recently. This is the first budget of Narendra
Modi government’s 2nd term and the maiden one for the Finance Minister Nirmala Sitharaman.
With this budget, government envisions for the holistic growth of the nation.
Below are some of the key highlights that emerged from this budget:
1. 5 trillion economy: “People’s
hearts are filled with Aasha, Vishwas and Aakansha,” says the FM. To fulfill
such aspirations, the Government has envisioned for country to become a 5
trillion economy. In order to attain such an objective, Government has focused
on the need for investment in Infrastructure, digital economy, etc.
2. Agriculture: 60% of our
population works in agricultural sector. This community is in dire need for
empowerment and to boost that, the Government has proposed for 10,000 new Farmer
Producer Organizations. To improve the current situation, Central Government
has also requested states to inculcate Zero Budget Farming for preventing
dependency on artificial additions such as fertilizers to the soil.
3. Water: India currently faces high
water scarcity due to excessive population and inefficient use of water. With
an aim to ensure water security and adequate drinking water to all the India
Government has launched “Har Ghar Jal”. Emphasis is on rainwater harvesting and
ground water recharge to secure water.
4. Social security: Government has
proposed “Pradhan Mantri Karam Yogi Maandhan” scheme to strengthen small
entrepreneurs, shopkeepers with an annual turnover less than 1.5 crore.
5. Affordable housing: Government
has been working actively to provide affordable housing to BPL families with
its initiative ‘Pradhan Mantri Awas Yojana’. However, people with lower middle
class background often find it difficult to own a house. Hence in their
support, the Government has proposed for an additional deduction up to Rs. 1.5
lakhs for interest paid on loans borrowed up to 31st March, 2020 for
purchase of house valued up to Rs. 45 lakhs.
6. Electric Vehicles: To curb the
usage of non- renewable based fuels and to contain their effect on environment,
the Government has proposed for an additional income tax deduction of Rs. 1.5
lakh on interest paid on electric vehicle loans.
7. Defense: Investment in defense
sector is a must for a country like India which is on the brink of terrorism,
infiltration, etc. Hence, the Government’s recent decision to exempt Defense
equipment not manufactured in India from basic customs duty is a welcome move.
8. Culture: On a path to strengthen
the national unity, a portal “Gandhipedia” has been launched. The portal will
remain accessible to everyone and would contain original photographs, visuals,
speeches and the 100 collected works of Gandhiji.
9. Women- Budget allocation remains
incomplete if it doesn’t include the initiatives for the empowerment of women.
Through this budget, there has been a shift from existing women-centric policy
to women- led initiatives and movements.
10. Roadmap for future: Government
through this budget has also allocated space for future technology, red tape
reduction and simplification of procedures.
Alongside these, there have been few more initiatives in this Union budget
propagating for nation’s holistic growth.
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