BUDGET SUMMARY WITH MAJOR HIGHLIGHTS OF INTERIM BUDGET 2019-2020
Interim Budget 2019-20 was presented in Parliament by the Union Minister for Finance, Corporate Affairs, Railways and Coal, Shri Piyush Goyal on 01 February, 2019. Besides having a major Scheme for the farmers, it provides tax concession and sets the Developmental Agenda for the years to come.
A New Deal for 12 Crore Small and Marginal farmers with direct income support, a path breaking Pension initiative for 10 Crore unorganized sector workers, exempting income up to Rs 5 lakhs from Income Tax, reforms in stamp duty, highest ever budgetary allocation of Rs 3 lakh crore for Defence, record allocation of funds at Rs 58,166 crore for North Eastern Areas, a new AIIMS for Haryana, single window clearance for Indian film makers at par with foreigners and higher budgetary allocations for Education, Health, Infrastructure and for the welfare of weaker sections including Scheduled Castes and Scheduled Tribes, a Separate Department of Fisheries for welfare of 1.5 crore fisherman are some of the major highlights of the Interim Budget 2019-20.
New Scheme- namely “Pradhan Mantri KIsan SAmman Nidhi (PM-KISAN)” to extend direct income support at the rate of Rs. 6,000 per year to farmer families, having cultivable land upto 2 hectares is announced.
While presenting the Interim Budget 2019-20, the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal said that “our Government is launching a historic programme PM-KISAN with an outlay of Rs.75,000 crore for the FY 2019-20 and Rs.20,000 crore in the Revised Estimates of FY 2018-19”.
Under this Government of India funded Scheme, Rs.2,000 each will be transferred to the bank accounts of around 12 crore Small and Marginal farmer families, in three equal installments. This programme would be made effective from 1st December 2018 and the first installment for the period upto 31st March 2019 would be paid during this year itself, Shri Piyush Goyal said.
To provide sustained and focused attention towards development of Fisheries, the Government has decided to create a separate Department of Fisheries. Finance Minister said that through the measure, the Government wants to promote further growth over 7% to promote livelihood of about 1.45 crore people dependent on the sector.
The Finance Minister announced 2% interest subvention to the farmers pursuing the activities of animal husbandry and fisheries, who avail loan through Kisan Credit Card. Further, in case of timely repayment of loan, they will also get an additional 3% interest subvention.
Allocation of Rs.750 crore for Rashtriya Gokul Mission has been announced for the current year itself. Setting up of “Rashtriya Kamdhenu Aayog” to upscale sustainable genetic upgradation of cow resources and to enhance production and productivity of cows has also been announced. The Aayog will also look after effective implementation of laws and welfare schemes for cow.
To provide pensionary benefits to at least 10 crore labourers and workers in the unorganised sector a new Scheme called ‘Pradhan Mantri Shram-Yogi Maandhan’ is announced. The Finance Minister said that within next five years it would be one of the largest pension schemes of the world. A sum of Rs.500 crore has been allocated for the Scheme. Additional funds will be provided as needed, Shri Goyal added. The scheme will also be implemented from the current year, he said.
Individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required to pay any income tax. The Finance Minister said that persons having gross income up to Rs. 6.50 lakhs are not required to pay any income tax if they make investments in provident funds, specified savings and insurance etc. Additional deductions such as interest on home loan up to Rs. 2 lakh, interest on education loans, National Pension Scheme contributions, medical insurance and medical expenditure on senior citizens etc, are also provided for in the Interim Budget 2019-20. Thus tax benefit of Rs. 18,500 crore is proposed to be provided to an estimated 3 crore middle class and small taxpayers comprising self employed, small business, small traders, salary earners, pensioners and senior citizens.
For salaried persons, Standard Deduction is being raised from the current Rs.40,000 to Rs.50,000. This will provide additional tax benefit of Rs. 4,700 crore to more than 3 crore salary earners and pensioners.
Exemption on levy of income tax on notional rent on a second self-occupied house is also now proposed. Currently, income tax on notional rent is payable if one has more than one self-occupied house.
TDS threshold on interest earned on bank/post office deposits is being raised from Rs. 10,000 to Rs.40,000.
TDS threshold for deduction of tax on rent is proposed to be increased from Rs. 1,80,000 to Rs.2,40,000 for providing relief to small taxpayers.
The Finance Minister says that the Government wants the GST burden on home buyers to be reduced and accordingly the GST Council was moved to appoint a Group of Ministers to examine and make recommendations in this regard at the earliest. Shri Goyal said that soon, businesses comprising over 90% of GST payers will be allowed to file quarterly return.
The Finance Minister said that the Government has been successful in bringing down average inflation to 4.6% over last five years, which is lower than the inflation during the tenure of any other Government. In fact Inflation in December 2018 was down to 2.19% only.
Shri Goyal said if we had not controlled inflation, our families would have been spending around 35-40% more today on basic necessities such as food, travel, consumer durables, housing etc.
The average rate of inflation during previous five years 2009-2014 was a backbreaking 10.1%, he pointed out.
The fiscal deficit has been brought down to 3.4% in 2018-19 RE from the high of almost 6% seven years ago, the Finance Minister mentioned. He said, the Current Account Deficit (CAD), against a high of 5.6% six years ago, is likely to be only 2.5% of GDP this year. “We contained the fiscal deficit notwithstanding the Finance Commission’s recommendations increasing the share of the States from 32% to 42% in central taxes, which we accepted in the true spirit of cooperative federalism, thereby transferring significantly higher amounts to the States”, Shri Goyal said.
Growth and FDI
The Finance Minister Shri Piyush Goyal stated that a stage for high growth in decades to come, has now been set, after a wave of next generation path breaking structural reforms over the last five years, including introduction of Goods and Services Tax (GST) and other taxation reforms.
The country witnessed its best phase of macro-economic stability during the last five years. “We are the fastest growing major economy in the world with an annual average GDP growth during last five years higher than the growth achieved by any Government since economic reforms began in 1991. From being the 11th largest economy in the world in 2013-14, we are today the 6th largest in the world”, the Finance Minister asserted in his Opening Remarks of his Budget speech.
Shri Goyal said that due to such a stable and predictable regulatory regime, growing economy and strong fundamentals, India could attract massive amount of as much as $239 billion of Foreign Direct Investment (FDI) during the last 5 years, when most of the FDI was allowed to come in through the automatic route.
Enhanced allocations for major Schemes
Announcing an allocation of Rs.60,000 crores for MGNREGA for Budget Estimates 2019-20, the Finance Minister said that additional allocations will be made, if required.
Pradhan Mantri Gram Sadak Yojana (PMGSY) is being allocated Rs.19,000 crore in BE 2019-20 as against Rs.15,500 crore in RE 2018-19. During the period 2014-18, a total number of 1.53 crore houses have been built under the Pradhan Mantri Awas Yojana, he announced.
By March, 2019, all households will be provided with electricity connection. Till now, 143 crore LED bulbs have been provided in a mission mode which has resulted in saving of Rs.50,000 crore for the poor and middle class.
He said through the world’s largest healthcare programme, Ayushman Bharat, to provide medical treatment to nearly 50 crore people in the country, around 10 lakh patients have already benefited through free treatment for medical treatment which would have otherwise cost them Rs. 3,000 crore. Lakhs of poor and middle class people are also benefiting from reduction in the prices of essential medicines, cardiac stents and knee implants, and availability of medicines at affordable prices through Pradhan Mantri Jan Aushadhi Kendras, the Finance Minister added.
Shri Goyal also said that 14 of the 21 AIIMS operating or being established in the country presently have been announced since 2014. He also announced setting up of a new – the 22nd AIIMS in Haryana.
Allocation for Integrated Child Development Scheme (ICDS) is being increased from Rs.23,357 crore in RE 2018-19 to Rs.27,584 crore in BE 2019-20.
A substantial increase is proposed in the allocation for welfare of the Scheduled Castes and Scheduled Tribes. The allocation of Rs.56,619 crore made in BE of 2018-19 for Scheduled Caste, further increased to Rs.62,474 crore in RE is proposed to be enhanced to Rs.76,801 crore in BE for 2019-20, an increase of 35.6% over BE of 2018-19. For the Scheduled Tribes also, proposed allocation in 2019-20 BE is Rs.50,086 crore as against Rs.39,135 crore in BE 2018-19, an increase of 28%.
The Finance Minister said that a Welfare Development Board to frame special strategies for the benefit of the hard-to-reach De-notified, Nomadic and Semi-Nomadic communities will be set up under the Ministry of Social Justice and Empowerment. He said that a Committee under NITI Aayog will also be set up to complete the task of identifying De-notified, Nomadic and Semi-Nomadic communities not yet formally classified.
Shri Goyal said under the Ujjwala Yojana aiming delivery of 8 crore free LPG connections, more than 6 crore connections have already been given and the remaining will get free gas connections by next year.
The Finance Minister announced that a National Artificial Intelligence Portal will also be developed soon as a part of the National Programme on ‘Artificial Intelligence’.
The Department of Industrial Policy and Promotion will now be renamed as the Department for Promotion of Industries and Internal Trade.
The Finance Minister stated that the Government e-Marketplace (GeM), created by the present Government two years ago, resulted in average savings of 25-28% and the platform will now be extended to all CPSEs. Transactions of over Rs. 17,500 crore have taken place so far. The Finance Minister announced that for the first time, the country’s Defence Budget will be of over Rs.3 lakh crore. The Finance Minister, Shri Piyush Goyal pointed-out that domestic air traffic passengers have doubled during the last five years, leading to large number of jobs also being created. The number of operational airports has crossed 100 with the commissioning of the Pakyong airport in Sikkim. Arunachal Pradesh came on the air map recently and Meghalaya, Tripura and Mizoram have come on India’s rail map for the first time.
Capital support from the budget for Indian Railways is proposed at Rs.64,587 crore in 2019-20 (BE). The Railways’ overall capital expenditure programme is of Rs. 1,58,658 crore. The Finance Minister, who is also holding the portfolio of Railway Ministry, announced that the Operating Ratio is expected to improve from 98.4% in 2017-18 to 96.2% in 2018-19 (RE) and further to 95% in 2019-20 (BE).
India’s installed solar generation capacity has grown over ten times in last five years. Stating this, Shri Goyal said that “our commitment to promote renewable energy is reflected in setting up the International Solar Alliance, the first treaty based international inter-governmental organisation headquartered in India. This sector is now creating lakhs of new age jobs, he added.
The Finance Minister announced that in Entertainment industry, which is a major employment generator, regulatory provisions will now rely more on self-declarations. To promote entertainment industry, the Single window clearance for ease of shooting films, now available only to foreigners, will also be made available to Indian filmmakers. “We will also introduce anti-camcording provisions in the Cinematograph Act to control the menace of piracy”, he said.
Saying that “We are poised to become a Five Trillion Dollar Economy in the next five years and aspire to become a Ten Trillion Dollar Economy in the next 8 years thereafter”, Shri Piyush Goyal said that there has been a Growth of 18% in Direct Tax Collections in 2017-18 and increase in tax base by as many as 1.06 crore people filing income tax returns for the first time in FY 2017-18, mainly on account of demonetization.
Shri Goyal said that he is proposing, through the Finance Bill, necessary amendments to levy Stamp duties on one instrument relating to one transaction and get collected at one place through the Stock Exchanges.
The duty so collected will be shared with the State Governments seamlessly on the basis of domicile of buying client, he said.
In all the total expenditure is to increase from Rs.24,57,235 crore in 2018-19 RE to Rs.27,84,200 crore in 2019-20 BE.
A rise of Rs.3,26,965 crore or approximately 13.30%. This reflects a high increase considering low inflation. The fiscal deficit of year 2019-20 is estimated to be 3.4% of GDP.
The Finance Minister pointed out that after completion of the fiscal deficit consolidation programme, the Government would now focus on Debt consolidation.
He said “We have maintained the glide path towards our target of 3% of fiscal deficit to be achieved by 2020-21. India’s Debt to GDP ratio was 46.5% in year 2017-18.
The FRBM Act prescribes that the Debt to GDP ratio of the Government of India should be brought down to 40% by 2024-25.
“Along with completion of the fiscal deficit consolidation programme, we will now focus on Debt consolidation”, he added.
Highlights of the Interim Budget 2019-20
The key highlights of the Interim Budget 2019-20 presented by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal in Parliament today are as follows:
· 12 crore small and marginal farmers to be provided with assured yearly income of Rs. 6000 per annum under PM-KISAN
o Outlay of Rs. 75,000 crore for FY 2019-20 with additional Rs. 20,000 crore in RE 2018-19
· Outlay for Rashtriya Gokul mission increased to Rs 750 crore
· Rashtriya Kamdhenu Ayog to be setup for sustainable genetic up-gradation of the Cow resources
· New separate Department of Fisheries for welfare of 1.5 crore fishermen
· 2% interest subvention to Farmers for Animal husbandry and Fisheries activities; additional 3% in case of timely repayment.
· Interest subvention of 2% during disaster will now be provided for the entire period of reschedulement of loan
· Pradhan Mantri Shram Yogi Maandhan scheme to ensure fixed monthly pension to 10 crore unorganized sector workers
o Rs 3000 per month after 60 years of age with an affordable contribution of only Rs 100/55 per month
· 22nd AIIMS to be setup in Haryana
· Rs. 60, 000 crore allocation for MGNREGA in BE 2019-20
Direct Tax proposals
· Income upto Rs. 5 lakh exempted from Income Tax
· More than Rs. 23,000 crore tax relief to 3 crore middle class taxpayers
· Standard Deduction to be raised to Rs. 50,000 from Rs. 40,000
· TDS threshold to be raised from Rs. 10,000 to Rs. 40,000 on interest earned on bank/post office deposits
· Existing rates of income tax to continue
· Tax exempted on notional rent on a second self-occupied house
· Housing and real estate sector to get boost-
o TDS threshold for deduction of tax on rent to be increased from Rs. 1,80,000 to Rs. 2,40,000
o Benefit of rollover of capital gains increased from investment in one residential house to two residential houses for capital gains up to Rs. 2 crore.
o Tax benefits for affordable housing extended till 31st March, 2020 under Section 80-IBA of Income Tax Act
o Tax exemption period on notional rent, on unsold inventories, extended from one year to two years
· Fiscal deficit pegged at 3.4% of GDP for 2019-20
· Target of 3% of fiscal deficit to be achieved by 2020-21.
· Fiscal deficit brought down to 3.4% in 2018-19 RE from almost 6% seven years ago
· Total expenditure increased by over 13% to Rs.27,84,200 crore in 2019-20 BE
· Capital Expenditure for 2019-20 BE estimated at Rs. 3,36,292 crore
· Centrally Sponsored Schemes (CSS) allocation increased to Rs. 3,27,679 crore in BE 2019-20
· National Education Mission allocation increased by about 20% to Rs. 38,572 crore in BE 2019-20
· Allocation for Integrated Child Development Scheme (ICDS) increased by over 18% to Rs. 27,584 crore in BE 2019-20
· Substantial increase in allocation for the Scheduled Castes and Scheduled Tribes –
o Allocation for SCs increased by 35.6% – from Rs. 56,619 crore in BE 2018-19 to Rs. 76,801 crore in BE for 2019-20
o Allocation for the STs increased by 28% – from 39,135 crore in BE 2018-19 to Rs. 50,086 crore in 2019-20 BE
· Government confident of achieving the disinvestment target of 80,000 crore
· Focus now on debt consolidation along with fiscal deficit consolidation programme
Poor and Backward Classes
· “First right on the resources of country is that of the poor”: FM
· 25% additional seats in educational institutions to meet the 10% reservation for the poor
· Targeted expenditure to bridge urban-rural divide & to improve quality of life in villages
· All willing households to be provided electricity connections by March 2019
· Allocation to be increased by 21% to Rs. 58,166 crore in 2019-20 BE over 2018-19 BE
· Arunachal Pradesh came on the air map recently
· Meghalaya, Tripura and Mizoram came on India’s rail map for the first time
· Container cargo movement through improved navigation capacity of the Brahmaputra
· A new committee under NITI Ayog to identify all the remaining De-notified nomadic and semi-Nomadic tribes.
· New Welfare development Board under Ministry of social justice and empowerment for development and welfare of De-notified nomadic and semi nomadic tribes
· Defence budget to cross Rs 3,00,000 crore for the first time ever
· Capital support of Rs.64,587 crore proposed in 2019-20 (BE) from the budget
· Overall capital expenditure programme to be of Rs. 1,58,658 crore
· Operating Ratio expected to improve from 98.4% in 2017-18
to 96.2% in 2018-19 (RE) and
to 95% in 2019- 20 (BE)
· Indian filmmakers to get access to Single window clearance as well for ease of shooting films
· Regulatory provisions to rely more on self-declaration
· To introduce anti-camcording provisions in the Cinematograph Act to control piracy
MSME and Traders
· 2% interest subvention on an incremental loan of Rs 1 crore for GST registered SMEs
· Atleast 3% of the 25% sourcing for the Government undertakings will be from women owned SMEs
· Renewed Focus on Internal trade ; DIPP renamed to Department for Promotion of Industries and Internal trade
· The Government to make 1 lakh villages into Digital Villages over next five years
· New National Artificial Intelligence portal to support National Program on Artificial Intelligence
Achievements during 2014-19
State of the Economy
· India universally recognized as a bright spot of the global economy during last five years
· “Country witnessed its best phase of macro-economic stability during 2014-19”, says FM
· India is now the 6th largest economy in the world from being the 11thlargest in 2013-14
· Annual average GDP growth during 2014-19 higher than any government since 1991
· Government has broken inflation’s back from backbreaking inflation during 2009-14: FM
· Average inflation down to 4.6%, lower than during any other Government
· Inflation in December 2018 down to 2.19% only
· Fiscal deficit down to 3.4% in 2018-19 RE from the high of almost 6% seven years ago
· CAD likely to be only 2.5% of GDP this year against a high of 5.6% six years ago
· India attracted massive amount of FDI, worth $239 billion, during the last 5 years
· “India is solidly back on track and marching towards growth and prosperity”, says FM
· India becomes the fastest growing major economy in the world
· Double-digit inflation contained and fiscal balance restored
· Liberalization of FDI policy, allowing most FDI to come through the automatic route
· Assured MSP of minimum 50% to all 22 crops
· Interest subvention doubled in last 5 years
· Soil Health card, Neem coated Urea game changer in farm sector
· Employment opportunities expanded ; EPFO membership increased by 2 crore
· Minimum income for every category of workers increased by 42% in last 5 years
Poor and Backward Classes
· 10% reservation for the poor in educational institutions and government jobs
· Free electricity connection to every household under Saubhagya Yojana
· World’s largest healthcare programme, Ayushman Bharat, for nearly 50 crore people
· Aspirational Districts Programme for development in 115 most backward districts
· Rs. 1,70,000 crore spent during 2018-19 for cheaper food grains to poor and middle class
· 143 crore LED bulbs provided in mission mode with the cooperation of private sector
· Poor & middle class are saving Rs. 50, 000 crore p.a. in electricity bills due to LED bulbs
· 10 lakh patients benefited from free treatment under Ayushman Bharat
· Jan Aushadhi Kendras providing medicines at affordable prices to poor and middle class
· 14 out of 21 AIIIMS operating presently have been announced since 2014
· Government tripled rural roads’ construction under the PMGSY
· 15.80 lakh habitations out of 17.84 lakh connected with pucca roads
· Rs. 19,000 crore for PMGSY in BE 2019-20 against Rs. 15,500 crore in RE 2018-19
· 1.53 crore houses built under PM Awas Yojana during the 2014-18
Women development to women led development
· 6 crore free LPG gas connections provided under Ujjwala Yojna ; All 8 crore by next year
· 70% of MUDRA Loan availed by Women
· Maternity leave extended to 26 weeks
· Financial support for pregnant women under Pradhan Mantri Matru Vandana
· Over one crore youth trained under Pradhan Mantri Kaushal Vikash Yojana
· Self-employment boost through MUDRA, STAND-UP and START-UP India
MSME and Traders
· Up-to Rs 1 crore loans can be availed in less than an hour
· 25%-28% is the average savings due to GeM (Government e-Market place)
· Tax collections nearly doubled in five years- from Rs. 6.38 Lakh crore in 2013-14 to almost Rs. 12 lakh crore this year
· 80% growth in tax base- from 3.79 crore to 6.85 crore in five years
· Tax administration streamlined- Last year, 99.54% of the income-tax returns accepted as were filed
· Technology intensive project approved to improve assessee friendliness –In two years, returns to be processed in 24 hours and refunds issued simultaneously
· Earlier benefits given to middle class-
o Basic exemption limit increased from Rs. 2 lakh to Rs. 2.5 lakh
o Tax rate reduced from 10% to 5% for the tax slab of Rs. 2.5 lakh to Rs. 5 lakh
o Standard deduction of Rs. 40,000 introduced for the salaried class
o Deduction of savings under section 80C increased from Rs. 1 lakh to Rs. 1.5 lakh
o Deduction of interest for self-occupied house property raised from Rs. 1.5 lakh to Rs. 2 lakh
· Special benefits and incentives already given to small businesses and startups-
o Overall compliance processes simplified.
o Threshold for presumptive taxation of business raised from Rs. 1 crore to Rs. 2 crore
o Benefit of presumptive taxation extended for the first time to small professionals fixing threshold limit at Rs. 50 lakh
o Presumptive profit rate reduced from 8% to 6% to promote a less cash economy
o Tax rate for about 99% companies reduced to 25%
· GST made India a common market
· GST led to increased tax base, higher collections and ease of trade
· Inter-state movements now faster, more efficient, and hassle free
· Responsive and sensitive reduction of tax rates – Most items of daily use now in the 0% or 5% tax slab
· Relieving the businesses and service providers-
o Exemptions from GST for small businesses doubled from Rs. 20 lakh to Rs. 40 lakh
o Small businesses having turnover up to Rs. 1.5 crore pay only 1% flat rate and file one annual return only
o Small service providers with turnover upto Rs.50 lakhs can opt for composition scheme and pay GST at 6% instead of 18%
o Soon, businesses comprising over 90% of GST payers to be allowed to file quarterly return
· Encouraging GST revenue trends – The average monthly tax collection in the current year is Rs. 97,100 crore per month as compared to Rs. 89,700 crore per month in the first year
· Civil Aviation – UDAN Scheme
o Number of Operational Airports crossed 100
o Latest: Pakyong airport in Sikkim
o Domestic Passenger traffic doubled in last 5 years
o India is the fastest highway developer in the world
o 27 kms of highways built each day
o Stuck projects completed – Eastern Peripheral Highway around Delhi
– Bogibeel rail-cum-road bridge in Assam and Arunachal Pradesh
o Flagship programme of Sagarmala along the coastal areas
o For first time, container freight movement started on Kolkata to Varanasi inland waterways
o ‘Safest year’ for railways in its history
o All Unmanned Level Crossings on broad gauge network eliminated.
o Semi high-speed “Vande Bharat Express” introduced – first indigenously developed and manufactured
· International Solar Alliance
o To promote renewable energy
o First treaty based international inter-governmental organisation headquartered in India
o Installed solar generation capacity grown over ten times in last five years
o Now creating lakhs of new age jobs
Digital India Revolution
· More than 3 lakh Common Service Centres (CSCs) exist to deliver services to the citizens
· India now leading the world in the consumption of mobile data
· Monthly consumption of mobile data increased by over 50 times in the last five years
· Under Make in India, mobile and parts manufacturing companies increased from 2 to more than 268 providing huge job opportunities
Jan Dhan-Aadhaar-Mobile (JAM) and Direct Benefit Transfer
· In the last five years, nearly 34 crore Jan Dhan bank accounts opened
· Aadhaar now near universally implemented
· Ensure the poor and middle class receive the benefits of Government schemes directly in their bank accounts by eliminating middlemen
Customs and trading across borders
· Customs duties on 36 capital goods abolished
· Digitization of import and export transactions
· RFID technology to improve logistics
Steps against corruption
· Government walked the talk on corruption and ushered in a new era of transparency: FM
· RERA and Benami Transaction (Prohibition) Act have brought transparency in real estate
· The Fugitive Economic Offenders Act, 2018 to help confiscate economic offenders
· Government conducted transparent auction of natural resources such as coal & spectrum
Drive against Black money
· Undisclosed income of about Rs 1,30,000 crore brought under tax through initiatives like Black money Law, Fugitive Criminal offenders Act, Demonetisation etc.
· Benami assets worth Rs 6,900 crore have been attached
· 18% growth in Direct tax
Banking Reforms and Insolvency and Bankruptcy Code (IBC)
· The IBC has institutionalized a resolution-friendly mechanism
· Government has stopped the culture of “phone banking”: FM
· Government adopted 4Rs approach of recognition, resolution, re-capitalization & reforms
· Government has implemented measures to ensure ‘Clean Banking’
· Government has already recovered Rs. 3 lakh crore in favor of banks and creditors
· Government has invested Rs. 2.6 lakh crore for recapitalization of public sector banks
· Government launched Swachh Bharat Mission as a tribute to 150 years of Gandhi Ji
· FM thanks 130 crore Indians for translating Swachh Bharat into a national revolution
· India has achieved 98% rural sanitation coverage
- 5.45 lakh villages have been declared “Open Defecation Free”
· OROP under implementation in full spirit with Rs 35,000 crore already disbursed
· Military pay service hiked
· Government put a stop to questionable practices of hiding high NPAs
· Swachh Bharat Mission as the world’s largest behavioral change movement
Key message in the Interim Budget 2019-20
· Moving towards realizing a ‘New India’ by 2022 –
o Clean and healthy India with universal access to toilets, water and electricity to all
o An India where Farmers’ income would have doubled
o Ample opportunities to youth and women to fulfil their dreams
o An India free from terrorism, communalism, casteism, corruption and nepotism
Vision for the next Decade
· Foundation for India’s growth and development laid in the past 5 years
· Poised to become a Five Trillion Dollar Economy in the next five years
· Aspire to become a Ten Trillion Dollar Economy in the next 8 years thereafter
Ten dimensions of Vision for India of 2030
India would be a modern, technology driven, high growth, equitable and transparent society
1. To build physical as well as social infrastructure and to provide ease of living
2. To create a Digital India, digitize government processes with leaders from youth
3. Making India pollution free by leading transport revolution with Electric Vehicles and focus on Renewables
4. Expanding rural industrialisation using modern digital technologies to generate massive employment
5. Clean Rivers, safe drinking water to all Indians and efficient use of water through micro-irrigation
6. Besides scaling up of Sagarmala, Coastline and Ocean waters powering India’s development and growth
7. Aim at our space programme – Gaganyaan, India becoming the launch-pad of satellites for the World and placing an Indian astronaut into space by 2022
8. Making India self-sufficient in food, exporting to the world to meet their food needs and producing food in the most organic way
9. A healthy India via Ayushman Bharat with women having equal rights and concern for their safety and empowerment
10. Transforming India into a Minimum Government Maximum Governance nation with pro-active and responsible bureaucracy
-PIB/ 01 February, 2019 / New Delhi