Budget 2019: Major takeaways from Finance Minister Nirmala Sitharaman's speech

“With hearts filled with hope and aspiration we reached added one trillion dollar to our economy in only one year” Finance Minister said.

New Delhi: Finance Minister presented the Union Budget 2019 in the lower house of the parliament on Friday morning and laid focus on various sectors, with an intent to turning India into a 5 trillion dollar economy. Speaking in the Lok Sabha, Finance Minister said that India will become a 3 trillion dollar economy this year, for which it is ready to make investments in structural reforms like infrastructure and job creation. “With hearts filled with hope and aspiration we reached added one trillion dollar to our economy in only one year” Finance Minister said.

Below are the major takeaways from Sitahraman’s budget speech:

• Model tenancy law to be finalised and circulated to the states
• Government has introduced providing of loans of 1 cr loan to MSMEs within 59 seconds
• ‘One nation one grid’ for providing electricity to all
• Provision of pension to 3 crore shopkeepers using Adhaar and bank accounts, with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme
• Increasing minimum public share holding in in the listed companies from 25% to 35% in the listed companies
• Creating social stock exchange, under SEBI for listing social enterprises and voluntary organsations
• Efforts to make India most favourable FDI nation with 100% foreign investment, increase foreign investment in media
• Aim to achieve housing for all by 2022
• Existing Know Your Customer norms for Foreign Portfolio Investors to be rationalized and simplified, to make it more investor-friendly
• 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
• Aim to achieve "Har ghar nal,har ghar jal" (Taps in every house, water in every house) by 2024
• Open a new television channel exclusively for start-ups
• Propose Aadhaar cards for NRIs with Indian passports after their arrival in India without the 180-day waiting period
• Open Indian embassies and high commissions in countries where India doesn't have a resident diplomatic mission as yet
• To popularise sports at all levels, National Sports Education Board for development of sportspersons to be set up under Khelo India
• Under PMAY (Urban), over 81 Lakh houses with investment of about Rs 4.83 Lakh Cr have been sanctioned of which construction has started in about 47 Lakh houses
• New series of coin for Re 1, 2, 5, 20 will be made available for public use; will be easily identifiable by visually impaired