The first union budget was presented in 1970, by former prime minister Indira Gandhi. It is articulated under article 112 of the Indian constitution that says it is an annual financial statement which outlines the estimated government expenditure and expected government receipts or revenues for the forthcoming fiscal year.
Being the sixth biggest economy in the world, India needs a firm union budget to keep consistent progress and development, throughout the country and all sectors. This year's Union budget has been presented by Mrs. Sitaraman, who stated that the main aim behind the budget was to reform, perform, and transform the whole nation. The two main goals of this country this year, according to Mrs. Sitaraman, is national security and economic growth.
The finance minister stated that there are ten points of the Government's 'Vision for the decade.'
1. Building social and physical infrastructure for the decade
2. Digital economy spreading to every sector of the country's economy
3. India to be pollution-free with green cities and blue skies, reduced climatic change, and reduction of plastic.
4. Maintaining the blue economy
5. Achieving cleaner rivers, supporting water management with rain pits and less water wastage
6. Make in India to reach out to n MSMEs, Start-ups, Defence manufacturing, automobiles, electronics, fabs and batteries, and medical devices.
7. Chandrayan, Cagayan and other prestigious satellite and space programs to take off into the sky.
8. Ensured safety of all citizens, and cheering to a safer and healthier society, with Ayushman Bharat for well-nourished women and children.
9. Better export of food-grains, pulses, oilseeds, fruits and vegetables, and self-sufficiency
10. India aims for maximum governance and minimum Government and with Jan Bhagidari.
The detailed budget for each sector:
• National Common Mobility Card was begun by PM Modi in March 2019 which will permit people to pay multiple transport charges across India and, This card runs on RuPay card and allows users to pay bus charges, parking charges, etc.
• One nation, one grid that will ensure power availability to states at affordable rates.
• 657 km of metro rail tracks has become operational in the country.
• The ambitious program of Bharatmala will help develop roads and highways, while Sagarmala will enhance port connectivity. These, along with other such leads such as Udaan scheme will improve India's infrastructure and facilitate connectivity along with the bridge the rural and urban divide.
• Power and LPG will be presented to all households by 2022.
• The Finance Minister offers a modern tenancy law. Loans of up to ₹1 crore to be provided to MSMEs for ease of access.
• Govt plans to create MRO (Manufacturing, Repair, and Operate) industry. 55. PPP (public, private partnership) to be used to unleash faster development and the delivery of passenger freight services.
• The Government is expanding 17 iconic tourism places as world-class tourist towns to develop the flow of national and international tourists to these destinations
• Income Tax parts remain consistent: Taxation for low-income groups remain consistent.
• Surcharge developed for high-income associations - the individuals in most important income bracket need to offer more to national development. State to increase surtax on individual income of Rs 2-5 crore by 3 % and over Rs 5 crore by 7%.
• To encourage digital cash: 2% tax levied on cash withdrawal over Rs 1 crore per year - The Government has offered to collect TDS of 2% on money withdrawal exceeding Rs 1 crore an annum from a bank account:
• Taxpayers with a yearly turnover of fewer than Rs 5 crore to have to file only quarterly.
• Customs duty on gold and other valuable metals rose by 2.5% from 10% to 12.5%.
• Custom duty on shipped books increased by 5%.
• Business enterprises with an annual turnover of Rs 50 crore will offer a low-cost digital mode of payments to clients and no charges, or merchant discount rates shall be required on customers as well as dealers.
• No development on digital cash: MDR charges waived on cashless payment - No fees or merchant interest rates shall be imposed on customers or the merchants. RBI and banks will receive these costs.
• GST to be further explained to a single monthly return.
• Customs duty being released on certain parts of Electric Vehicle (EVs). 38. Excise Duty on petrol, diesel hiked by 1% - FM offered to develop special extra duty, plus road and infrastructure cess on diesel and petrol by Rs 1.
• Direct tax revenue is increased by 78% -The immediate tax income has increased by 78% to Rs 11.37 lakh crore to 2018- 19 from 6.37 lakh crore from 2013-14.
• Offer to extend the period of exemption of capital profits arising from the sale of residential house for property in startups to March 31, 2021.
• Interchangeability of PAN and Aadhaar card to be provided for ease and accessibility to taxpayers. ITR can be filed without PAN by valuing Aadhaar.
• Incentives to National Pension System (NPS) contributors. it is advised to increase the limit of exemption from the current 40% to 60% of payment on final withdrawal from NPS provide a reduction for employer's offering up to 14% of salary from the current 10%, in the state of Central Government employee - allow deduction below section 80C for the donation made to Tier II NPS report by Central Government employees.
• National Research Foundation (NRF) –National Research Foundation has been proposed to established to fund and Coordinate research in India. This will help fund research ecosystem among universities across the country, without any
• external funding. 'Study in India' initiative - India will be soon a hub of higher education. 'Study in India' initiative will be started for the exchange of foreign student.
• The Government proposes an allocation of Rs 400 crore for world-class higher education institutions in the country.
• None of our technological institutions were in the top 200 in 2014. But now, there are five in the list
• Gian initiative - To upgrade the level of teaching, Gian initiative was started. It was a roadmap to counter challenges.
• Railways foundation needs ₹50 trillion (50 lakh crore) within 2018 and 2030.
• A new PPP guide will usher the source of Indian railway.
• Railways to be refreshed to invest more in suburban rail channels via SPVs
• Ten thousand new farmer producer organizations (FPOs) to develop up for securing economies of scale farmers.
About Zero-Budget farming
• It is natural agriculture, which is neither chemical-loaded nor organic with its dependence on manure.
• It's a form of gardening as a self-sustainable method with minimum external interference.
• This idea of zero budget natural farming (ZBNF) was first developed 25 years ago by Subhash Palekar as a journey for farmers who were in debt due to the Green Revolution and is now being used by a large portion of farmers across the country.
• e-NAM - On agricultural marketing, the Finance Minister said, "The Government will work with State Governments to permit farmers to profit from e-NAM.
• Ease of doing business and ease of living should apply to farmers.
• By 2022, every eligible rural family except those who are unwilling to take the relationship will have electricity and a decent cooking facility.
• Over two crore rural Indians have been created digitally trained.
• To strengthen Gramin Bharat - Rural India - This year, India marks the 150-birth celebration of Mahatma Gandhi. Gaav, Garib our Kisan will remain at the center of all the initiatives.
• Defense sector needs modernization. Import of defense material is being excused from essential customs duty.
• New Space India Limited – The Indian Space Research Organisation's (ISRO) new commercial arm called NewSpace India
• Limited (NSIL) was officially inaugurated in Bengaluru.
• The Department of Space (DoS) registered its second commercial entity called NSIL in ISRO.
• The NSIL was incorporated for commercially utilizing research and development (R&D) activities carried out by ISRO in area of space.
• NSIL is provided an authorized share capital worth Rs.100 crore and initially paid-up capital of Rs.10 crore.
• NSIL's primary purpose is to scale up industry partnership in Indian space programs.
• Swach Bharat Mission - 9.6 crore bathrooms have been created since October 2014, To make India open excretion free by October 2, on the 150th birth anniversary of Mahatma Gandhi, 5 lakh villages are now open-defecation free.
• Jal Jeevan Mission - JalShakti Mantralaya will work with states to guarantee Har Ghar Jal for all rural homes by 2024, following JalJeevan Mission.
• To all rural households by 2024, water will be provided.
• Pradhan Mantri Gramin Digital Saksharta Abhiyan - Over two crore Indian made digitally educated under PMGDISHA
• Pradhan Mantri Gramin Digital Saksharta Abhiyan.
• Bharat net to unite every panchayat in the nation.
• Pradhan Mantri Matsya Sampada Yojana (PMMSY) - to install a robust fisheries administration structure.
• The administration of fisheries will address critical gaps in the price chain, including product, quality check, post-harvest control.
• Pradhan Mantri Gram Sadak Yojana – Following phase three of PM Gram Sadak Yojana, 1.25 lakh km of the road to be constructed in the next five years. Project cost expected the cost of nearly Rs 80,200 crore.
• Pradhan Mantri Awas Yojana (PMAY) - Under PMAY Garmin, in the 2nd phase 1.95 crore houses are intended to be present to an eligible beneficiary with amenities like toilet and LPG connection.
• Urban, over 80 lakh families, have been approved under PMAY.
• The achievement of houses that required 314 days in 2015-16, it has now reached down to 114 days since 2017.
• Two initiatives Ujjwala and Saubhagya scheme have dramatically increased ease of living, the accessible entrance of clean cooking gas, and power supply to the poor.
• Pradhan Mantri Karma Yogi Maan Dhan Scheme - A pension plan for small retail merchants.
• The pension bonuses will be increased to 3 crore retail traders and shopkeeper with a yearly turnover of fewer than Rs 1.5 crore will cover beneath the scheme.
• Pradhan Mantri Shram Yogi Maan Dhan Yojana – Approximately 30 lakh workers have entered the system.
• The Prime Minister Narendra Modi began the Pradhan Mantri Shram Yogi Maan-Dhan (PM-SYM) Yojana at Vastral in Gujarat on March 5, 2019.