Highlights of Union Budget
> Pension benefits will be offered to 3 crore shopowners with annual turnover of less than Rs 1.5 crore under new scheme called Pradhan Mantri Man dhan Scheme
> We will work to make a platform for listing social enterprises and voluntary organisations to raise capital as equity, debt or units like mutual fund, Sitharaman says
> India's FDI flows in 2018-19 remained strong compared to global at $54.2 billion, 6 percent higher than last year. The government will examine options of opening up FDI in media, animation and some other sectors to improve these flows further, she says
> Nearly 1.95 crore houses are proposed to be provided to eligible beneficiaries under the Pradhan Mantri Awas Yojana, she points out. The completion of houses that required 314 days in 2015-16, it has now come down to 114 days since 2017, she highlights
> Inter-operable One Nation One transport card: National transport card for universal travel which can used on various modes of transport (road, railways etc). The card can also be used as a ATM card for withdrawing money.
> Govt plans to create MRO (Manufacturing, Repair and Operate) industry
> PPP to be used to unleash faster development and the delivery of passenger freight services.
> Comprehensive restructuring of National Highways Programme for creation of National Highways Grid.
> A total of 1,25,000 km of roads will be upgraded under Pradhan Gram
> Sadak Yojana under Phase III at estimated cost of Rs 80,250 crore
> Annual turnover limit for 25 percent corporate tax raised to Rs 400 crore from Rs 250 crore
> Taxpayers with annual turnover of less than Rs five crore to have to file only quarterly returns under GST.
> Two percent TDS on withdrawals of Rs one crore in cash in a year from bank accounts for business payments
> Direct tax revenue has increased by 78%
> Govt waives MDR changes on cashless payment
> Increase in surcharge on super rich: 3% surcharge on Rs 2 crore income; 7% on Rs 5 crore and above
> Asks SEBI to evaluate hiking minimum public shareholding to 25 percent from 35 percent
> 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
> NRI portfolio route to be merged with FPI for seamless investment in stock markets
> 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, Sitharaman said
> The government also plans to take up measures to make RBI and SEBI depositories inter-operable
> The government will allow FPIs/NRIs to subscribe to listed debt papers of REITs and InvITs
> Local sourcing norms will be relaxed for the Single brand retail sector
> Govt of open FDI in aviation, insurance, animation AVGC and media
> Propose Social Stock Exchange under SEBI for listing social enterprises & voluntary organisations
> The government proposes to extend pension benefit to three crore retail traders with an annual turnover less than Rs 1.5 crore under Pradhan Mantri Karam Yogi Man Dan Scheme
> Centre will create a payment platform for MSMEs for payment of bills
> Hundred new clusters will be set up in 2019-20 to enable 50,000 artisans to come into the economic value chain
> Will set up 10,000 new farmer producer organizations
> To start television programmed exclusively for startups
Ease of living
> Rs 3,000 pension per month for informal sector workers
> Aadhaar card under 180 days for NRIs on arrival in India
> The government to open embassies in countries where India doesn't have a resident diplomatic mission as yet
> Propose easing angel tax for startups
> Angel tax: Wont require scrutiny from Income Tax department for startup
> 2% interest subvention for GST-registered MSME on fresh or incremental loans.
> Stand Up India' Scheme to continue till 2025
> Govt to launch 'Study in India' programme to attract foreign students in higher education
> Allocate Rs 400 crore for world-class higher education institutions in FY20 .
> To unveil new education policy.
> National research foundation to fund, coordinate and to promote research in the country.
> New Higher Education Commission with focus on higher autonomy
> New national education policy to propose changes in school, higher education