Union Budget at a glance

> Vision for $5 trillion economy driven by investment

> Transforming rural lives

> New Jal Shakti Mantralaya to ensure Har Ghar Jal

> Enhancing ease of direct and indirect taxation

> Strengthening connectivity Infrastructure

> Gandhipedia to sensitize society

> India’s soft power

> Harnessing India’s space abilities

Road and Air

>Bharatmala phase 2 to be launched. State road networks will be developed

>World’s third largest domestic aviation market

>UDAAN: Number of Operational Airports crossed 100

Shipping and Inland waterways

Jal Marg Vikas project and Sagarmala initiatives: improving logistics, reducing transportation cost and increasing competitiveness.

Rail

>PPP in railways infra development

>657 km Metro rail network already operational. National Common Mobility
Card launched.

>Operating ratio improved from 98.4 in 2017-18 to 95 in 2019-20

Housing

> Houses under PMAY-U:
Sanctioned: 81 lakh
Construction started: 47 lakh
Completed: 26 lakh
Delivered: 24 lakh

> Promotion of rental housing: Model tenancy law to be finalised.

Empowering MSMEs and social enterprises

> Interest subvention scheme for MSMEs: `350 crore allocated for 2019-20

> Payment platform for bill filing for MSMEs to be created: to address delays

> Social stock exchange for listing social enterprises and voluntary organisations

Make in India and start-up promotion

>Changes in customs duties to promote Make in India

> Exclusive TV channel for startups

> E-verification for establishing investor
identity and source of funds to resolve
tax issues relating to fund raising

Push to E-vehicles

> FAME Scheme Phase-2 commenced

> Customs duty exemption on certain e-vehicle parts

> Income tax deduction of interest on loans for e-vehicle purchase

GDP

> Fastest growing major economy in the world

> From 11th largest economy in 2013-14 to 6th largest economy in 2019-20

CAD

From 5.6% of GDP in 2013-14 to 2.1% of GDP in 2018-19

FDI & FPI

> India attracted $64.4 bn worth of FDI in
2018-19

> 100% FDI to be permitted for Insurance intermediaries

> Statutory limit for FPI investment in a
company increased to sectoral limit

> Local sourcing norms to be eased for
FDI in single brand retail

>Fiscal deficit target of 3.3 per cent for FY20 against the Interim Budget’s 3.4 per cent.

>A disinvestment target of Rs 1.05 lakh crore, including proceeds from the sale of Air India.

Pradhan Mantri Karam Yogi Maandhan: Pension benefits to retail traders and small shopkeepers

Enhanced interest deduction for affordable housing loan: Tax benefits for
corporate tax payers

Vision to become $5 trillion economy driven by ‘virtuous cycle’ of investment:
India becomes sixth largest economy

Pradhan Mantri Matsya Sampada Yojana (PMMSY): Establish robust fisheries management framework

Scheme of faceless electronic tax assessment: Aadhaar and PAN to be interchangeable

Reform, Perform, Transform agenda:
GST, IBC, RERA etc.

Changing common man’s life: MUDRA, UJJWALA, SAUBHAGYA etc.

>Threshold for applicability of lower corporate tax rate of 25% increased from Rs 250 crore to Rs 400 crore.

>Enhanced interest deduction up to Rs 3.5 lakh for purchase of an affordable house.

>Deposit taking and systemically important non-deposit taking NBFCs can now pay tax in the year they receive interest for certain bad or doubtful debts.

>TDS of 2% on cash withdrawal exceeding Rs 1 crore in a year from a bank account to promote less cash economy.

>Effective tax rate for individuals having taxable income above Rs 2 crore has been increased.

>No charges or MDR on specified digital mode of payments.

>These modes are to be compulsorily provided by large businesses.

>Sabka Vishwas Legacy Dispute Resolution Scheme proposed for quick closure of service tax and excise related litigations

Banking & IBC

>Record Recovery of Rs 4 lakh crore in last 4 years due to IBC and other measures

> Provision coverage ratio of banks highest in 7 years

> Proposed further recapitalisation of PSBs: Rs 70,000 crore

GST

> Taxpayers having annual turnover of less than Rs 5 crore can now file quarterly returns.

> Fully automated GST refund module shall be implemented.

> An electronic invoice system is proposed that will eventually eliminate the need for a separate e-way bill

SWACHH BHARAT

> More than 95% cities and 5.6 lakh villages declared ODF. More than 45,000 public and community toilets uploaded on Google Maps.

> To expand Swachh Bharat Mission to undertake sustainable solid waste management in every village.

>Boost to agro-rural industries through cluster based development under SFURTI scheme with focus on bamboo, honey and khadi clusters

>100 new clusters to be set up to enable 50000 artisans during 2019-20

>100 Business Incubators to be set up to enable 75000 entrepreneurs under ASPIRE

>Pradhan Mantri Matsya Sampada Yojana launched: The scheme will address critical gaps in strengthening value chain, including infrastructure, modernisation, production, productivity and quality control

>Physical and social infrastructure

>Digital India

>Pollution free India

>Make in India

>Blue economy

>Space programmes

>Self-sufficiency and export of food grains

>Healthy society

>Team India with Jan Bhagidari