And, after covering these many points, the finance minister concluded her Union Budget speech. With this landmark event, women empowerment in India has taken a new height as well. Although, analysis, conclusions and industry reactions are now expected to come from the industry.
It is important to see how the reaction will come from the people of India. As far as MSMEs are concerned, we will continue to chase industry for their feedback on Union Budget 2019.
SMEStreet’s Commentary on Union Budget 2019 Speech
1:00 Pm: While pointing out Modi Government’s work towards digital payments, Finance minister said, “Our government has taken number of initiatives to promote digital payments. Firstly to discourage the practice of making business payments in cash the government proposes to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore in a year from a bank account.”
“BHIM, UPI, Aadhaar Pay, NEFT, RTGS can be used to promote less cash economy. Business establishments with an annual turnover of Rs 50 crore will have to use these modes of payments with no charges or merchant discount rates will be imposed on customers or merchants. RBI and banks will absorb these costs,” she says.
12:55pm: And while getting close to the conclusion of the Budget speech, Ms. Sitharaman mentioned that GST rates have been eased with a relief of Rs 92,000 crore provided during the year. “Further measures are being worked out to ease filing returns and tax compliance. A simplified single monthly return is now being ruled out. Taxpayers with an annual turnover of less than Rs 5 crore will have to file only quarterly returns,” she says.
12:50Pm: Nirmala Sitharaman, in her maiden Budget speech today, said that to boost the agro-rural industrial sector, the government is considering a cluster-based development under the SFURTI scheme, with focus on bamboo, khadi and honey.
12:48 PM: NBFCs will get level playing field. Non-deposit taking NBFCs will be motivated.
12:46 pm: Several much-needed relaxations are getting introduced in the startup funding.
12:44 pm: For startups, the angle tax issue is also getting resolved as per the demands of the Startups, informed Ms. Sitharaman. The IT dept will not make any scrutiny or enquiry will be made on angle taxes raised.
12:38 PM: Direct tax revenue has grown 78 percent from 2014 to 2019 reported Nirmala Sitharaman.
12:31 pm: ETFs will be expanded. on the line of equity-linked schemes to encourage long term investments.
12:29 pm: FM Sitharaman pointed out disinvestment mechanism of government. and announced that govt decided to modify the present policy.
12:27 pm: Pension fund development regulatory trust will be making more independent in order to provide better insurance.
12:23 Pm: Purchase of NBFCs through PSUs have been allocated one lakh crore rupees.
12:21 pm: Rs 70,000 Cr allocated for capital inflow Banks to improvise the credit scenario.
12:15 pm: Issue of Adhaar Card to NRIs with Indian Passports is proposed.
12:13 Pm : FM Nirmala Sitharaman started emphasis on women empowerment by saying ‘Naari to Narayani‘. Role of women is very crucial, in every aspect. Proposed to form a mechanism for socio-economic growth of women. IN the previous elections women mandate was very strong hence we are the women-centric approach.
Women entrepreneurship is going to WOmen INterest Subvention program is extended to all states of India. Overdraft of 5000 is going to allow in SAG. Loan upto 1 lakh under Mudra Loan will be offered to all the members of Women SAG.
12:06 pm : Ease of LIving is a high priority, digital payments are gaining high level of acceptance. Rs 3000 per month pension will be given to employees who are approaching the age of 60. Close to 30 Lakh beneficiaries have enrolled in this.
12:05 PM: Banks will provide financial assistance under Standup India scheme. SC and ST Entrepreneurs are under high priorities. Machines and robots are getting designed for scavenging purposes.
12:03 PM: TV Program for Startups on TV will be started. This will cover business expansion roadmap for startups.
11:59 Am: FM Sitharaman acknowledge India’s global footprint on higher education and announced the allocation of Rs 400 Cr for 2019-20 to increase the capacities and infrastructure ecosystem for higher education institutions. We aim to attract foreign students to pursue their higher education in India
1156 Am: New Education Policy is getting introduced. National Research Foundation is getting formed. and it will assimilate various grants which are getting issued from various ministries and deliver to the deserving students.
11:55 am: Transit hubs will have commercial activities around highways and Delhi Meerut Highway will be a first to adopt this.
11:53 Am: Gandhipedia is getting created to encourage Gandhi ideology among youth.
11:52 Am: Urban India is a great opportunity for us instead of considering this as a challenge. PM Awaas Yojna 4.83 Lakh Crore is sanctioned for this in order to deliver close to 47 Lakh houses.
11:50 Am : So far, 9.6 Crore toilets are created, Swachch Bharat Abhiyan has transformed India. Solid waste management initiatives will be taken at every village.
11:47 Am: Jal Shakti Mantralay is formed under the vision of ensuring sustainable water supply management. JAl Shakti Abhiyan is initiated and ensuring water availability to all.
11:46 Am: Ease of Business and Ease of living should be extended to farmers, FM says and introduced the concept of Zerio Budget Farming.
At 11:40 Am: FM Sitharaman informed that nearly 1,25,000 km of roads will be upgraded under Pradhan Mantri Gram Sadak Yojana at an estimated cost of nearly Rs 80,200 crore.
At 11:30 Am: FM 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.
There will be multiple measures undertaken to deepen the corporate bond market, she says adding there is also a proposal to increase minimum public shareholding in companies to 35 percent from 25 percent.
FM Nirmala Sitharaman started the budget with an Urdu couplet, “Yakeen ho to raasta niklata hai, hawa ki ot (protection) bhi le kar charagh jalta hai”. With this gesture, Finance Minister continued the practice starting the budget speech with Urdu poetry just like previous finance ministers have added poetry and couplets to their Budget presentation.
Narrating the objective of PM Modi’s government as ‘Mazboot desh ke liye Mazboot nagrik‘. With determined human efforts the task will surely be completed, says Sitharaman.
India’s first women finance minister, Ms Sitharaman emphasized role of entrepreneurs in nation building and recognized them as country’s wealth creators, she says, “If before India Inc understood Swadeshi in olds days of British India, they now are looking ‘Make in India’ with great respect. Gone are the days of policy paralysis and Licence Raj regimes. India is now a wealth creator, says Sitharaman, adding she wishes to announce a number of reforms to further the country’s growth prospects.”