Finance Minister Nirmala Sitharaman today presented her maiden budget in parliament. The finance minister has said the country is on track to become a $5-trillion economy by 2024.
India was a $1.85 trillion economy in 2014, and the country will grow to become a $3 trillion economy in the current year itself, the minister stated.
Here are the 10 key takeaways from Sitharaman's budget speech in Lok Sabha:
Major reforms would be undertaken to promote rental housing. Current rental laws are archaic as they do not address lessor-lessee relationships fairly.
There will be upfront incentives on purchase of electric vehicles. The government will back affordable and eco-friendly public transport.
The budget proposes One Nation One Grid for affordable power.
The government is getting ready to boost FDI in aviation, media, animation AVGC and insurance sectors. All stakeholders will be consulted. Hundred per cent FDI will be permitted for insurance intermediaries.
Railway infra would need an investment of Rs 50 trillion between 2018 and 2030; The government will bank on public-private partnership to speed up development and delivery of passenger freight services.
By 2022, every single rural family except those who are unwilling to take the connection, will have electricity and clean cooking facility.
Sebi has been asked to consider increasing minimum public shareholding criterion from 25 per cent to 35 per cent. This means the promoter holding has to be reduced to 65 percent from the current 75 percent.
PSU banks to get Rs 70,000-crore boost for credit improvement.
PAN and Aadhaar are proposed to be used interchangably. Aadhaar can be used by people to file income tax returns even without a PAN card.
To resolve angel tax issue, start-ups and investors who file declarations will not be subject to scrutiny on valuation premiums.First Published: Jul 5, 2019 7:11 PM IST
