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Union Budget 2019: Nirmala Sitharaman Proposes Several Reforms For Overall Development Of The Economy

By: Admin In: Industry News Last Updated: 2019-07-05

The Finance Minister Nirmala Sitharama, delivered the Union Budget 2019 today and became the second woman after Indira Gandhi to present the budget in the history of post-independence India. Railways, Tax returns, PSBs among other sectors received several reforms. The Prime Minister of India, Mr. Narendra Modi, considers this budget as the budget of hope and believes that the middle class will certainly feel more empowered to progress with it. Some of the key highlights of the budget were public-private partnership in railways, quick Aadhaar Card for NRIs on arrival in India, and RBI regulated house financing, etc.

Announcing the Union Budget for 2019-2020, Finance Minister Nirmala Sitharaman said that the country would become a $3 trillion economy with this year’s budget. Making her maiden speech, she said, "It took India 55 years to reach a $1 trillion economy. When hearts are with hopes and aspirations, we added $1 trillion in just five years. The common man was served even when transformational reforms were laid out."

While expectations were high that this budget will push the spending threshold for agriculture sectors, there wasn’t much consideration given to it. The earlier Union Budget on February 2019 had already announced several reforms for the agriculture sector; this budget offered only setting up 10,000 new-farmer producer organizations. The Chairman of Indian Council of Food and Agriculture, Mr. MJ Khan believes, “This year’s budget is significant as it has also announced to create 100 startup incubators, 80 livelihood and 20 tech incubators, to provide incubation support to 80,000 startups including agri startups for the progress and development of our country

( Also Read: Union Budget 2019: Whats In Store For The Agriculture Sector)

In addition to that, FM Sitharaman has also laid focus on empowering women and encouraging women entrepreneurship. When it comes to banking, this budget provides Rs 70,000 crore to improve capital and boost capital. Attention has also been drawn to increase the purchase and use of electric vehicle across the nations through various loan and tax-related schemes. The Finance Minister did not leave small businesses and startups behind. She announced that Rs 350 crore allocated for 2% interest subvention for all the MSMEs having Goods and Services Tax registration and applying for fresh or incremental loans.

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