Highlights of Union Budget 2019

union budget, indian parliament

Finance Minister presented the maiden budget 2019 on July 5, 2019, aiming to boost infrastructure and investment when the nation was experiencing a slowdown in the economy.

Here are the major takeaways from the budget 2019:

Tax

  • Import duty on gold and precious metals to be hiked to 12.5 percent from the current 10 percent
  • Increased excise duty and road and infrastructure cess each by 1 Re a litre on petrol and diesel
  • Advises GST Council to reduce GST on EV from 12 percent to 5 percent.
  • Pan and Adhaar card can be interchanged for ease of tax payment

Affordable Housing

  • Rental laws to be reformed
  • To provide every rural housing with electricity and clean cooking facility by 2022
  • Rs 1.5 lakh tax relief on home loans for purchase of house upto Rs 45 lakh

Transportation

  • Interoperable common transport card for everyone on all modes of transport(metro, bus, rail etc)
  • Government envisions use of river for cargo transport to free up space in road and railways
  • Government to complete the dedicated freight corridor project by 2022
  • Budgetary allocation of over Rs 65,000 crore for railways

Education

  • Government to launch ‘Study in India’ program to attract foreign students
  • Budgetary allocation of Rs 400 crore for world-class higher education institutions in FY 2020

Employment

  • To set up about 80 livelihood business incubators and 20 technology business incubator to be launched under ASPIRE in 2019-20 to produce skilled entrepreneurs in agro-rural industries
  • Added focus to be given on the skill sets of youths especially on their language skills and AI(Artificial Intelligence)

Last modified: July 19, 2019

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