Highlights of Union Budget 2019

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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