Union Budget 2019-20

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Union Budget

Union Budget 2019-20

Union Budget 2019-20: Important Highlights

The highlights of Union Budget 2019 is very significant from the examination point of view. Questions from Union Budget are being asked in the General awareness/Economy awareness/Financial awareness section of almost all the examinations from the past couple of years.
Finance Minister Nirmala Sitharaman presented the maiden budget of Narendra Modi 2.0 government in Lok Sabha. It is a tight rope walk for India’s first full-time woman Finance Minister who has to contain the fiscal deficit target, and lay the roadmap for the ambitious $5-trillion-dollar economy dream of Prime Minister.

Important highlights of Union Budget 2019-20:

  • The average amount spent on food security approximately doubled in 2014-19, number of patents tripled in 2017-18. “Mazboot Desh Ke Liye Mazboot Nagrik.”
  • “Our economy was at approx $1.85 trillion in 2014, within 5 years, it has reached $2.7 trillion.” She says it is well within the government’s capacity to reach the $5-trillion-economy target.
  • Indian economy will become $3 trillion economies in this year itself. It is now 5th largest in the world and in purchasing power parity terms, it is the third-largest, behind the only U.S. and China.”
  • The Finance Minister also mentions the virtuous cycle, as suggested by the Economic Survey. She then goes on to cite the government’s transport infrastructure schemes such as Sagar Mala, UDAN, etc.
  • The government will do a restructuring of the national highway program. In the second phase of Bharat Mala, States will be helped to develop State highways.
  • The government envisions using rivers for cargo transport.
  • The Minister proposes ₹50 lakh crore investment for Railway infrastructure between 2018 and 2030 and using public-private partnerships unleash faster development, completion of tracks, passenger freight services.
  • Recommendations of the high-level committee on retiring old power plants, and addressing the under-utilization of power plants will be taken up now. A package for power sector tariffs and reforms will be announced soon.
  • The Minister proposes a modern tenancy law. Loans of up to ₹1 crore to be given to MSMEs for ease of access.
  • The government will create a payment platform for MSMEs to enable them to pay bills, and save time. The Government will extend pension benefits to 3 crore retail traders and shopkeepers who have a revenue of less than ₹1.5 crore.

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