{"id":3583,"date":"2019-07-08T14:48:46","date_gmt":"2019-07-08T09:18:46","guid":{"rendered":"https:\/\/triumphias.com\/blog\/?p=3583"},"modified":"2019-07-08T14:48:46","modified_gmt":"2019-07-08T09:18:46","slug":"union-budget-2019-brief","status":"publish","type":"post","link":"https:\/\/triumphias.com\/blog\/union-budget-2019-brief\/","title":{"rendered":"UNION BUDGET 2019 BRIEF"},"content":{"rendered":"

Relevance: mains: G.S paper III:\u00a0Government Budgeting.<\/strong><\/p>\n

The Union Budget 2019 has focused on fundamentals\u2014 improving India\u2019s socio-economic scenario, empowering rural India through electrification, water, connectivity, improving ease of living and doing business, women empowerment, education and skilling. These are basic pillars essential to the development of a nation and it is evident that the government has a dedicated focus on addressing these basic issues.<\/p>\n

There are multiple benefits for consumers to avail through the announcements made in the Budget.<\/p>\n

The government has tried to address issues for both the urban and the rural Indian, through announcements such as providing constant electricity at affordable rates or the move to provide affordable housing through an additional deduction on the interest paid.<\/p>\n

With initiatives such as \u2018Har Ghar Jal\u2019 <\/strong>which aims at providing safe drinking water to every household by 2024 or the keen interest shown by the government in skilling the workforce on new age technologies such as Artificial Intelligence, Internet of Things, Robotics, Virtual Reality and Big Data<\/strong>, the Union Budget 2019 is truly a budget for a better India.<\/p>\n

Top 10 takeaways from Union Budget 2019:<\/strong><\/p>\n

* Finance minister proposed to enhance surcharge on individual income of Rs 2-5 crore and over Rs 5 crore by 3% and 7% respectively. She said that those in the highest income bracket need to contribute more to national development.<\/p>\n

* Custom duty on gold and other precious metals from 10% to 12.5% has been proposed.<\/p>\n

* To provide further impetus to affordable housing, additional deduction of Rs 1.5 lakh on interest paid on loans borrowed up to March 31, 2020 for purchase of house up to Rs 45 lakhs.<\/p>\n

* Special additional duty and road and infrastructure cess on diesel and petrol to be increased by<\/p>\n

Re 2\/litre.<\/p>\n

* “From 1.85 trillion dollars in 2014, the economy has reached 2.7 trillion US dollars; We can very well reach 5 trillion dollars in the next few years. The Indian economy will grow to become a 3 trillion dollar economy this year itself.”<\/p>\n

* Government has already moved GST council to lower the GST rate on electric vehicles(EV) from 12% to 5%.<\/p>\n

* Finance minister said that the fiscal deficit in 2019 is 3.3%, brought down from 3.4%.<\/p>\n

* All companies having annual turnover of 400 crores, will now be under the bracket of 25% corporate tax rate . This will cover 99.3% of all the companies.<\/p>\n

* To provide further impetus to affordable housing, additional deduction of 1.5 lakh rupees on interest paid on loans borrowed upto 31 March 2020 for purchase of house up to Rs 45 lakhs.<\/p>\n

* ‘Gandhi-pedia’ too to be developed on the lines of encyclopedia to help promote Gandhian school of thought.<\/p>\n

Sector-wise highlights\u00a0<\/strong><\/p>\n

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