Finance Minister Nirmala Sitharaman said that the country is well within its capacity to become a $5-trillion dollar economy in the next five years. Budget 2019 highlights: Here are the key takeaways from finance minister Nirmala Sitharaman’s maiden Budget speech.
- From $1.85 trillion in 2014, the economy has reached $2.7 trillion.
- Economy will grow to become a $3 trillion economy in the current year itself.
- Several reforms would be undertaken to promote rental housing, current rental laws are archaic as they do not address lessor-lessee relationships fairly.
- Upfront incentives on purchase of electric vehicles, greater emphasis on affordable and eco-friendly public transport.
- Bharat Mala 2.0 to focus on states to build their road networks.
- Electronic Fundraising Platform, a social stock exchange, to be set up to list social enterprises and voluntary organizations working for social welfare objectives.
- Sebi has been asked to condier increasing minimum public shareholding criterion from 25 per cent to to 35 per cent.
- NRI portfolio investment route to be merged with foreign portfolio investment route.
- 80 Livelihood business incubators and 20 technology business incubators to be set up in 2019-20 under ASPIRE to develop 75,000 skilled entrepreneurs in agro-rural industries.
- To resolve angel tax issue, start-ups and investors who file declarations will not be subject to scrutiny on valuation premiums.
- 2 per cent TDS on cash withdrawal exceeding from a bank account in a year to discourage cash payments in business transactions.