New Delhi, July 5: The government on Friday proposed relaxation in the FDI norms for sectors such as media, aviation, insurance and single brand retail with a view to attracting more overseas investment.Finance Minister Nirmala Sitharaman in her Budget speech said India’s FDI inflows in 2018-19 grew by 6 per cent to USD 64.37 billion.
“I propose to further consolidate the gains in order to make India more attractive FDI destination. The government will examine suggestions of further opening up of FDI in aviation, media, AVGC (Animation, Visual effects, Gaming and Comics) and insurance sector in consultation with stakeholders,” she said.
The minister said 100 per cent foreign direct investment (FDI) will be permitted for insurance intermediaries, and local sourcing norms will be eased for FDI in single brand retail sector.
Budget highlights
*Petrol, diesel prices to rise as cess, more excise duty to be levied *No income tax for income up to Rs 5 lakh
*Fiscal deficit in 2019 3.3 per cent— brought down from 3.4 per cent last year * Government to set up digital repository to preserve tribal heritage: FM
*Relief of Rs 92,000 crore in GST rate reduction per year has been give in past: FM
*Import of defence equipment, not manufactured in India, is being exempted from basic customs duty: FM5 per cent customs duty imposed on imported books: FM
*PAN and Aadhaar made interchangeable, allowing those who do not have PAN to file return
*Government to set up mega manufacturing clusters
*Pre-filed tax returns to contain info from salaries, bank interest, capital gain and dividend income to be made available
*Faceless assessment of tax returns in electronic mode is being launched this year in a phased manner: FM
*TDS of 2 per cent on cash withdrawal of more than Rs 1 crore from a bank account
*Surcharge on individuals having taxable income of Rs 2 crore to Rs 5 crore, and Rs 5 crore and more raised
*Government will start raising part of its gross borrowing programme in external markets in external currencies
*Government to provide Rs 1.5 lakh tax return on loans for electronic vehicles
*Start ups that provide details in returns will have no scrutiny in respect of valuation of share premium: FM
*Government proposes additional tax deduction of Rs 1.50 lakh on interest paid on home loans taken up to March 2020
*India’s sovereign external debt to GDP is among the lowest globally—less than 5 per cent: FM
*A new series of coins of Rs 1, 2, 5, 10, 20 easily identifiable for visually challenged will be made available for public use shortly
*A lower, 25 per cent corporate tax will apply on companies with up to Rs 400 crore turnover; covering 99.3 pc of corporate India
*Tax returns growing at double digits every year *Strategic divestment of select CPSEs to remain a priority, says Sitharaman.Government targets over Rs 1.05 lakh crore disinvestment this fiscal, she added.
*Public Sector Banks to be further provided Rs 74,000 crore to boost credit
*Government to invest Rs 100 lakh crore on infrastructure in 5 years: Sitharaman
*Govt to double down on creating New-Age skill sets “We would ensure creating skill sets for technologies like Artificial Intelligence, Internet of Things (IOT), data analytics, 3D printing, Virtual Reality and robotics,” said Sitharaman
Fiscal deficit in 2019 3.3 per cent— brought down from 3.4 per cent last year
* Government to set up digital repository to preserve tribal heritage: FM
*Relief of Rs 92,000 crore in GST rate reduction per year has been give in past: FM
*Import of defence equipment, not manufactured in India, is being exempted from basic customs duty: FM5 per cent customs duty imposed on imported books: FM
*PAN and Aadhaar made interchangeable, allowing those who do not have PAN to file return *Government to set up mega manufacturing clusters
*Pre-filed tax returns to contain info from salaries, bank interest, capital gain and dividend income to be made available
*Faceless assessment of tax returns in electronic mode is being launched this year in a phased manner: FM
*TDS of 2 per cent on cash withdrawal of more than Rs 1 crore from a bank account *Surcharge on individuals having taxable income of Rs 2 crore to Rs 5 crore, and Rs 5 crore and more raised
*Government will start raising part of its gross borrowing programme in external markets in external currencies
*Government to provide Rs 1.5 lakh tax return on loans for electronic vehicles *Start ups that provide details in returns will have no scrutiny in respect of valuation of share premium: FM
*Government proposes additional tax deduction of Rs 1.50 lakh on interest paid on home loans taken up to March 2020
*India’s sovereign external debt to GDP is among the lowest globally—less than 5 per cent: FM
*A new series of coins of Rs 1, 2, 5, 10, 20 easily identifiable for visually challenged will be made available for public use shortly
A lower, 25 per cent corporate tax will apply on companies with up to Rs 400 crore turnover; covering 99.3 pc of corporate India
*Tax returns growing at double digits every year
*Strategic divestment of select CPSEs to remain a priority, says Sitharaman.Government targets over Rs 1.05 lakh crore disinvestment this fiscal, she added.
*Public Sector Banks to be further provided Rs 74,000 crore to boost credit
*Government to invest Rs 100 lakh crore on infrastructure in 5 years: Sitharaman
*Govt to double down on creating New-Age skill sets “We would ensure creating skill sets for technologies like Artificial Intelligence, Internet of Things (IOT), data analytics, 3D printing, Virtual Reality and robotics,” said Sitharaman
*FM proposes to expand self help groups (SHG) to all districts; one woman in every SHG to get loan upto Rs 1 lakh under Mudra Yojana.
*Exclusive TV programme for start-ups proposed: FM
*Will set up a committee to evaluate and suggest ways to encourage and facilitate women participation in country’s development: FM
*Aadhaar cards to be issued to non-resident Indians with Indian passports after arrival in India without waiting for 180 days: FM
*35 crore LED bulbs distributed leading to cost saving of Rs 18,341 crore annually: FM
*New national education policy soon
*NRIs could invest in India through FPI route: Sitharaman
*India has potential to become educational hub says FM. Government proposes ‘study in India’ programme to attract foreign students.
*Swachh Bharat Mission to cover solid waste management in villages: FM
*Government to streamline multiple labour laws into a set of four labour codes
*Rs 400 crore provided for world class institutions: FM
*A Gandhi-pedia is being developed to sensitise youth about Mahatma Gandhi’s ideas: FM
*Farmers need to adopt zero budget farming to double farmers’ income by 2022
*Budget’s focus ‘Gaon, Gareeb aur Kisan’: FM
*Electricity, cooking gas for every rural household by 2022: Finance Minister
*100% FDI in insurance intermediaries: Sitharaman *’Har ghar jal’, for rural homes: Finance Minister *India’s FDI flow grows 6% to $64.37 billion’
*Social organisations to be allowed to raise capital via market: FM
*Several reforms for rental housing soon: FM
*Govenmrnt proposes Pradhan Mantri Matsya Sampada Yojana to address critical infrastructure gap in fisheries sector.
*All weather road connectivity provided to 97 per cent of habitation: FM
*1,25,000 KM of roads will be upgraded under Pradhan Gram Sadak Yojana under Phase III at estimated cost of Rs 80,250 crore: FM
*Government proposes FDI norm relaxation in media, aviation, insurance, single brand retail *Govt allocated Rs 350 crore towards interest subvention for MSMEs for 2019-20: FM*Pension to be provided to 3 crore retail traders under Pradhan Mantri Karmyogi Mandand scheme, says FM
*Comprehensive restructuring of National Highways Programme to ensure creation of National Highways Grid of desirable capacity: FM.
*India requires capital of about Rs 20 lakh crore every year: FM.
*India’s FDI flows in 2018 remained strong at USD 64.37 billion: FM
*As world’s 3rd largest aviation market, time ripe to enter aircraft financing and leasing from Indian shores: FM.
*Sitharaman said that public private partnership will be utilised to develop rail infrastructure. Railway infrastructure will require Rs 50 lakh crore till 2030 to develop. The FM said 657 km of metro rail network has become operational across country.
*Number of patents tripled during 2018-19, says Sitharaman
*We need to invest in infrastructure, digital economy and job creation in small and medium enterprises: FM
*India’s economy will grow to become $3 trillion economy in current year; sixth largest in world
*We need to make structural reforms to achieve USD 5 trillion economy in next few years. Indian economy was at USD 1.85 trillion five years back, reached USD 2.7 trillion now and within capacity to reach USD 5 trillion in next few years, says FM
*Recent elections was charged with briming hope for a bright and stable India: says FM presenting Budget
FM arrives at Parliament, Union Cabinet meeting underway
Sitharaman breaks tradition
Setting a new precedent Union Finance Minister Nirmala Sitharaman on Friday was seen hugging the budget documents wrapped in a red cloth, the traditional ‘bahi khaata’ way, instead of the leather briefcase that until now her predecessors walked around with.
Chief Economic Advisor K. Subramanian said that it was a departure from “slavery of western tradition”. The red cloth symbolises the ‘bahi khaata’ traditionally used in every Indian business set up to maintain accounts.
Sitharaman was seen carrying the red cloth wrapped budget papers that was neatly bound with the auspicious yellow and red ribbon. The Lion Capital shone brightly on top of the bahi khaata, as the first-time Finance Minister walked out of the North Block.
Traditionally until now all former Finance Ministers have carried their Budget Document in a hardbound leather briefcase that takes after the parallel British custom.
