05 Jul 2019Posted By: Mudit Handa


5 Key Issues to be focussed in Union Budget 2019

With the determined aim to Reform, Perform & Transform India, the Union Budget 2019 is being presented today in the parliament.

This is the maiden budget for the Modi 2.0 Government and is being presented by the first woman Finance Minister of India Smt. Nirmala Sitharaman.

The Budget session will be discussing on various developmental issues for various sections of economy such as Agriculture, MSME, Rural and Urban Development and sanitation with the motto-

"Mazboot Desh Ke Liye Mazboot Nagrik." 

So, let’s see what are the key issues that are being discussed at the Union Budget 2019.

 

#1. Growth in the agricultural sector

This year’s budget will introduce a comprehensive framework to enable constant boom in the agricultural sector. In addition to the ongoing schemes for the agricultural sector such as Pradhan Mantri KISAN Samman Yojna, the government has introduced some other benefits for the Indian farmers. These will definitely give a boost to their incomes. Some of the additional measures in the agricultural sector are as follows:

  • There will be an emphasis on Zero budget farming.
  • This year, the government will also focus on ease of doing business and ease of living for the farmers.
  • Fisheries and Animal husbandry shall be merged into the agricultural sector.
  • However, it is anticipated that an emergency fund might also be introduced for a short-term push to the agricultural sector.

 

#2. Schemes for the MSME sector

Very importantly, investments in the MSME sector is a main area of focus. In order to actualize this aspect, the government has proposed the following measures:

  • An overwhelming amount of ₹350 crore has been allocated for the development of the MSME sector.
  • Government has also hinted towards introducing an online communication portal for the MSMEs in India.
  • Last year, the government had proposed the scheme for ₹1 crore loan to MSMEs in 59 minutes. The Finance Minister has announced that the model for this scheme shall be passed in this financial year. A GST registration, an MSME Registration and past 3 years’ Income Tax Returns are required to avail this loan.
  • However, besides ease of lending norms, the government is likely to focus on special reforms for uplifting the slowing down small and medium-scale enterprises (SMEs).

 

#3. Pension for shopkeepers

Very importantly, the Union budget 2019 has introduced a Pension scheme for the Retailers in India, named as Karmyogi Mandhan Yojana. Under this, over 3 crore Retail shopkeepers in India shall be granted massive pension benefits. This scheme has been drafted in line with last year’s Shramyogi Mandhan Yojana for unorganized Laborers.

 

#4. Housing for Poor

This is a central aspect of Union budget 2019. The government has taken the following steps in this regard-

  • Under the Pradhan Mantri Awas Yojana, 26 lakh new houses shall be built for the urban poor.
  • Recently, over 81 26 lakh new houses have already been sanctioned for the urban poor
  • Over 1.95 crores have been made eligible for the beneficiaries.

 

#5. Tax sops for the women

As per the government's vision, the Union budget 2019 shall probably grant various additional tax reliefs for women empowerment. For this, a long-term plan to encourage labor participation among women shall be introduced. This will especially focus on women belonging from rural areas.

These are a few updates on Union budget 2019

For more updates, stay tuned. 

If you need any guidance on GST registration, or Income tax return filing, feel free to contact our business advisors at 8881-069-069.

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Comments



Posted By Divya Mahendru
Posted Date 2019-07-06 07:22:01

Very helpful article 👍


Posted By Divya Mahendru
Posted Date 2019-07-06 07:23:28

Very helpful article


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