$ 7 E1 , ."%D %D D !"#$% *,-#*./0 ,232,3% ,3-8' 9,:; ,. ),-3444) !-6-47'<9F 7,'3'+)'41)5 1'3 437F-2 + -,)3+ 7+)'2) ) 4)4,7 )14!) -,44,3' 4-,+45/95 24 7!'434)5,))1' 1' )17 51')+)164*)52)1) G3 (#)/C**+ 8:0 G) ' ) . ! 1 % ! % /12345 2607 ,-.-/-0102,3 '21'3 4 customs duty on gold has been expansion of cash support increased to 12.5 per cent from scheme for farmers, a new he Modi 2.0 Government’s 10 per cent. pension scheme and relief for Tmaiden Budget on Friday To spur consumption, she small taxpayers, as previously hiked petrol and diesel prices, lowered corporate tax on com- announced, the Budget raised import duty on dozens panies with revenue of up to includes a 70,000 crore cap- of items and increased tax on 400 crore to 25 per cent from ital infusion in public sector '21'3 4 $"%&#'(( ( ' ) the super-rich as it sought to 30 per cent. Currently, the banks. spur growth through higher lower rate is applicable only to First-time homebuy- learly indicating its spending and sops for startups, companies with revenue up to ers, buying a house not Cthrust on the agricul- *+( housing and corporates. 250 crore. Sitharaman said the exceeding 45 lakh, tural sector, the Modi Presenting the Budget for reduced tax rate would cover would get an addition- Government on Friday 2019-20, Finance Minister 99.3 per cent of corporates in al deduction of 1.5 increased the budgetary allo- Nirmala Sitharaman the country. lakhs towards inter- cation of the sector by a whop- announced further opening The Budget also sought to est. For NBFCs, she ping 91 per cent — from up of aviation, insurance and boost ‘Make in India’ by way of announced mea- 67,800 crore (revised esti- media sectors to foreign invest- reducing duties on certain sures to improve mate) in 2018-19 to 1.30 ment while throwing a lifeline inputs and raw materials and their access to lakh crore for the current to the struggling shadow banks creating a level playing field by funding by provid- fiscal. The Government (NBFCs) to boost investment increasing duties on certain ing a limited back- had allocated 46,700 crore and lending in the economy. goods. Emphasis has also been stop for purchases of in the actual Budget for She made no changes to placed on promoting electrical their assets. The 2018-19. the income tax slabs but hiked mobility by reducing customs Government will Of this, 75,000 crore surcharge on the super-rich. duty on parts used to manu- provide a partial will be for the flagship scheme Those with a taxable income of facture electric vehicles. guarantee to state Pradhan Mantri Kisan Samman Sitharaman said the structure in both agriculture 2 to 5 crore will now pay 39 While customs duty on banks for the acquisition Nidhi (PM-KISAN). Allocation Government keeps “gaon, and allied farm sector, and per cent tax while those with some parts used in EV manu- of up to 1 lakh crore of to PM Kisan scheme is aimed at garib, aur kisan” at the centre encourage private entrepre- more than 5 crore income facturing has been brought highly rated assets from non- providing structured incomes of everything that it does. neurs in food processing. The would pay 42.47 per cent. down to nil, the GST rate on bank finance companies. support to poor and rural farm- The huge allocation of Finance Minister said that both “Those in the highest income electric vehicles will be lowered Also, the Reserve Bank of ers of 6,000 per year for farm- funds will help to improve “ease of doing business” and brackets need to contribute to 5 per cent from 12 per cent. India will take over as the reg- ers with land holdings below average annual growth in agri- “easy of living” should apply to more to the nation’s develop- To boost the use of electric ulator of housing finance two hectares. This benefit is to culture sector which is 2.88 per farmers too. ment,” she said. vehicles, an additional income firms, replacing the National be transferred directly into the cent and improve the farmers’ Besides PM-KISAN, the Also, 2 per cent TDS on tax deduction of 1.5 lakh on Housing Bank, she said. bank accounts of beneficiary income. The Budget has Government has also proposed cash withdrawals exceeding 1 interest paid on loans Sitharaman, who in the first farmers in three equal install- focused on zero budget farm- to increase the allocation for crore and mandatory filing of taken to purchase EVs has term of the Narendra Modi ments of 2,000 each and will be ing, which is a form of natur- the Pradhan Mantri Fasal Bima returns by certain category of been proposed. Government was the defence funded directly by the Centre. al farming — neither chemical- Yojana (PMFBY), another flag- individuals was brought in “The Indian economy will minister, exempted some This scheme will benefit around loaded nor organic with its ship scheme, to 14,000 crore with a view to tighten compli- grow to become a USD 3 tril- defence equipment from basic 12 crore farmers. reliance on manure. for the current fiscal against the ance. With sluggish growth in lion economy in the current customs levy. She also said the Presenting the Budget for Sitharaman further said revised estimate of 12,975.70 tax revenues, she announced year (from USD 2.7 trillion last government would allow more the 2019-20 fiscal, Union the Government will invest in crore for the 2018-19. plans to sell stakes in PSUs and year). It is now the sixth largest foreign investment in the insur- Finance Minister Nirmala a big way in developing infra- Continued on Page 9 sought more dividend from the in the world,” she said, adding ance and media industries. RBI and public sector banks the target is to take it to USD The Government will also and companies in order to 5 trillion in coming years. sell its first global bond to raise ! boost revenue and bring down “This budget is setting out a funding for infrastructure $ the deficit. vision, a target, for every sec- spending. For the same, excise duty tor of our society.” Meanwhile, opposition &, and cess on petrol and diesel Sitharaman surprised most Congress described the Budget ! "5 were hiked by 2 per litre each analyst by narrowing the bud- as “insipid”, saying it belied and import duty on dozens of get deficit target to 3.3 per cent expectations and gave no " 4 items ranging from gold to of the GDP for the current fis- “meaningful relief” to any sec- 1 . automobile parts and tobacco cal from 3.4 per cent previously. tion of the society. # + 0>%) * 6 " products was increased. The In addition to funding an Continued on Page 9 " 8%0" 71) " 8/0999" culated to the States for their , 1/> , 1 &45 " R " comments. ! "5 8 4 ." Presenting the first Budget :9/09 ." ! of the Modi Government in its , . . second term, Union Finance ; . 6 "# % '21'3 4 Minister Nirmala Sitharaman " 6. 4 ) on Friday said that in order to , $$ '21'3 4 diture of Delhi on schemes has n a big relief to homebuyers incentivise purchase of afford- 8%0 " increased by about nine times and boost the affordable hous- able house, it is proposed to I <9999 ,6 here is no change in the sta- from 3,129 crore in 2000-01 ing segment, the Narendra provide a deduction up to Ttus of the Central taxes’ to 27,000 crore in 2019-20 Modi Government on Friday 1,50,000 for interest paid on . , share to the Delhi Government (Budget estimate) while the announced an additional tax loan taken for purchase of res- ." " in the Annual Budget present- Normal Central Assistance deduction of 1.50 lakh on idential house having value up 8%90" 4 4, ed by Finance Minister Nirmala which was 11.8 per cent ( 370 interest paid on home loans to 45 lakh. This shall be in . Sitharaman on Friday. The crore) of the scheme expendi- taken up to March 31, 2020. addition to the existing inter- 1 . " demands of the Arvind Kejriwal ture in 2000-01 has come down This will raise the tax deduction est deduction of 2 lakh. Government for enhanced share to 1.75 per cent which is 472 limit to 3.5 lakh and will be “For realisation of the goal in Central taxes remain to be crore in 2019-20(BE). applicable on interest paid on of ‘Housing for All’ and afford- . . . fulfilled, with the Centre allo- “We had requested to housing loan (having carpet able housing, a tax holiday has =: cating 325 crore to the Aam increase the NCA to 1,500 area of up to 60 sqm in metros already been provided on the 899 Aadmi Party Government. crore in 2019-20 (BE). However, and 90 sqm in non-metros and profits earned by developers of ,)) . The Central tax share for in the Budget, an amount of having value up to 45 lakh). affordable housing. Also, inter- the Delhi Government has 472 crore as an Additional This will translate into a est paid on housing loans is .%5 . remained static for the 2019-20, the Central Central Assistance has been benefit of around 7 lakh to the allowed as a deduction to the last 18 years. Government has not earmarked proposed in 2019-20 (BE),” the middle class homebuyers over extent of 2 lakh in respect of ) .