PM lauds the Union Budget 2019-2020
The Prime Minister, Shri Narendra Modi, lauded the Union Budget 2019-2020, as the budget for building New India.
In a statement after the presentation of the Annual Budget 2019-2020 by the Finance Minister in the Parliament, the Prime Minister said that budget will strengthen the poor and will create a better future for the youth of the country.
Highlighting the potential benefits of the budget, PM said that the budget will accelerate the pace of development in the country and will greatly benefit the middle class. “The budget will simplify the tax process and help in modernizing the infrastructure in the country.” PM said.
Shri Narendra Modi said that the budget will strengthen the enterprises as well as the entrepreneurs. He said that the budget will further increase the participation of women in the development of the country. The budget has a roadmap to transform the agriculture sector of India, PM added.
The Prime Minister termed the Annual Budget 2019-2020 as a budget full of hope. He said that the budget will boost India’s development in the 21st century.
The Prime Minister said that the Union Government has taken all round steps for the empowerment of poor, farmers, scheduled castes, oppressed and the underprivileged sections of the society. He said that this empowerment would make them the powerhouse of the country in the coming five years. The country will get the energy to fulfil the dream of a five trillion dollar economy from these empowered sections, PM added.
One of the Union Minister of State said budget, Pathway to 5 Trillion Dollar Economy!
This budget was drawn keeping in mind the needs of the upcoming generations and not the upcoming elections. With its mantra being “transform, reform, and perform”, this budget signifies a well-intentioned departure from a “token approach” to a “total approach”.
The Union Budget 2019 focused on developing the ease of living for the common citizen of India, with developmental initiatives proposed for rural India, railways, connectivity, introducing unified digital payments, inland waterways, taxation, education, and financial sectors.
With its focus on strengthening Gaon, Garib, aur Kisan, the budget aspires to provide running water, electricity, gas connection, and clean toilets to every rural household by 2022 through initiatives like, Har Ghar Jal and Swachh Bharat Abhiyaan, with proposals for the latter to tackle solid waste management in cities too.
Instead of being written off as yet another woman-empowering budget, it focuses on developing a women-led economy through multiple initiatives. By chanting, Nari tu Narayani, the FM introduced Rs 1 Lakh loan under Mudra scheme for women entrepreneurs and Rs. 5,000 overdraft for every verified SHG member having a Jan Dhan account.
The budget also highlighted India’s aspiration to be a major space power through initiatives like the Gaganyaan, Chandrayaan and introduced New Space India Limited (NSIL), a new commercial arm for research and development carried out by ISRO.
Connectivity was another issue touched upon by the budget with the introduction of Sagar Mala and Bharat Mala, initiatives that will boost India’s infrastructure further. The budget also pushed for the concept of “One Nation One Grid”, and also introduced various incentives to boost sales of e-vehicles. The budget also proposed to increase the cargo carrying capacity of the Ganga by four times.
The budget called attention to the successful execution of PM Gram Sadak Yojna, which is just 3 per cent short of fulfilling its 2022 target. Also, it highlighted cost savings of around Rs. 18,341 crores through the distribution of 35 crores LED bulbs leading to an energy efficient new India.
The FM congratulated honest taxpaying citizens of India for the increase of 78% in the direct tax revenue over the last five years. It also highlighted the reduction of NPAs in public sector banks by 1 lakh crore and recovery of over 4 lakh crores through stringent banking laws like IBC etc.
In 2013-14, India was the 11th largest economy in the world and today hold the spot of the 6th largest economy in the world. The vision of the union budget 2019 is to pave a pathway for India to become a $5 trillion dollar economy over the next few years.
The maiden budget presented by Finance Minister Shrimati Nirmala Sitharaman has struck key chords with the Indian populace and chartered ambitious initiatives and plans for New India’s promising future. Talking about the economy size she said, “Indian economy will become a 3 trillion dollar economy in the current year and is on the path of achieving the Prime Minister’s vision of a 5 trillion dollar economy by 2024-25.”
It took over 55 years for the Indian economy to reach 1 trillion dollar and in the last 5 years, the government has added 1 trillion dollar to reach about 2.7 trillion dollar. India is now the sixth largest economy in the world, up from 11th position five years ago, she added.
Citing its genesis in the Interim Budget 2019-20 presented in February 2019, the Finance Minister flagged ten points of the Government’s Vision for the Decade:
1: Building physical and social infrastructure;
2: Digital India reaching every sector of the economy;
3: Pollution free India with green Mother Earth and Blue Skies;
4: Make in India with particular emphasis on MSMEs, Start-ups, Defence manufacturing, automobiles, electronics, fabs and batteries, and medical devices;
5: Water, water management, clean Rivers;
6: Blue Economy;
7: Space programmes. Gaganyan, Chandrayan and Satellite programmes;
8: Self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables;
9: Healthy society – Ayushman Bharat, well-nourished women & children.Safety of citizens;
10: Team India with Jan Bhagidari. Minimum Government Maximum Governance.
