Budget 2019 : FM announced sops for various sectors

Nirmala Sitharaman with PresidentPhoto Credit: Twitter President of India

New Delhi । Union Finance Minister Nirmala Sitharaman in her maiden Budget Speech announced sops for various sectors.

Measures related to MSMEs

– Pradhan Mantri Karam Yogi Maandhan Scheme
– Pension benefits to about three crore retail traders & small shopkeepers with annual turnover less than Rs. 1.5 crore.
– Enrolment to be kept simple, requiring only Aadhaar, bank account and a self declaration.
– Rs 350 crore allocated for FY 2019-20 for 2 per cent interest subvention (on fresh or incremental loans) to all GST-registered MSMEs, under the Interest Subvention Scheme for MSMEs.
– Payment platform for MSMEs to be created to enable filing of bills and payment thereof, to eliminate delays in government payments.

Key highlights in the transport sector

– India’s first indigenously developed payment ecosystem for transport, based on National Common Mobility Card (NCMC) standards, launched in March 2019.
– Inter-operable transport card runs on RuPay card and would allow the holders to pay for bus travel, toll taxes, parking charges, retail shopping.

Key highlights in the trade sector 

– Navigational capacity of Ganga to be enhanced via multi modal terminals at Sahibganj and Haldia and a navigational lock at Farakka by 2019-20, under the Jal Marg Vikas Project.
– Four times increase in next four years estimated in the cargo volume on Ganga, leading to cheaper freight and passenger movement and reducing the import bill

Key highlights in the infrastructure sector 

– Massive push to all forms of physical connectivity through:
*Pradhan Mantri Gram Sadak Yojana.
*Industrial Corridors, Dedicated Freight Corridors.
*Bhartamala and Sagarmala projects, Jal Marg Vikas and UDAN Schemes.
*State road networks to be developed in second phase of Bharatmala project.

Key highlights in the railway infrastructure sector 

– Rs 50 lakh crore investment needed in Railway Infrastructure during 2018-2030.
– Public-Private-Partnership proposed for development and completion of tracks, rolling
stock manufacturing and delivery of passenger freight services.
– 657 kilometres of Metro Rail network has become operational across the country.