We have shown by our deeds that the principles 'perform, reform, transform' can indeed succeed. Have set the ball rolling for a 'New India', says Sitharaman.
In PPP terms we are the third-largest economy already after China and US, pointing out that India has already become a $3 billion economy.
Indian economy will become a $3 Trillion economy in this year already.
The ambitious project of Bharatmala will enhance road connectivity and Sagarmala will help port and waterways connectivity. These along with other such initiatives such as Udaan scheme will improve India's infrastructure and enable connectivity and bridge the rural and urban divide.
The FAME II scheme has taken wings. The main objective of the scheme is to provide necessary charging infra and incentivising easy and affordable mode of transportation for the common man.
It is estimated that railway infra will need investment of Rs 50 lakh crore between 2018 and 2030. Given expenditure is Rs 1.4-1.6 lakh crore per annum, it could take decades to complete the projects. It is therefore, necessary to privatise.
'One Nation, One Grid' To Ensure Power Availability.
The recommendations of high level empowered committee of retiring power old plants and other structural reforms will also be taken up now. UDAY has also helped so far and it will get better further in the coming years.
Pension benefits will be offered to 3 crore shopowners with annual turnover of less than Rs 1.5 crore under new scheme called Pradhan Mantri Man dhan Scheme.
Current rental laws are archaic as they do not assess the relationship between the lessor and lessee in a fair manner. The government will look at improving the laws, she says.
There will be multiple measures undertaken to deepen the corporate bond market, she says adding there is also a proposal to increase minimum public shareholding in companies to 30 percent from 25 percent.
We will work to make a platform for listing social enterprises and voluntary organisations to raise capital as equity, debt or units like mutual fund.
India's FDI flows in 2018-19 remained strong compared to global at $54.2 billion, 6 percent higher than last year. The government will examine options of opening up FDI in media, animation and some other sectors to improve these flows further.
The government is contemplating organising an annual global meet to get all three sets of global players: Industrialists, corporate leaders, corporate sovereign and venture funds.
Various steps to be taken to strengthen Gramin Bharat - Rural India
This year as we mark the 150 birth anniversary of Mahatma Gandhi. Gaav, Garib aur Kisan will remain at the centre of all our initiatives, she says. Two mega initiatives Ujjwala and Saubhagya have dramatically improved ease of living, easy access of clean cooking gas, and electricity supply to the needy.
FM promises that everyone will have an electric connection by 2022.
Nearly 1.95 crore houses are proposed to be provided to eligible beneficiaries under the Pradhan Mantri Awas Yojana, she points out. The completion of houses that required 314 days in 2015-16, it has now come down to 114 days since 2017.
Nearly 1,25,000 km of roads will be upgraded under Pradhan Mantri Gram Sadak Yojana at estimated cost of nearly Rs 80,200 crore.
The government hopes they will exhibit similar performance in oilseeds as well. The government will work to ensure farmers enjoy the benefits of e-nam Ease of business and living should apply to farmers too.
Ensuring farmers access to safe and adequate water is another important initiative the government will work toward. Water supply in an integrated and holistic manner will help ensure 'Har Ghar Jal' or water to each house.
Swachh Bharat has brought enormous environmental and health benefits. 9.6 crore toilets have been constructed and more than 5.6 lakh villages have become open-defecation free. She proposes to expand and undertake solid waste management in every village.
Measures for Urban India
Nearly 95% of all cities have declared themselves open-defecation free. More than 45,000 public toilets have been uploaded on google maps and nearly 1 crore citizens have downloaded the Swachhta app.
To upgrade quality of teaching, the GYAN was started aimed to bring in the global pool of scientists and researchers, she says, adding such initiatives have paid off. From no single Indian institute in top 200 universities ranking until 5 years ago, we now have 3 institutions in the top 200 global institutions bracket. To make India a hub of higher education the government proposes 'Study in India' to bring in foreign students to pursue education here.
We will increase our efforts to improve the skills of our youth in newer areas such as Artifical Intelligence, Big Data, Robotics, etc valued highly within and outside the country to ensure they can secure high paying jobs both in India and abroad.
The government proposing to streamline multiple labour laws into a set of 'four labour codes'.
A new channel is proposed to be started under Doordarshan bouquet to provide a platform for startups to disseminate information in the industry.
Ease of Living
The Pradhan Mantri Shram Yogi Maan Dhan Yojana of providing Rs 3,000 - nearly 30 lakh workers have joined the scheme.
UJALA scheme - Approximately 35 crore LED bulbs have been distributed leading to cost saving of Rs 18,341 crore annually, she says. We will use the mission of LED bulb method to promote solar in the country.
For the women of India - Naari to Narayani has been the tradition of the country.
"There is no chance for the welfare of the world unless the condition of women is improved. It is not possible for a bird to fly with one wing''.
The government proposes to consider issuing Aadhaar cards to NRIs with Indian passports in India without having to wait for the necessary 180 days.
The government is developing 17 iconic tourism sites as world-class tourist centres to improve the flow of domestic and foreign tourists to these destinations. Documentaries with anthropological details will be stored for tourists.
Record recovery of over Rs 4 lakh crore have been achieved over last 4 years. The provision coverage ratio is at its highest in 7 years and credit growth has improved to over 13%. The government has smoothly carried out consolidation reducing the number of public sector banks by 8. We have enabled 6 public sector banks out of PCA.
The government has proposed to allocate Rs 70,000 crore for PSU Bank recapitalisation.
One-time six month partial credit guarantee to buy pooled assets of sound NBFCs.
Regulation of HFCs to move to the Reserve Bank of India (RBI) from NHB.
FM Nirmala Sitharaman has proposed Rs 100 lakh crore investment for infrastructure over 5 years.
Direct tax revenue has grown 78 percent from 2014 to 2019.
Currently, 25% corporate tax rate is applicable to companies with an annual turnover of up to Rs 250 crore. This has been extended to companies with turnover of up to Rs 400 crore. Only 0.7% companies will remain outside of this 25% rate.
Additional income tax deduction of Rs 1.5 lakh on interest paid on loans taken to buy electric vehicles. This leads to a benefit of Rs 2.5 lakh crore over the tax period of the loan for the loan payer.
To resolve the issue of Angel Tax the startups and investors who file requisite declarations will not be subjected to any kind of scrutiny in respect of valuation of share premium. A mechanism of e-verification will be put in place and with this, the funds raised by startups will not require any tax scrutiny.
An additional deduction of Rs 1,50,000 on interest on loans borrowed under affordable housing.
Interchangeability of PAN and Aadhaar - More than 120 crore Indians now have Aadhaar. Sitharaman proposes to make the two documents interchangeable so that Aadhaar can be used for verification with no requirement for PAN.
The Securities Transaction Tax or STT is proposed to be restricted to the difference between settlement and strike price of options.
Our government has taken number of initiatives to promote digital payments. To discourage the practice of making business payments in cash the government proposes to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore in a year from a bank account.
BHIM, UPI, Aadhaar Pay, NEFT, RTGS can be used to promote less cash economy. Business establishments with annual turnover of Rs 50 crore will have to use these modes of payments with no charges or merchant discount rates will be imposed on customers or merchants. RBI and banks will absorb these costs.
Direct Taxes - In view of rising income levels, a surcharge will be levied on individuals with taxable income of Rs 2 to 5 crore, and Rs 5 cr and above. The effective tax rate for these categories will increase by around 3% and 7%, respectively.
GST rates have been eased with a relief of Rs 92,000 crore provided during the year. Further measures are being worked out to ease filing returns and tax compliance. A simplified single monthly return is now being ruled out. Taxpayers with an annual turnover of less than Rs 5 crore will have to file only quarterly returns.
The government proposes an increase in customs duty on gold and other precious metals to 12.5% from 10% and a special additional excise duty of Rs. 1/Litre on petrol & diesel.
A 5% customs duty on imported books and increase on auto parts, synthetic rubber, PVC, Vinyl Flooring and tiles.