Thursday, June 4, 2020
Home Economy and Finance The 'Sabka Saath, Sabka Vishwas' budget: What is stored in it for you

The ‘Sabka Saath, Sabka Vishwas’ budget: What is stored in it for you

This budget is one more positive step towards the big vision of $5 trillion economy and at the same time maintaining the ideology of “Sabka Sath Sabka Vishwas”.

Also Read

Dhaval Patel
Dhaval Patel is a Project Management Consultant based out of Mumbai. He holds interest in Bollywood, Entertainment Industry, Politics and Public policy.

Yet another historic budget in the NDA’s era. Breaking the age-old tradition of carrying a usual leather briefcase, Nirmala Sitharaman was seen carrying a traditional ‘Bahikhata’ (Wrapped in red cloth and tied with a gold string) with India’s national emblem shining on it. That was the moment of realization that we have finally moved ahead from the slavery of westerners and their customs.

From the past few months, the NDA government is putting ahead the vision of India for being a $5 trillion economy. This budget added more power to this vision. This budget definitely shows the commitment of the Government towards ‘Sabka Sath Sabka Vishwas’ theme. This budget has a universal appeal from poor to rich, from small stores to big businesses. From environment protection to promoting Gandhian principles, from rural infrastructure to harnessing India’s space abilities.

Though, there has been a lot of outrage on social media about “Inheritance Tax”. As per some sources Government was about to introduce the new Inheritance Tax in the Budget 2019-20 but nothing goes usual in the NDA Government. No Inheritance Tax has been added. It just came out as a rumour.

Today, India is the fastest growing major economy in the world. From the 11th largest economy in 2013-14 to 6th largest economy in 2019-20 we have taken a big jump. Aiming for a $5 trillion economy is most feasible in such a scenario.

Now, let’s look into the Budget 2019-20 and what’s in it for everyone:

Middle Class:

  • No income tax for less than 5 lakh per annum income.
  • To enhance the ease of tax-payers, PAN and Aadhaar to be made interchangeable. ITR can be filed without PAN by quoting Aadhaar.
  • Enhanced interest deduction up to Rs. 3.5 lakh for purchase of an affordable house.
  • Sabka Vishwas Legacy Dispute Resolution Scheme proposed for quick closure of service tax and excise related litigations.
  • Tax benefits for corporate taxpayers.
  • Schemes like Mudra, Ujjwala, Saubhagya etc. to continue and expand their beneficiaries base.
  • Additional income tax deduction of Rs 1.5 lakh on the interest paid on loans for EVs.
  • It is proposed that several reform measures will be taken up to promote rental housing

MSMEs & Corporates:

  • The lower rate of 25% is applicable to firms with an annual turnover of Rs 400 crore, earlier it was up to 250 crores. This will cover 99.3% of all companies.
  • Measures are being rolled out to ease filing returns and tax compliance. Taxpayers with an annual turnover of less than Rs 5 crores will have to file only quarterly returns now.
    350 crore rupees allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans.
  • To promote digital payment, now the business establishments with an annual turnover of Rs 50 crore will offer a low-cost digital mode of payments to customers and no charges or merchant discount rates shall be imposed on customers as well as merchants.
  • To discourage the practice of making business payments in cash, the Government proposed to levy TDS of 2% on cash withdrawal exceeding Rs 1 crore a year from a bank account.
  • An electronic invoice system is proposed by the Government that will eliminate the need for a separate e-way bill.


  • Start-ups and investors who file requisite declarations and documents will not be subjected to tax scrutiny. An e-verification mechanism will be added.
  • Government has proposed a TV program for the start-ups & stand-up India Scheme.

Women Empowerment:

  • An overdraft of 5,000/- INR will be allowed to every verified woman SHG member having a Jan Dhan account.
  • Rs. 1 lakh loan under MUDRA scheme for one woman in every SHG.
  • To further encourage women entrepreneurship, Women SHG Interest Subvention Programme to be expanded to all districts in India

Agriculture, Rural, Labour & Poor Class:

  • 95 crore houses proposed to be provided under PMAY Grameen by 2021.
  • “Four Labour Codes” Government proposing to streamline multiple labour laws.
  • By 2022, 100% Power & LPG connections to every single rural family.
  • Pradhan Mantri Man Dhan Scheme: Pension benefits to 3 crore shop owners with an annual turnover of less than Rs 1.5 crore.
  • Jal Jeevan Mission – To ensure Har Ghar Jal by 2024.
  • Pradhan Mantri Matsya Sampada Yojana: The department of fisheries will address critical gaps in the value chain, including production, quality control etc.
  • 100 business incubators to be set up in 2019-20 under ASPIRE to develop 75,000 skilled entrepreneurs in Agro-rural industries.
  • Pradhan Mantri Grameen Digital Saksharata Abhiyan – Internet connectivity to all.
  • 100 new clusters to be set up in 2019-20 under SFURTI. It will enable 50,000 artisans to join the economic value chain.
  • Ease of doing business to extend to farmers and they should not face state-level arbitrages

Upgrading Education System:

  • World Class Institutions in 2019-20 – 400 crore Rs. allotted, which is more than 3 times the revised estimates of the previous year.
  • Gyan Initiative has started.
  • Study in India initiative will be started for the exchange of foreign students.
  • Increase efforts to improve the skills of youth in the current trends such as Artificial Intelligence, Robotics etc.
  • Focus on Global Education Model.
  • A Gandhipedia is being developed to sensitize youth and society at large on positive Gandhian values

Railway Infrastructure:

  • Investment of Rs 50 lakh crore between 2018 and 2030.
  • PPP (Public-Private Partnership) for faster, efficient and proper development of railway infrastructure.
  • Special Purpose Vehicles (PSVs) will be encouraged for the suburban railway network development.
  • Development of inland waterways will reduce the pressure on Indian Railways.
    Vision of faster, more punctual and safer trains journey and thus focus on modernisation of the railway infrastructure.
  • Elimination of all manned level crossings in the coming years.

Infrastructure for all:

  • Rs 100 lakh crore for infrastructure development for the next 5 years.
  • To bridge the urban and rural gap – Bharatmala Project to enhance road connectivity, Sagarmala for waterways connectivity & Udaan for air connectivity.
  • “One Nation, One Grid” for power availability to states at affordable rates.
  • We are facing a severe water shortage in many areas. To improve the condition Jal Shakti Mantrayala has been constituted. 1592 critical blocks over 256 districts identified for Jal Shakti Abhiyan.
  • Harnessing the space power: New Space India Limited, a public sector enterprise, has been incorporated to tap the benefits of R&D carried out by ISRO.
  • 25 lakh KM of roads will be upgraded

Few other major decisions by the government:

  • To popularize sports at all levels, National Sports Education Board for development of sportspersons to be set up under Khelo India.
  • The government will develop 17 iconic tourism sites as world-class tourist centres.
  • The government is setting an enhanced target of Rs 1,05,000 crore for disinvestment during FY20.
  • Proposed to SEBI to increase the threshold of public shareholding in listed companies from 25% to 35%.
  • Propose to increase special additional duty and road and infrastructure cess on diesel and petrol by Re 1.
  • 3% Increase in the surcharge for individuals with incomes between 2 to 5 cr. 7% increase in the surcharge for incomes above 5 cr.
  • A new series of coins will be made available for public soon.
  • Import of defence equipment is being exempted from basic customs duty. It is important for modernization of the defence system

Along with all this, the Government highlighted achievements of the NDA in the last 5 years and how they have been successful in making India fastest growing major economy in the world. One of the key success of this government is able to hold the inflation rates in single digits consistently from the last 5 years. Government is able to attract a whopping amount of FDI in the country. Central Govt. Debt as a percentage of GDP has been falling from the last 5 years. India’s sovereign external debt to GDP ratio is amongst the lowest globally at less than 5% now. This shows the Government’s intent to take the country to the new heights and we are pretty much sure that this budget is one more positive step towards the big vision of $5 trillion economy and at the same time maintaining the ideology of “Sabka Sath Sabka Vishwas”.

This article is co-authored with Prasad Karwa.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

Dhaval Patel
Dhaval Patel is a Project Management Consultant based out of Mumbai. He holds interest in Bollywood, Entertainment Industry, Politics and Public policy.

Trending now

The Wire report claims Tripura govt paid less amount to students for mid-day meal scheme, data shows govt paid 50% more

Tripura govt debunks The Wire report saying less amount was paid to students under mid-day meal scheme during lockdown

Food Corporation of India fact-checks Scroll, calls out its deliberately misleading report claiming 65 lakh tonnes food grains wasted amid lockdown

The FCI has slammed Scroll after the latter published a report claiming that India had let 65 lakh tonnes of grains go to waste.

Delhi anti-Hindu riots: Tablighi Jamaat, PFI, Jamia links emerge as Delhi Police files charge sheet

The Tablighi Jamaat links have emerged in the charge-sheet filed by the Crime Branch of Delhi Police pertaining to violence in Shiv Vihar area during the Anti-Hindu riots in Delhi.

Amul pumped in Rs 8,000 crore back into rural economy during lockdown, increased milk collection by 15% with seamless supply chain

Dairy cooperative AMUL stood tall as the coronavirus crisis hit the country and against all odds managed to ensure that milk distribution is not impaired and supply chain management is seamless.

LGBT Community condemns pride march at Lal Chowk, abandons Pride Kashmir even as radical Muslims give them death threats

LGBT Community is now saying that holding pride marches during pride month is worthy of condemnation.

‘Muslim Lives Matter’ at a time of BLM: Biggest lesson from this development is that Indian liberals and Western progressives are devotees of the...

Indian liberals decided that it was a good opportunity to equate Indian Muslims with the Black population in the USA and trend 'Muslim Lives Matter'.

Recently Popular

Woman ‘protestor’ poops on an overturned police car in middle of riots in America. Watch the video (or maybe not)

A woman was seen defecating on a damaged police car in USA, an act video recorded and photographed by onlookers

“Chacha hai, aisa kabhi nahin kar sakte,” Nawazuddin Siddiqui’s niece alleges torture, sexual assault by his brother, says the actor did not support her

She further alleged that when she told Nawazuddin about the childhood trauma she went through, even he did not believe her.

Hindustani Bhau files police complaint against Ekta Kapoor for ‘inappropriate sex scene’ in her erotic web series XXX 2

Hindustani Bhau took to Instagram on Monday to share a video from outside Mumbai's Khar Police station stating that he has filed the complaint against Ekta and Shobha Kapoor 'for disrespecting our Indian military, national emblem, colonel tag and defaming our country'.

Meerut: Shakib posed as Hindu to trap Punjab girl who eloped with him with jewellery worth Rs 25 lakh, beheads her after revealing his...

Meerut police solves one-year old mysterious murder case, finds Muslim Shakib had eloped with Hindu girl pretending to be Hindu and then killed her

Delhi riot charge-sheet: Tahir Hussain met Umar Khalid, Pinjra Tod activists sent messages asking Muslims to keep acid, petrol, hot water, stones ready

The Delhi riot charge-sheet prove beyond doubt that the violence was well planed and organised by Islamist and leftist activists

Standup comedian apologises for insulting Hanuman Chalisa, says he is a Hindu too and will never repeat such acts

A video of Alokesh Sinha's performance had gone viral on social media recently, where he was seen using derogatory words for the Hanuman Chalisa.

Family of deceased Coronavirus positive doctor says that reports of him having to wait 10 hours in Mumbai hospital to get a bed is...

Deceased Mumbai doctor Chittaranjan Bhave's daughter says he didn't had to wait 10 hours to get COVID-19 treatment as per reports

Internet security firm Malwarebytes Labs report says coronavirus campaigns causing a surge in malware attacks

Tech security report says cyber criminals are using work from home and coronavirus campaigns to launch malware attacks

Civil liberties group sues US President Donald Trump for his executive order to regulate social media, alleges the order curbs free speech

NGO Centre for Democracy and Technology files federal lawsuit against Donald Trump's order to regulate social media

Maharashtra governor overrules CM Uddhav Thackeray’s decision to cancel final year university exams, calls it ‘violations of University Act’

Maharashtra CM in an address to the State on Sunday evening announced that the state had no choice but to promote final-year students based without exams

Amid the coronavirus pandemic, nurses of AIIMS Delhi continue to protest for better facilities

The Union of nurses in AIIMS Delhi is demanding better facilities for nursing staff especially female staffers

Indian Railways refunds Rs 1,885 crore to passengers against cancellation of trains due to coronavirus lockdown

On May 21, Indian Railways had announced to restart services of 200 passenger trains that it will operate from June 1.

India lodges strong protest over desecration of Buddhist carvings in PoK’s Gilgit-Baltistan, asks Pakistan to vacate illegally occupied territories

India has lodged a strong protest with Pakistan over the destruction of Indian-Buddhist heritage in the Gilgit-Baltistan region

Sweden’s Coronavirus response hailed by Indian liberals was flawed, admits country’s response in-charge

Sweden remains the only Scandivanian country with an outsize number of cornavirus infection and fatalities, much higher than those witnessed in Finland, Denmark and Norway

Supreme court refuses to entertain a plea seeking India to be officially renamed only as ‘Bharat’

Dismissing plea to rename the country as only Bharat, CJI said that it is not the job of the court to consider such issues

The Wire report claims Tripura govt paid less amount to students for mid-day meal scheme, data shows govt paid 50% more

Tripura govt debunks The Wire report saying less amount was paid to students under mid-day meal scheme during lockdown

Connect with us