Highlights of Union Budget 2019-20 PDF

On July 5, 2019, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman made her maiden Budget Speech and presented the Union Budget 2019-20 in the Lok Sabha. She broke away from the tradition when she replaced the conventional leather briefcase with a bright red cloth bag to carry the Budget papers to the Parliament House. “Gaon, Garib and Kisan” (Village, Poor and Farmer) was the centre of all policies of the Modi 2.0 Government.

UNION-BUDGET-2019

Total expenditure for 2019-20 is budgeted at Rs 2,786,349 crore (US$ 417.95 billion), an increase of 14.09 per cent from 2018-19 (budget estimates).

Overview Of Economic Survey 2018-19

Key Highlights of the Budget 2019-20:-

Overview of the economy

  • India was a US$ 1.85 trillion economy in 2014 and it has reached US$ 2.7 trillion in five years, the fastest growing major economy and the sixth largest economy in world, compared to 11th largest in 2013-14.
  • Metro rail network of 657 km has become operational in the country.
  • India target to become US$ 5 trillion economy in the next five years and might become a US$ 10 trillion economy in the next eight years thereafter.
  • The Indian economy grew at 6.8 per cent in 2018-19 and fourth quarter growth slumped to 5.8 per cent which was a 17 per cent quarter low.
  • Govt cut its fiscal deficit target to 3.3% of GDP (Gross Domestic Product) in 2019-20 against 3.4% estimated earlier.

Major Expenditure Items

  • Total capital expenditure will be Rs 876,209 crore (US$ 131.43 billion) for 2019-20.
  • Centrally sponsored schemes have been allocated Rs 331,610 crore (US$ 49.74 billion) in 2019-20.
  • Defence budget is Rs 305,296 crore (US$ 45.79 billion) for the first time in 2019-20.
  • Amount of Rs 174,300 crore (US$ 26.14 billion) has been approved for pension in the budget 2020.
  • The government has allocated Rs 184,220 crore (US$ 27.63 billion), Rs 79,996 crore (US$ 11.99 billion) and Rs 37,478 crore (US$ 5.62 billion) for Food, fertiliser and Petroleum subsidies respectively.

10-point Vision for the decade

  • Building Team India with Jan Bhagidari: Minimum Government Maximum Governance.
  • Achieving green Mother Earth and Blue Skies through a pollution-free India.
  • Making Digital India reach every sector of the economy.
  • Launching Gaganyan, Chandrayan, other Space and Satellite programmes.
  • Building physical and social infrastructure.
  • Water, water management, clean rivers.
  • Blue Economy.
  • Self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables.
  • Achieving a healthy society via Ayushman Bharat, well-nourished women & children, safety of citizens.
  • Emphasis on MSMEs, Start-ups, defence manufacturing, automobiles, electronics, fabs and batteries, and medical devices under Make in India.

Tax Slabs

Income SlabsIndividuals below 60 years
Up to Rs 2.5 lakhNil
Rs 2. 5 Lakh to Rs 5 Lakh5% of (Total income minus Rs 2,50,000) + 4% cess
Rs 5 Lakh to Rs 10 LakhRs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10 Lakh and aboveRs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% cess
Income SlabsSenior Citizens (60-80 years)
Up to Rs 3 lakhNil
Rs 3 lakh to Rs 5 lakh5% of (Total income minus Rs 3 lakh) + 4% cess
Rs 5 lakh to Rs 10 lakhRs 10,000 + 20% of (Total income minus Rs 5 lakh) + 4% cess
Rs 10 lakh and aboveRs 1,10,000 + 30% of (Total income minus Rs 10 lakh) + 4% cess
Income SlabsSuper Senior Citizens (Above 80 years)
Up to Rs 5 lakhNil
Rs 5 lakh to Rs 10 lakh20% of (Total income minus Rs 5 lakh) + 4% cess
Rs 10 lakh and aboveRs 1 lakh + 30% of (Total income minus Rs 10 lakh) + 4% cess


Key Changes introduced in Tax Regime

  • Surcharge on individuals having taxable income from Rs 2 crore to Rs 5 crore and Rs 5 crore and above was enhanced so that the effective tax rates for these two categories would increase by 3 percent and 7 percent respectively.
  • Effective tax rate for individuals having taxable income above Rs 2 crore (US$ 0.30 million) has been increased.
  • Relief in levy of Securities Transaction Tax (STT) to be provided.
  • Businesses with an annual turnover of over Rs 50 crore will offer low-cost digital payments. No charges or Merchant Discount Rate (MDR) will be levied on customers and merchants. RBI will bear these expenses.
  • Additional income tax deduction of Rs 1.5 lakh on the interest paid on loans taken to purchase e-vehicles.
  • To boost affordable housing, an additional deduction up to Rs. 1.5 lakh was provided for interest paid on loans borrowed up to 31st March, 2020 for purchase of house valued up to Rs. 45 lakh. Overall benefit of around Rs. 7 lakh over loan period of 15 years was announced.
  • Faceless Income Tax Assessment in electronic mode to be launched in 2019 in a phased manner involving no human interface, to reduce taxpayer trouble
  • Several Direct Tax Incentives to be provided to International Financial Services Centres (IFSCs)
  • Permanent Account Number (PAN) and Aadhaar made interchangeable for convenience of taxpayers; Income Tax returns can be filed using Aadhaar number, if PAN card is not available and vice-a-versa.
  • Export duty rationalised on raw and semi-finished leather.
  • Increase in Special Additional Excise Duty and Road and Infrastructure Cess each by Re 1 per litre on petrol and diesel.
  • Annual turnover limit for 25% corporate tax raised to Rs 400 crore from Rs 250 crore. Taxpayers with an annual turnover of less than Rs 5 crore have to file only quarterly.
  • Direct tax revenue was increased by 78% to Rs. 11.37 lakh crore.
  • 2% TDS (Tax Deducted at Source) on withdrawals of Rs 1 crore in a year from bank accounts for business payments.
  • Appropriate class of persons exempted from the anti-abuse provisions of Section 50CA and Section 56 of the Income Tax Act.
  • Increase in Special Additional Excise Duty and Road and Infrastructure Cess each by Rs. 1 per litre on petrol and diesel.
  • Sabka Vishwas Legacy Dispute Resolution Scheme proposed for quick closure of service tax and excise related litigations.

Aadhaar Card to Non Resident Indians (NRIs) holding Indian Passport

As per the current Aadhaar laws, every resident shall be entitled to obtain an aadhaar number by submitting his demographic information and biometric information by undergoing the process of enrolment. If a person has resided in India for more than 180 days even if he is a NRI or foreign national, he will be eligible to apply for Aadhaar. But now, in the Union Budget, it has been proposed that issuing Aadhaar card for non-resident Indians (NRIs) with Indian passports after their arrival in India without waiting for the mandatory 180 days.

GST

  • Goods and Services Tax (GST) processes were simplified while adding that businesses with less than Rs 5 crore annual turnover will need to file quarterly GST return.
  • The threshold exemption limit for a supplier of goods was proposed to be enhanced from Rs 20 lakh to an amount exceeding Rs 40 lakhs.
  • Merchant exporters have to pay nominal GST of 0.1% for procuring goods from domestic suppliers for export.

Non-banking Financial Companies (NBFCs)

  • Interest on certain bad or doubtful debts by deposit-taking as well as systemically important non-deposit taking NBFCs to be taxed in the year in which interest is actually received.
  • To allow Foreign Institutional Investors (FIIs) and Foreign Portfolio Investment (FPI) in debt securities issued by NBFCs.
  • Proposals for strengthening the regulatory authority of RBI over NBFCs to be placed in the Finance Bill.
  • The requirement of creating a Debenture Redemption Reserve will be done away with to allow NBFCs to raise funds in public issues.
  • Steps to allow all NBFCs to directly participate in the Trade Receivable Discounting System (TReDS) platform.

International Financial Services Centre (IFSC)

Direct tax incentives proposed for an IFSC with:

  • 100 % profit-linked deduction section 80-LA in any ten-year block within a fifteen-year period.
  • Exemption from dividend distribution tax from current and accumulated income to companies and mutual funds.
  • Exemptions on capital gain to Category-III Alternative Investment Funds (AIFs).
  • Exemption to interest payment on loan taken from non-residents.
  • To reduce Net Owned Fund requirement from Rs 5,000 crores to Rs 1,000 crore.

Banking and Financial Sector

  • Non Performing Assets of commercial banks reduced by over Rs. 1 lakh crore in 2018-19.
  • Record recovery of over Rs. 4 lakh crore affected over the last four years.
  • Provision coverage ratio at its highest in seven years.
  • Domestic credit growth increased to 13.8%.
  • Rs 70,000 crore proposed to be provided to Public Sector Banks to boost credit.
  • Return of regulatory authority from National Housing Bank to RBI proposed, over the housing finance sector.
  • 100 lakh crore investment in infrastructure intended over the next five years. Committee proposed to recommend the structure and required the flow of funds through development finance institutions.
  • Steps to be taken to separate the National Pension Scheme Trust from Pension Fund Regulatory and Development Authority (PFRDA).
  • Government to offer an investment option in ETFs on the lines of Equity Linked Savings Scheme (ELSS).
  • Government to meet public shareholding norms of 25% for all listed PSUs and raise the foreign shareholding limits to maximum permissible sector limits for all PSU companies which are part of Emerging Market Index.

New series of coins of One Rupee, Two Rupees, Five Rupees, Ten Rupees and Twenty Rupees, easily identifiable to the visually impaired to be made available for public use shortly.

Central Public Sector Enterprises (CPSEs)

  • Target of Rs. 1,05,000 crore of disinvestment receipts set for the FY 2019-20.
  • Government to reinitiate the process of strategic disinvestment of Air India, and to offer more CPSEs for strategic participation by the private sector.
  • Government to consider going to an appropriate level below 51% in PSUs where the government control is still to be retained, on a case to case basis.
  • The present policy of retaining 51% Government stake to be modified to retaining 51% stake inclusive of the stake of Government controlled institutions.

Digital Payments

TDS of 2% on cash withdrawal exceeding Rs. 1 crore in a year from a bank account.Business establishments with annual turnover more than Rs. 50 crore shall offer low cost digital modes of payment to their customers and no charges or Merchant Discount Rate shall be imposed on customers as well as merchants.

Mega Investment in Sunrise and Advanced Technology Areas

Scheme to invite global companies to set up mega-manufacturing plants in areas such as Semi-conductor Fabrication (FAB), Solar Photo Voltaic cells, Lithium storage batteries, Computer Servers, Laptops, etc was proposed. Investment-linked income tax exemption will be provided along with indirect tax benefits.

Towards 5 Trillion Dollar Economy

Indian economy will become a 3 trillion dollar economy in 2019-20 and Government aspires to make India a 5 trillion dollar economy in the coming years.

Ease of Doing Business

India’s Ease of Doing Business ranking under the category of ‘paying taxes’ jumped from 172 in 2017 to 121 in 2019.

Relief for Start-ups

  • Capital gains exemptions from the sale of residential house for investment in start-ups extended till FY21.
  • In terms of Angel Tax Issue, startups and their investors who file requisite declaration & provide information in their return will not be subjected to any kind of scrutiny in valuation of share premiums.
  • E-verification mechanism for establishing the identity of the investor and source of funds.
  • Special administrative arrangements for pending assessments and grievance redressal.
  • No scrutiny of valuation of shares issued to Category-II Alternative Investment Funds.
  • Relaxation of conditions for carry forward and set off of losses.

Small businesses/MSMEs

  • Centre will create a payment platform for MSMEs for payment of bills
  • Hundred new clusters will be set up in 2019-20 to enable 50,000 artisans to come into the economic value chain
  • It will set up 10,000 new farmer producer organisations.
  • 350 crore allocated for FY 2019-20 for 2% 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.
  • The government proposes to extend pension benefits to three crore retail traders with an annual turnover less than Rs 1.5 crore under Pradhan Mantri Karam Yogi Man Dan Scheme.
  • A separate portal will provide up to Rs1 crore loan in 59 minutes for MSMEs (Micro, Small & Medium Enterprises).

Transportation

  • 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.
  • Massive push given to all forms of physical connectivity through Pradhan Mantri Gram Sadak Yojana, Industrial Corridors, Dedicated Freight Corridors and Bhartamala and Sagarmala projects, Jal Marg Vikas and UDAN Schemes.
  • 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 Jal Marg Vikas Project.
  • Four times increase in the next four years estimated in the cargo volume on Ganga.
  • The transport sector has been allocated enhanced outlay of Rs 83,000 crore.

New Space India Limited (NSIL)

To harness India’s space ability commercially, incorporated as a new commercial arm of Department of Space called New Space India Limited (NSIL). It has been incorporated to tap the benefits of Research & Development carried out by ISRO like commercialization of products like launch vehicles, transfer to technologies and marketing of space products.

  • Budget allocation for the Department of Space for the year 2019-20 has gone up to Rs. 12,473.26 crore.

Railways

  • 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 kilometers of Metro Rail network has become operational across the country.
  • Ministry of Railways has been allocated Rs 94,071 crore (US$ 14.11 billion) in 2019-20.

Rural India

  • Ujjwala Yojana and Saubhagya Yojana have transformed the lives of every rural family, dramatically improving ease of their living.
  • Electricity and clean cooking facility to all willing rural families by 2022.
  • 10,000 new Farmer Producer Organizations to be formed, to ensure economies of scale for farmers.
  • Government to work with State Governments to allow farmers to benefit from e-NAM(National Agriculture Market).
  • Promotion of “Zero Budget Natural Farming (ZBNF)” to reduce the cost of production of farmers and thereby double their income.
  • In the proposed Budget 2019-20, Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)  was allocated Rs 60,000 crore.

Pradhan Mantri Awas Yojana – Gramin (PMAY-G)

  • It aims to achieve “Housing for All” by 2022. Eligible beneficiaries to be provided 1.95 crore houses with amenities like toilets, electricity and LPG connections during its second phase (2019-20 to 2021-22).

Pradhan Mantri Matsya Sampada Yojana (PMMSY)

  • A robust fisheries management framework through PMMSY to be established by the Department of Fisheries. There is a need to address critical gaps in the value chain including infrastructure, modernization, traceability, production, productivity, post-harvest management, and quality control.
  • It has allocated an estimated Rs 3,737 crore for the newly carved out Ministry of Fisheries, Animal Husbandry and Dairying.

Pradhan Mantri Gram Sadak Yojana (PMGSY)

  • Target of connecting the eligible and feasible habitations advanced from 2022 to 2019 with 97% of such habitations already being provided with all weather connectivity. 30,000 kilometers of PMGSY roads have been built using Green Technology, Waste Plastic and Cold Mix Technology, thereby reducing carbon footprint. 1,25,000 kilometers of road length to be upgraded over the next five years under PMGSY III with an estimated cost of Rs. 80,250 crore.

Scheme of Fund for Upgradation and Regeneration of Traditional Industries’ (SFURTI)

  • Common Facility Centres (CFCs) to be setup to facilitate cluster based development for making traditional industries more productive, profitable and capable for generating sustained employment opportunities. 100 new clusters to be setup during 2019-20 with special focus on Bamboo, Honey and Khadi, enabling 50,000 artisans to join the economic value chain.

Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship’ (ASPIRE) consolidated

  • 80 Livelihood Business Incubators (LBIs) and 20 Technology Business Incubators (TBIs) plan to be setup in 2019-20. 75,000 entrepreneurs will be skilled in agro-rural industry sectors.

India’s water security

  • New Jal Shakti Mantralaya to look at the management of our water resources and water supply in an integrated and holistic manner.
  • Jal Jeevan Mission to achieve Har Ghar Jal (piped water supply) to all rural households by 2024.
  • 1592 critical and over exploited Blocks spread across 256 District being identified for the Jal Shakti Abhiyan. Compensatory Afforestation Fund Management and Planning Authority (CAMPA) fund will be used for this purpose.

Swachh Bharat Abhiyan

  • 6 crore toilets were constructed since Oct 2, 2014.
  • 5.6 lakh villages have become Open Defecation Free (ODF).
  • Swachh Bharat Mission to be expanded to undertake sustainable solid waste management in every village.

Pradhan Mantri Gramin Digital Saksharta Abhiyan

  • Over two crore rural Indians made digitally literate.
  • Internet connectivity in local bodies in every Panchayat under Bharat-Net to bridge rural-urban divide.
  • Universal Obligation Fund under a PPP arrangement to be utilized for speeding up Bharat-Net.

Urban India

  • More than 95% of cities were declared Open Defecation Free (ODF).
  • Almost 1 crore citizens have downloaded Swachhata App.
  • Target of achieving Gandhiji’s resolve of Swachh Bharat to make India ODF by 2nd October 2019. To mark this occasion, the Rashtriya Swachhta Kendra to be inaugurated at Gandhi Darshan, Rajghat on 2nd October, 2019. Gandhipedia being developed by the National Council for Science Museums to sensitize youth and society about positive Gandhian values.
  • Railways to be encouraged to invest more in suburban railways through SPV structures like Rapid Regional Transport System (RRTS) proposed on the Delhi-Meerut route.

Pradhan Mantri Awas Yojana – Urban (PMAY-Urban)

  • Over 81 lakh houses with an investment of about Rs. 4.83 lakh crore sanctioned of which construction started in about 47 lakh houses.
  • Over 26 lakh houses completed of which nearly 24 lakh houses delivered to the beneficiaries.
  • Over 13 lakh houses so far constructed using new technologies.

Youth

  • New National Education Policy to be brought.
  • The National Research Foundation (NRF) was proposed.
  • 400 crore provided for “World Class Institutions”, for FY 2019-20,
  • ‘Study in India’ proposed to bring foreign students to study in Indian higher educational institutions.
  • Draft legislation to set up Higher Education Commission of India (HECI), to be presented.
  • Khelo India Scheme to be expanded with all necessary financial support.
  • National Sports Education Board (NSEB) for development of sportspersons to be set up under Khelo India, to popularize sports at all levels
  • Stand-Up India Scheme to be continued for the period of 2020-25. The Banks to provide financial assistance for demand-based businesses.

Ease of Living

Pradhan Mantri Shram Yogi Maandhan Scheme

About 30 lakh workers joined the Pradhan Mantri Shram Yogi Maandhan Scheme which provides Rs. 3,000 per month as pension on attaining the age of 60 to workers in unorganized and informal sectors.

UJALA Yojana 

Approximately 35 crore LED bulbs distributed under UJALA Yojana leading to cost saving of Rs. 18,341 crore annually.

Naari Tu Narayani/(Woman you are a Goddess)

A Committee proposed with Government and private stakeholders for moving forward on Gender budgeting.

Self Help Groups (SHGs)

  • Women SHG interest subvention program proposed to be expanded to all districts.
  • Overdraft of Rs. 5,000 to be allowed for every verified women SHG member having a Jan Dhan Bank Account.
  • One woman per SHG to be eligible for a loan up to 1 lakh under MUDRA Scheme.

India’s Soft Power

  • Mission to integrate traditional artisans with global markets proposed, with necessary patents and geographical indicators.
  • 18 new Indian diplomatic Missions in Africa approved in March, 2018, out of which 5 were already opened. Another 4 new Embassies intended in 2019-20.
  • Revamp of Indian Development Assistance Scheme (IDEAS)
  • 17 iconic Tourism Sites being developed into model world class tourist destinations.

Faster Adoption and Manufacturing of Hybrid and Electric vehicles (FAME) scheme

  • Outlay of Rs 10,000 crore for 3 years approved for Phase-II of FAME Scheme.
  • Only advanced-battery-operated and registered e-vehicles to be incentivized under FAME Scheme.

UDAY

Cross subsidy surcharges, undesirable duties on open access sales or captive generation for industrial and other bulk power consumers will be removed under Ujjwal DISCOM Assurance Yojana (UDAY).

Infrastructure financing

  • Credit Guarantee Enhancement Corporation to be set up in 2019-2020 to enhance sources of capital for infrastructure financing.
  • Action plan to be put in place to deepen the market for long term bonds with a focus on infrastructure.

Market & Investment

  • Stock exchanges will be enabled to allow AA rated bonds as collateral.
  • Electronic fund raising platform under the regulatory ambit of SEBI.
  • SEBI to consider raising the threshold for minimum public shareholding in listed companies from 25% to 35%.
  • Government to supplement efforts by RBI to get retail investors to invest in government treasury bills and securities, with further institutional development using stock exchanges.
  • Government to organize an annual Global Investors Meet in India, using National Infrastructure Investment Fund (NIIF) as an anchor to get all three sets of global players (pension, insurance and sovereign wealth funds).
  • Statutory limit for FPI investment in a company is proposed to be increased from 24% to sectoral foreign investment limit. Option to be given to the concern corporate to limit it to a lower threshold.
  • FPIs to be permitted to subscribe to listed debt securities issued by ReITs and InvITs.
  • NRI-Portfolio Investment Scheme Route is proposed to be merged with the Foreign Portfolio Investment Route.
  • FDI limit on insurance intermediaries increased to 100% from 49%.

PAHAL Scheme

There have been estimated savings/benefits of Rs. 59,599 crore for the Government upto March, 2019 under the Direct Benefit Transfer of LPG (DBTL) or PAHAL(Pratyaksh Hanstantrit Labh) scheme of the Ministry of Petroleum and Natural Gas. The Budget Estimates provide an amount of Rs. 37478 crore as Petroleum subsidy for the 2019-20, compared to Rs. 24833 crore in revised estimates of 2018-19. Out of the above, Rs. 32989 crore are earmarked for LPG subsidy while Rs. 4489 crore have been allocated for kerosene subsidy.

Allocations to Ministries

  • Ministry of Home Affairs (MHA)- Rs 1,19,025 crore.
  • The fertiliser subsidy allocations have seen a hike of around Rs 10,000 crore from Rs 70,090.35 crore (Budget Estimates 2018-19) to Rs 79,996 crore (Budget Estimates 2019-20).
  • Ministry of Development of North Easter Region- Rs 3,000 crore.
  • Department of Atomic Energy (DAE)-  Rs 16,925 crore
  • Women and Child Development Ministry- Rs 29,000 crore
  • Ministry of External Affairs-  Rs 17,800 crore
  • Defence- Rs 3.18 Lakh Crore.
  • Ministry of skill development – Rs 2989 crore

Costlier & Cheaper Items

List of Costlier Items include

  • Petrol
  • Diesel
  • Gold, silver (Import duty at 12.5%)
  • Cigarettes, hookah
  • Fully imported cars
  • Automobile parts
  • Optical fibre cable
  • Digital camera
  • Cashew
  • Synthetic rubber
  • Vinyl flooring
  • Imported books (5% Customs duty)
  • Split air-conditioners
  • Loudspeakers
  • Digital video recorders
  • CCTV cameras
  • Imported plastics
  • Raw materials for the manufacture of soap
  • Tiles
  • Imported stainless steel products
  • Newsprint
  • Mountings for furniture
  • Camera module and charger of mobile phones

List of Cheaper Items include

  • Electric vehicles
  • Leather items
  • Defence equipments
  • Purchasing of Home upto Rs. 45 Lakh
  • Mobile Phone
  • Electronic goods
  • Set-top box

Achievements during 2014-19

  • 1 trillion dollar added to Indian economy over the last 5 years (compared to over 55 years taken to reach the first trillion dollar).
  • India is now the 6th largest economy in the world, compared to 11th five years ago.
  • Indian economy is globally the 3rd largest in Purchasing Power Parity (PPP) terms.
  • Strident commitment to fiscal discipline and a rejuvenated Centre-State dynamic provided during 2014-19.
  • Structural reforms in indirect taxation, bankruptcy and real estate carried out.
  • Average amount spent on food security per year almost doubled during 2014-19 compared to 2009-14.
  • Patents issued more than trebled in 2017-18 as against the number in 2014.
  • Ball set rolling for a New India, planned and assisted by the NITI Aayog.

About Budget:

According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year.