The document provides a summary of key points from the 2019 Indian Budget as presented by the Finance Minister. Some of the key highlights include: introducing measures to promote a less cash economy through digital payments; imposing a 2% tax on cash withdrawals over Rs. 1 crore to discourage business payments in cash; exempting startups from angel tax scrutiny unless approved by senior tax officials; lowering corporate tax rates to 25% for companies with turnover under Rs. 400 crore; allocating Rs. 100 lakh crore for infrastructure projects over the next five years; and aiming to grow the economy to $5 trillion in the next few years.

1. Glance of Indian Budget 2019
Prepared By
B. Omkareshwar
BUDGET 2019 INDIA

2. BUDGET 2019 AT GLANCE

15. Updates from the Finance minister's Budget speech
• BHIM, UPI–QR, AePS and other digital modes can be used to push less cash economy. Business
establishment with annual turnover of Rs 30 crore can provide/ make digital business payments without any
charges or MDR charges on customers and merchants to be imposed.
• To discourage making business payments in cash, a tax deduction at source (TDS) of two percent is
proposed on cash withdrawals exceeding Rs 1 crore annually from a bank account
• Propose to make PAN and Aadhar interchangeable
• Angel tax: Startup will not come under the scrutiny of Angel Tax. There will no enquiry or verification by
Assessment Officer of Income Tax unless there is approval from the supervising officer in terms of
funds raised.
• India's ease of doing business ranking jumped up from 172 to 121.
• Startups will not require scrutiny by IT department.
• 25 percent of corporate tax on companies with turnover of Rs 400 crore
• GST on EVs lowered from 12 percent to 5 percent.
• Direct revenue has increased by 78 percent.
• Rs 100 lakh crores for infrastructure over the next five years.
• Propose to consider issuing Aadhaar cards for NRIs with Indian passport after coming to India, instead of
them waiting for mandatory 180 days.
• NPAs reduced by over Rs 1 lakh crore.
• Public sector banks to be provided with Rs 70,000 crores to boost capital.
• Women entrepreneurship to be encouraged. Committed to building women-led policy making.

16. • The government to improve youth skills in technological areas such as Artificial Intelligence, Big Data,
Robotics, etc
• The government to improve youth skills in technological areas such as Artifical Intelligence, Big Data, Robotics,
etc
• Doordarshan-like TV channels for startups
• In a matter of two years, 300 entrepreneurs emerged as part of the Standup India scheme.
• Government to streamline multiple labour laws.
• India has the potential to become hub of higher education, we will propose 'Study in India' programme
to get foreign students to India.
• We will invest widely in agriculture infrastructure; support private entrepreneurship in value addition in
agriculture.
• Further opening up of FDI in aviation, media, animation AVGC and insurance to be examined, in
consultation with stakeholders; 100% FDI to be permitted for insurance intermediaries.
• 9.6 crore toilets have been constructed in the Swachh Bharat Abhiyan
• Public holding in listed firms may go up to 35% from the current 25%
• We shall go back to basics on one count. Zero budget farming may not be a new thing. Need to replicate
innovative model already in place in few places to double farmers income, says FM

17. • Payment platform for MSMEs to be created.
• Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover
less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme.
• India's first indigenous payment ecosystem for transport based on National Common Mobility Card was
launched PM in March 2019, enabling people to pay multiple types of transport charges.
• Schemes such as BharatMala, Sagarmala and UDAN are bridging rural urban divide and improving our
transport infrastructure.
• Large infrastructure can be built on land held by the Central ministries and Central Public Sector Enterprises
across the country through an innovative instrument.
• It is high time India become a part of the global financial system.
• Railway infrastructure will need an investment of Rs 50 lakh crores between 2018 and 2030; PPP to be used
to unleash faster development and delivery of passenger freight services.
• India will be made a more attractive FDI destination.
• FAME II scheme aims to encourage faster adoption of electric vehicles by right incentives and charging
infra
• From $1.85 trillion in 2014, the economy has reached $ 2.7 trillion; we can very well reach $ 5
trillion in the next few years.
(Infographic source: Indiabudget.gov.in)