Finance Minister Nirmala Sitharaman on Saturday presented her eighth Union Budget.
She highlighted the focus areas as to accelerate growth, secure developments, uplift household sentiments and India’s rising middle class, and said we see the next 5 year as a big opportunity as Sabka Vikas.
The Finance Minister also announced that a New Income Tax Bill to be introduced next week.
“Government has dedicatedly introduced tax reforms including faceless assessment, the taxpayer charter, and faster processing of returns,” she said.
For the MSMEs, Finance Minister introduced customised credit cards; a fund of funds for startups.
“MSMEs employ 7.5 crore workers. They have come together to manufacture India as manufacturing hub. We will ensure better access to capital,” she said.
“MSMEs responsible for 45% of exports, the budget aims to provide them better access to capital, and technology innovation, thereby increasing the credit guarantee cover from Rs 5 Crore to Rs 10 Crore for micro enterprises, this increases additional credit of Rs 1.5 Lakh Crore in the next 5 years.”
She also hailed the Kisan credit cards, and said thie facilitate short-term loans for 77 million farmers, fishermen, and dairy farmers.
“The loan limit under modified interest subvention scheme will be enhanced to Rs 5 lakh from Rs 3 lakh.”
Nirmala SItharaman also announced the launch of a new programme — PM Dhan Dhaanya Krishi Yojana — which is aimed at developing agri districts program.
“Our government will undertake a PM Dhan Dhaanya Krishi Yojana in partnership with states. Through the convergence of existing schemes and specialised measures, the program will cover 100 districts with low productivity, moderate crop intensity and below-average credit parameters. It aims to enhance cultural productivity,” she said.