An overarching vision for a $ 5 trillion economy by 2024 driven primarily by rising investment in the economy. In this context, development of infrastructure has been given top priority. The government will invest Rs. 100 lakh crore in infrastructure in the coming five years. Tax proposals are also geared to promote economic competitiveness and to boost growth.
The setting up of a National Research Foundation and more incentives for the development of public-private partnerships, especially in projects involving national railways and metros. The Finance Minister said that India has the potential to be the education hub of the world while proposing the ‘Study in India’ programme to attract foreign students in the country.
Both rental and affordable housing have got a boost in this budget. This is likely to help streamline the unorganized rental market in India, thus ultimately ensuring that that affordable housing does indeed benefit the masses.
Government has committed to doubling of farmers’ incomes by 2022, as well as enhancing the ease of doing business for farmers. In this context, the emphasis on zero budget farming will help double the farming income of the agrarian community in the days to come.
Prioritize the cost-effective interlinking of public transportation systems all over the country through the National Common Mobility Card (NCMC). The NCMC standard developed is an inter-operable transport card that allows holders to pay for their bus travel, toll taxes, parking charges, retail shopping and withdraw cash. This indigenously developed card runs on Rupay. It is issued by banks on debit/credit/pre-paid card basis.
Tax proposals developed to promote a digital economy. A phased reduction in rates in corporate tax to enhance competitiveness of the private sector. 25% tax on companies with a turnover up to Rs. 400 crore (this will cover more than 99% of companies in India). An additional Rs. 1.5 lakh deduction on housing loans.
Committed to develop women-led entrepreneurship in the country. Every woman SHG member having a verified Jan Dhan account will get an overdraft facility of Rs. 5,000. There was also an announcement of a Rs. one lakh loan for women under the Mudra scheme. Creating a strong environment for women-empowerment in the country is the need of the hour.