Thread by @monikahalan

#BudgetwithMint|
Speech begins with a reference to 'new India' and the election result. Taking it as a validation of the performance of the government.
Validation of the two goals - national security and economic growth
#Budget2019

#BudgetwithMint|
Mazboot desh ke liye mazbooth nagrik
Empower the citizen to make the nation strong
Refers to Chanakya: Determined human effort leads to task completion
#Budget2019

#BudgetwithMint|
Vision for the decade:
Goal of USD 5trillion is the focus. The vision for the decade in 10 points.
Social infra, digital india, pollution free, make in india, water, space, self sufficiency in food grains and export, medical, clean India
#Budget2019

#BudgetwithMint|
Path to plan from $3 trillion to $5 trillion
key is structural reform
have seen indirect taxation, GST and RERA, mudra loans, gas, electricity, toilets
need to invest in infra, digital and job creation
#Budget2019

#BudgetwithMint|
Asha, vishwas and akanksha are the three prongs of the new India
home, believe and aspiration
#Budget2019

#BudgetwithMint|
Emphasizes the role of industry - small and big - in national growth
Do not look down on legitimate profit earning
"India Inc are job creators and wealth creators"
BIG statement at the top of the speech
good to hear
#Budget2019

#BudgetwithMint|
This is good - the trust deficit has to go.
by taking this up at the top of her speech, @nsitharaman is giving the right signals of trusting the wealth and job creators
#Budget2019

#BudgetwithMint|
Early reference to making India's International Finance center operational.
Once the regulatory box opens, we can hope for much bigger change
maybe the #IFC getting implemented
#Budget2019 @livemint

#BudgetwithMint|
Push for electric vehicles, roadways, inland waterways
The use of rivers for cargo will decongest roads and railways
#Budget2019 @livemint

#BudgetwithMint|
One nation, one grid for electricity plan
one gas grid
one water grid
and regional airports
this will be the backbone of the business activity

#Budget2019 @livemint

#BudgetwithMint|
Govt examining UDAY
Will work with state govts like cross subsidy, surcharges and duties
#Budget2019 @livemint

#BudgetwithMint|
Package for power sector tarrifs will be announced
Promotion of rental housing - current laws are archaic
model tenancy law will be made and given to states
#Budget2019 @livemint

#BudgetwithMint|
Public infra and affordable housing to be taken up
MSME focus - loan of upto Rs 1 crore in 29 minutes - 350 crore has been allocated in FY20 for all GST registered MSMEs on fresh or incremental loans
#Budget2019 @livemint

#BudgetwithMint|
Payment platform for MSMEs to cut down time and problems
Extend the pension benefit to 3 crore retail traders and shop keepers whose annual turnover is less than Rs 1.5 crore under a new scheme
will be aadhar linked and self declaration
#Budget2019 @livemint

#BudgetwithMint|
Needs 20 trillion of capital each year for growth
A credit guarantee corporation will be set up in 2019.
Long term bonds
credit default swaps (YAY! finally)

#Budget2019 @livemint

#BudgetwithMint|
Bond markets - work with RBI and SEBI to allow stock exchanges to use triple A rated bonds as collateral

#Budget2019 @livemint

#BudgetwithMint|
Capital markets
electronic fund raising platform under SEBI for listing social enterprises and NGOS
(great way to shine the light of transparency in the opaque NGO sector!)

#Budget2019 @livemint

#BudgetwithMint|
Retail investors to be encouraged to invest in T bills though stock exchanges
(Ab insurance ka kya hoga - they turn 8% G secs into 2-4% policies)

#Budget2019 @livemint

#BudgetwithMint|
FDI push
opening up FDI in aviation, media, insurance - will consider
100% FDI for insurance intermediaries
single brand retail opening up
organise a global investor meet to encourage industry, pension and insurance, venture funds
#Budget2019 @livemint

#BudgetwithMint|
Focus on passive investment - needs available floating stock.
Measures like changing the 24% limit for that

#Budget2019 @livemint

#BudgetwithMint|
InVits, Reits, TOT new products in the market for infra investment
Plans to push harder in this direction

#Budget2019 @livemint

#BudgetwithMint|
Space. NSIL - new commercial arm of department of space to harness the economic benefits of ISRO
commercialization of space reserach
#Budget2019 @livemint

#BudgetwithMint|
Grameen Bharat (tighten belt for handouts?)
gaon gareeb and kisan are the center of all the work
Gas and electricity have been the two big push to ease rural life
#Budget2019 @livemint

#BudgetwithMint|
All those, except those who do NOT want, will have cooking gas and electricity

#Budget2019 @livemint

#BudgetwithMint|
1.95 crore houses proposed to be provided with toilets, electrictiy and gas
DBT platform has reduced completion of houses from 314 days FY16 to 114 days in FY18
#Budget2019 @livemint

#BudgetwithMint|
Upgrade 125000 km of roads under the PMGSY
#Budget2019 @livemint

#BudgetwithMint|
Bamboo, honey and khadi clusters
100 new clusters to get 50,000 artisans to join economic value chain

#Budget2019 @livemint

#BudgetwithMint|
Ease of doing business to extend to farmers and they should not face state level arbitrages
Back to Basics - zero budget farming
farmers are being trained on this - extend to others
#Budget2019 @livemint

#BudgetwithMint|
Water. New ministry to look at water in a holistic manner to ensure Har Ghar Jal
water in every house by 2024
integrated demand and supply focus

#Budget2019 @livemint

#BudgetwithMint|
1592 critical blocks over 256 districts identified for Jal Skhakti Abhiyan

#Budget2019 @livemint

#BudgetwithMint|
Swachh Bharat 9.6 crore toilets constructed.
(The world's largst public health programme that hid as swach bharat)
has already shown results in reduced malaria and diohera
#Budget2019 @livemint

#BudgetwithMint|
>2 cr rural Indians have been made digitally literate
internet connectivity in every panchayat

#Budget2019 @livemint

#BudgetwithMint|
Urban India
>81 lakh low income houses been sanctioned, 47 lakh houses construction began
>95% of cities have been open defecation free (big achievement actually)

#Budget2019 @livemint

#BudgetwithMint|
Gandi pedia being developed for Gandian values
(cant accuse these guys of being shy of trying new things - swag!)
#Budget2019 @livemint

#BudgetwithMint|
Youth. new educational policy for higher education (do this fast - why are we sending millions of dollars abroad as fees and living costs?)
#Budget2019 @livemint

#BudgetwithMint|
Road map to research in collaboration with IITs
No Indian education institution in top 200 in world ranking before 2014
Now there are 3 institutions, two IIT amd IISC bangalore
window is open now and will continue to push
#Budget2019 @livemint

#BudgetwithMint|
400 cr for world class education institutions, a three time jump
India to be a hub of higher education
Study in India - bring foreign students here
(arrey, let's get the supply open for our own, no?0
#Budget2019 @livemint

#BudgetwithMint|
Khelo India to expand to promote sports
national sports education board to be set up

#Budget2019 @livemint

#BudgetwithMint|
10 million youth for skill training aimed at employment - aim to take jobs overseas
focus on skill sets needed abroad
new age skills as IA IoT big data 3 d printing robotics
(super good - hope they get the right people to do this)

#Budget2019 @livemint

#BudgetwithMint|
Streamline multiple labour laws into set of 4 labour codes
CODES not COURTS
#Budget2019 @livemint

#BudgetwithMint|
TV show for start ups
(we have in house talent for this maam - shreeja is very good!)
#Budget2019 @livemint

#BudgetwithMint|
Ease of Living
Digital payments - already being implemented
35 crore LED bulbs distributed leading to a cost saving of Rs 18341 crore annual

#Budget2019 @livemint

#BudgetwithMint|
Naaari toh Narayan
Focus on women
Gender analysis of the budget in place for 10 years
a broad based committee to evaluate and suggest ways of action to promote the role of women
#Budget2019 @livemint

#BudgetwithMint|
towards women lead initiatives, not just women focussed
(this shoft of focus is good)
Women SHG interest subvention to be extended
Link Jan Dhan account for SGH members overdraft of Rs 5,000 allowed
one woman in each SHG Rs 1 lakh loan eligibility
#Budget2019

#BudgetwithMint|
Aadhar cards for NRIs with Indian passports, even if not in India for 180 days
Integrate traditional artisans with global markets - create GI for them
#Budget2019 @livemint

#BudgetwithMint|
Finally some noise in Parliament.
Too silent - usual rumpus is missing
Should have had a woman FM much earler
@nsitharaman #Budget2019 @livemint

#BudgetwithMint|
Her tone, body language and voice brooks no space for back benchers having fun
#Budget2019 @livemint

#BudgetwithMint|
17 iconic tourist sites to enhance visitor experience
(badly needed - India has so much to offer but held back by lethargy and dysfucntion)
#Budget2019 @livemint

#BudgetwithMint|
Banking and Finance
(holds breath)
#Budget2019 @livemint

#BudgetwithMint|
NPAs are down by Rs 1 trillion
Rs 4 trillion recovery due to IBC
reduced public sector banks by 8
6 PSU banks have come out of trouble
PSU banks to be further given Rs 70,000 crore
(PSU bank stocks to go up)
#Budget2019 @livemint

#BudgetwithMint|
Door step banking
Online loans
#Budget2019 @livemint

#BudgetwithMint|
NBFCs. Sound ones should continue to get funding.
For purchase of high rated pooled assets upto Rs 1 trillion part during FY20, govt will give one time six month partial credit guarnatee, for first loss upto 10%
#Budget2019 @livemint

#BudgetwithMint|
RBI to get more teeth for NBFCs
(RBI is unable to do its current job - more work?)
#Budget2019 @livemint

#BudgetwithMint|
Housing sector. NHB loses its regulatory job to the RBI
Big slap for the role of NHB
#Budget2019 @livemint

#BudgetwithMint|
Rs 100 trillion for infra in next five years

#Budget2019 @livemint

#BudgetwithMint|
PFRDA - separate NPS trust from PFRDA
Insurance: reduce net owned fund requirement from 5000 crore to 1000 crore
#Budget2019 @livemint

#BudgetwithMint|
Disinvestment
Govt is thinking about lowering 51% in PSUs on a case to case basis
Modify present policy of 51%, inclusive of govt contrlled institutions
(this is big - opens up more disinvestment)
#Budget2019 @livemint

#BudgetwithMint|
More retail participation in CPSEs
Disinvestment of CPSEs - govt will reiniate Air India sale and put more on the block
Rs 1.5 trillion target of disinvestment in FY20
(this needs tobe done - more govt funds and better market depth)
#Budget2019 @livemint

#BudgetwithMint|
ETFs
Investment option on line of ELSS for CPSE disinvestment
(More tax breaks coming for will ELSS lose its mojo?)

#Budget2019 @livemint

#BudgetwithMint|
India's soverign external debt ratio to GDP is one of lowest in the world
Govt will start borrowing in forex (in a less fiscally stable time, i would have called this foolhardy - but not now)
#Budget2019 @livemint

#BudgetwithMint|
New 1, 2, 5, 10 and 20 coins to come to the market
#Budget2019 @livemint

#BudgetwithMint|
Part B
Now come the tax hits
Collective indrawn breath
guys sit up in parliament
and in office
#Budget2019 @livemint

#BudgetwithMint|
Begins by thanking tax payers (you're welcome, but get more people to pay)
#Budget2019 @livemint

#BudgetwithMint|
Already 1 hour and 40 minutes.
May go down as the longest speech
@nsitharaman shows no sign of being tired. She's is still full steam ahead
I'm thinking of the edition ahead and the TV gig and recalculating time lines

#Budget2019 @livemint

#BudgetwithMint|
Analogy of an elephant given rice wont have to enter the field!
Bascially - guys pay your taxes or we will come in, trunk swinging and trumpeting
#Budget2019 @livemint

#BudgetwithMint|
Corporate tax
phased reduction to continue
annual turnover upto 250 crore pay 25%
widen to include upto 400 crore (small and mid caps to go up)
covers 99.3% of all companies
0.7% co remain outside
boost for MSMEs
#Budget2019 @livemint

#BudgetwithMint|
Electric vehicles
Boost to electric vehciles. Rs 1.5 lakh deduction for electric vehicle loans

#Budget2019 @livemint

#BudgetwithMint|
Affordable housing
Upto Rs 45 lakh house, increased interest deduction of upto Rs 3.5 lakh
Rs 7 lakh benefit to middle class for a 15 year loan

#Budget2019 @livemint

#BudgetwithMint|
GIFT city: direct tax incentives
100% profit linked decution in any 10year block in a 15 year period
exemption from div distribution tax
exemption from capital gains tax
#Budget2019 @livemint

#BudgetwithMint|
STT reduction in options
#Budget2019 @livemint

#BudgetwithMint|
Interchangebility of PAN and Aadhar for tax filing. Lack of PAN not going to stop people from filing returns

#Budget2019 @livemint

#BudgetwithMint|
Pre filled tax return forms will be given
Data collected from banks, mutual funds etc
#Budget2019 @livemint

#BudgetwithMint|
Tax scrutiny changes
To stop rent seeking by taxmen
faceless assessment with NO human interface launched in phased manner
Allocated to assessment in random manner and notices issued in annonymised manner
(excellent!)
#Budget2019 @livemint

#BudgetwithMint|
to stop making business payment in cash
2% on cash > Rs 1 crore in a year from a bank account
businesses of >Rs 50 crore should offer digital payments at no cost on consumer or merchants

#Budget2019 @livemint

#BudgetwithMint|
Revenues. Collective groans.
#Budget2019 @livemint

#BudgetwithMint|
Hike in surcharge with taxable income with income 2 crore and 5 crore
effective tax hike is 3% and 7%
#Budget2019 @livemint

#BudgetwithMint|
Direct taxes over?
Indirect taxes.
No need post GST, what will happen here?
#Budget2019 @livemint

#BudgetwithMint|
GST processes to be simplified
< 5 crore to file only quarterly return
multiple tax ledgers to replaced by one
electronic invoice system to be in place in some time
e way bill will not be needed
Jan 2020 will see this start

#Budget2019 @livemint

#BudgetwithMint|
2 hours and still going strong. Not even sipped water.
You go girl!

#Budget2019 @livemint

#BudgetwithMint|
Custom duties are tinkered with with specific items reminding of a pre GST time with the long list of duty rates on specific items
#Budget2019 @livemint

#BudgetwithMint|
Addition of Rs 1 cess per liter of petrol and diesel
Hike customs duty on gold and precious metals from 10 to 12.5%
Crude and tobacco products nominal excise duty
#Budget2019 @livemint

#BudgetwithMint|
3.75 trillion still blocked as pre GST contested cases
A legacy dispute resolution scheme that will allow quick closure of these cases
(grand bargain to let to of the past?0
#Budget2019 @livemint

#BudgetwithMint|
and it ends after 2 hours and 8 minutes
#Budget2019 @livemint