Finance Minister Nirmala Sitharaman presented the Union Budget 2019-20 in parliament today. Quick Aadhaar for Non-resident Indians on arrival in India, public-private partnership in railways, commercialisation of space ventures under ISRO are among the major announcements made by Ms Sitharaman in her budget speech. Ms Sitharaman has also proposed additional excise duty and infrastructure cess each by 1 rupee a litre on petrol and diesel.
This was the first full Budget of the National Democratic Alliance (NDA) in its second term, after coming to power with a massive win in the national election held in April and May. "It took India 55 years to reach a $1 trillion economy. When hearts are with hopes and aspirations, we added $1 trillion in just five years. The common man was served even when transformational reforms were laid out," Ms Sitharaman, India's first full-time woman finance minister said in her maiden speech.
Prime Minister Narendra Modi said the union budget is "one of hope" and "it is a budget that will boost India's development in the 21st Century". The budget, he said, will strengthen enterprises, increase participation of women in the country, simplify the tax system and modernise infrastructure.
