As is the tradition, several new schemes across sectors were announced by the Finance Minister Nirmala Sitharaman in her budget speech today (5 July).
Here are the schemes at a glance
1. Interest Subvention For MSMEs
As part of the budget, Rs 350 crore has been allocated for FY 2019-20 for 2 per cent interest subvention for all GST registered MSMEs, on fresh or incremental loans.
2. Pradhan Mantri Karam Yogi Maandhan Scheme
The scheme, similar to the earlier PM Shram Yogi Maandhan Scheme, will extend the pension benefit to about three crore retail traders and small shopkeepers whose annual turnover is less than Rs 1.5 crore. Enrolling into the scheme will be on a self-declaration basis and will only require the person’s Aadhar and bank account details.
3. Pradhan Mantri Matsya Sampada Yojana (PMMSY)
Recognising the allied nature of fisheries with other agricultural activities in India, the scheme will help establish a robust fisheries management framework. This will address critical gaps in the value chain, including infrastructure, modernisation, traceability, production, productivity, post-harvest management, and quality control. The scheme will be implemented through the Department of Fisheries under the Ministry of Agriculture and Farmers Welfare.
The ‘Scheme of Fund for Upgradation and Regeneration of Traditional Industries’ (SFURTI) aims to set up more Common Facility Centres (CFCs) to facilitate cluster based development to make the traditional industries more productive, profitable and capable for generating sustained employment opportunities. The focused sectors are Bamboo, Honey and Khadi clusters. The SFURTI envisions setting up 100 new clusters during 2019-20 which will help enable 50,000 artisans to join the economic value chain.
5. Jal Jeevan Mission
The mission, under the Department of Drinking Water and Sanitation under the newly formed Jalshakti Ministry, will focus on sustainable water supply management across the country. Its primary focus will be integrated demand and supply side management of water at the local level, including creation of local infrastructure for source sustainability like rainwater harvesting, groundwater recharge and management of household wastewater for reuse in agriculture.
As part of the Mission, the government is seeking to ensure Har Ghar Jal by 2024, that is piped water supply to all rural households by 2024.
6. Revamping IDEAS Scheme
In pursuit of bilateral and multi-lateral coordination with other nations, the Indian Development Assistance Scheme (IDEAS) provides concessional financing for projects and contributes to infrastructure development and capacity building in the recipient developing countries. The scheme was first mooted during first NDA government in its 2003-04 budget speech and was last extended by the Modi government for five years from 2015-16 to 2019-20. The FM has proposed a revamp of the scheme during her budget speech.
7. Faceless e-Assessment Scheme
In a major relief to taxpayers, the government plans to roll out in a phased manner a scheme to ensure that personal interaction between tax officers and accesses is minimised. Cases selected for scrutiny shall be allocated to assessment units in a random manner and notices shall be issued electronically by a Central Cell, without disclosing the name, designation or location of the Assessing Officer. The Central Cell shall be the single point of contact between the taxpayer and the Department.
8. Sabka Vishwas Legacy Dispute Resolution Scheme
The scheme will help unlock over Rs 3.75 lakh crore blocked in litigations in service tax and excise from the pre-GST tax era, thereby making this amount available for consumption and further investment by the trade and business-owners. The relief under the scheme varies from forty percent to seventy percent of the tax dues for cases other than voluntary disclosure cases, depending on the amount of tax dues involved. The scheme also provides relief from payment of interest and penalty.