Finance Minister of India Piyush Goyal, has been presented Interim Budget 2019, today at 11 AM, in Loksabha.
As MSMEs are the most significant contributing sectors of the Indian economy and nowadays MSMEs are facing a number of challenges that are restricting their growth, the Government has also presented some plan of actions on the budget session. In the intention of empowering SMEs in the next decades, the Government has been declared 2% interest subvention on MSME loans. The assurance is also given that it will provide more funds if needed for the defense manufacturing sector.
In the budget, Piyush Goyal said that several steps have been taken to boost MSMEs and to empower traders. He also stated that the GEM platform is being extended with a focus on supporting domestic trade and services, retail trading and welfare of traders.
In order to bring the benefits of artificial intelligence and related technologies to the common people, a national center for artificial intelligence will soon be established, announced Piyush Goyal, Union Finance Minister, while presenting Interim Budget 2019. Along with MSMEs in India, Agriculture sector has also given more attention in the budget 2019.
He also stated “India has become the second largest Startup hub of the world. We are proud of the Indian youths for their hard work and innovative ideas in this sector. A national programme on artificial intelligence has been envisioned by the Government. This should be catalyzed by the national center for artificial intelligence as a hub, along with other centers of excellence”
Piyush Goyal announced a 10 point vision for the next decade. “We are poised to become $5 trillion economies in the next 5 years and we aspire to become a $10 trillion economy in the next 8 years,” Piyush Goyal said in the budget session.
As per budget 2019, Building India as a ‘digital India’ that arrives every citizen, to create more and more startups and jobs in the ecosystem of India. And Clean & Green India- to make India pollution free and to lead in the transport sector of the world, Electric vehicles with renewable energy will be launched.
Under the Mudra scheme Government also sanctioned 15.56 lakh loans amounting Rs. 7.23 lakh crore of which an overwhelming majority were women beneficiaries. Highlighting the ease of doing business, he said, “Rs 1 crore loan can now be obtained under 59 minutes. Over 1 crore youths have been trained under skill training programmes of the government”, he added.
The Goods and Services Tax (GST) collections in January have crossed the Rs. 1 lakh crore mark and is expected to be Rs. 103,000 crore, acting Finance Minister, Piyush Goyal said
He also added that gratitude to nation’s startup’s Ecosystem, jobs are no longer being generated in traditional factories and job seekers have become job providers.