Budget highlights: What Nirmala Sitharaman said in Parliament

Finance minister Nirmala Sitharaman presented the Union Budget of the new government on July 5.

These are some of the highlights from her speech.

• Lower 25 percent corporate tax will apply on companies with up to Rs 400 crore turnover.
  

• Strategic disinvestment of select PSUs to remain priority. The government will re-initiate privatisation of Air India.

Strategic disinvestment of select PSUs to remain priority. The government will re-initiate privatisation of Air India.

• Funds raised by startups will not require any scrutiny by tax department.
• PAN and Aadhaar to be made interchangeable, allowing those who do not have PAN to file returns.
• Faceless assessment of tax returns in electronic mode to be launched this year in a phased manner.

• TDS of 2 per cent on cash withdrawal of more than Rs 1 crore from a bank account.
• Surcharge on individuals having taxable income of Rs 2 crore to Rs 5 crore, and Rs 5 crore and more raised.
• Import of defence equipment, not manufactured in India, is being exempted from basic customs duty.
• India's economy will grow to become $3 trillion economy in the current year; the sixth largest in world. The target of $5-trillion economy in the next few years is imminently achievable, she said.

• Rs 10,000 crore has been approved on April 1, 2019, to encourage faster adoption of electric vehicles.
• Traders and shopkeepers with annual turnover of less than Rs 1.5 crore under Pradhan Mantri Karam Yogi Man Dhan Scheme.
• Government to liberalise FDI in aviation, media, animation and insurance intermediaries.
• The NRI portfolio route to be merged with FPI for seamless investment in stock markets.
• 100 per cent FDI to be permitted in animation AVGC (Animation, visual effects, graphcs and comics) and insurance. 100 per cent FDI to be permitted for insurance intermediaries.

• The time is ripe to enter aircraft financing and leasing from Indian shores.
• Railway infrastructure needs Rs 50 lakh crore investment till 2030. Public-private parternships to be unleashed to develop rail infrastructure.
• Blueprint for a national gas grid, water grid, i-ways and airports to be unveiled.
• The government will create a payment platform for MSMEs for payment of bills. The government has allocated Rs 350 crore towards interest subvention for MSMEs for 2019-20.