The Halwa ceremony marks the launch of the formal printing of documents related to Union Budget 2019. Shiv Pratap Shukla who is the Minister of State for Finance and Pon Radhakrishnan who is Minister of State in the Ministry of Finance and Ministry of Shipping launched the Halwa ceremony and shared the Halwa with Ministry officials. The NDA Government will unveil the Interim Budget on February 1st 2019 as this is an election year.
You must have several expectations from the Union Budget 2019. Let’s see which of them come true.
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The Government has been focusing on Small Medium Enterprises or SMEs ever since GST, to get rid of the stress MSMEs face. This is important for the success of Pradhan Mantri Awas Yojana (Urban and Rural) or PMAY.
Why are MSMEs in stress? NBFCs and HFCs are leading lenders to MSMEs. NBFCs are facing liquidity issues after the IL&FS crisis, where its rating was reduced to junk. NBFCs had high exposure to the IL&FS debt. The Government could support NBFCs and HFCs by giving them the priority sector for bank credit. This means banks will have to lend to NBFCs up to a certain percentage solving liquidity issues.
Creation of jobs: MSMEs are the backbone of the economy and job creators. PM Modi is using all possible measures to create jobs. Supporting and incentivizing MSMEs leads to job creation.
Union Budget 2019 will be dedicated to the farmer. This is part of the Government plan to double farmer’s income by 2022. The Union Minister for Agriculture and Farmers Welfare, Radha Mohan Singh has said the Government is implementing several programmes to develop the agriculture sector in India.
Farmers want general loans and not just agricultural loans. Banks only give agricultural loans to farmers. This loan is used to pay off old loans availed to buy seeds, fertilizers and so on, in the previous year. Bank loans arrive too late for the current sowing season. Farmers want general loans from banks to start small businesses, as agriculture is subject to the vagaries of weather. The farmer could avail loans by mortgaging agricultural land to start a small business.
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