Few highlights of the Budget 2019:
India’s FDI flows in 2018-19 remained strong compared to global at $54.2 billion, 6% higher than last year. The government will examine options of opening up FDI in media, animation and some other sectors to improve these flows further.
Direct tax revenue has grown 78% from 2014 to 2019.
India’s sovereign external debt to GDP is among the lowest globally at less than 5%, she pointed out. A new series of coins including for Rs 20 will be made available for public use shortly, she said.
The government proposed to consider issuing Aadhaar cards to NRIs with Indian passports in India without having to wait for the necessary 180 days.
Sitharaman iterated the increase in the government’s efforts to improve the skills of our youth in newer areas such as Artificial Intelligence, Big Data, Robotics, etc valued highly within and outside the country to ensure they can secure high paying jobs both in India and abroad.
The government is contemplating organising an annual global meet to get all three sets of global players: industrialists, corporate leaders, corporate sovereign and venture funds.
Bharat Khatri Country Lead, Xaxis India
Increase in FDI limits in media is a welcome move, but would require more clarity and stability. The move will definitely drive incremental investments and more capital intensity followed by pure digitization of the networks. Hence, enhanced FDI limits will help the industry as more and more players, especially start-ups, will start building good quality content network on a larger scale.