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Budget 2020 live: IPO for LIC will increase transparency, says Piyush Goyal
Finance Minister Nirmala Sitharaman started her Budget 2020 speech in the Lok Sabha at 11 am on Saturday (February 1).
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Finance Minister Nirmala Sitharaman delivered her Budget 2020 speech in the Lok Sabha on Saturday (February 1). This was Sitharaman's second Budget speech.
FM Sitharaman has changed income tax slabs and cut income tax rates for earnings up to Rs 15 lakh per year, making it optional for taxpayers who will then have to let go of 70 exemptions. As per the new income tax structure, those earning up to Rs 5 lakh will not have to pay any tax. Those earning between Rs 5 lakh-7.5 lakh will have to pay 10% tax. 15% tax will be for income between Rs 7.5 lakh-10 lakh and 20% tax will be imposed on income between Rs 10-12.5 lakh. The tax will be 25% for income between Rs 12.5 -15 lakh and 30% for income above Rs 15 lakh.
The Union Finance Minister also announced that dividend distribution tax has been shifted to individuals instead of companies. She also announced that concessional tax rate of 15 per cent has been extended to power generation companies. The government plans 100 per cent tax concession to sovereign wealth funds on investment in infra projects, added Sitharaman. She also said concessional withholding rate of 5 per cent on interest payment to non-residents has been extended up to June 30, 2022.
Track the space for latest developments on the Union Budget 2020:
Talking about the agrarian sector, the PM said that Union Budget 2020 will help in doubling farmers' income.
Budget will give new energy to youth in country by promoting startups - Prime Minister Modi.
Prime Minister Narendra Modi said that the tax payer charter announced in Budget will clarify rights of tax payers. He added, ''Skill sets needed for the development of a modern and New India have been focussed.''
While stating that India will now move to become a key member of the global value chain, the PM said that the skill development of the youth has also been stressed upon in the Union Budget.
New reforms announced in Budget will give push to economy. Govt has announced many measures in Budget to push employment in country : Prime Minister
''I congratulate Finance Minister Nirmala Sitharaman and her team for presenting the first Budget of the decade that has vision as well as action,'' said PM.
Hailing the Union Budget 2020 presented by Union Finance Minister Nirmala Sitharaman in Parliament on Saturday (February 1), Prime Minister Narendra Modi said that the government has announced several measures to give a boost to economy.
The government has approved a budgetary allocation of Rs 11,500 crore for Jal Jeevan Mission for the year 2020-21.
The government does not believe in reforms and certainly not in structural reforms. The FM has outright rejected every reform idea contained in the Economic Survey. Did the FM read the Economic Survey? Was the Chief Economic Adviser privy to the contents of the Budget speech? I think the answer to both the questions is in the negative: Congress leader Chidambaram
If a small part of Life Insurance Corporation (LIC) goes to the public it will increase transparency & accountability, after all it is public's property, I don't think there is any harm if a small part of it is with the people: Union Minister of Commerce and Industry, Piyush Goyal
It is a balanced Budget that prepares India for the decade ahead of us &prepares it to be a 5 trillion dollar economy. It also covers a vast canvas both on the social side, on economic development&ensures that we continue to remain an economic powerhouse: Union Minister Piyush Goyal
It is for the first time in this country that such significant and bold reforms have been introduced in Budget in order to deepen the bond markets: FM Sitharaman
I would wait for a full working day at the stock market. Not sure if every aspect of the market was open today. We will wait for Monday. I am confident that when the market opens on Monday, we will see a positive reaction: FM Sitharaman on Sensex crashing 1,000 points
The Central Bureau of Investigation got Rs 802 crore in the Budget 2020, a token increase of just about Rs 4 crore.
I agree that my budget speech was lengthy but in the speech, I had focussed on and spoken about the schemes for employment for the youth, as well as benefits to them: FM Sitharaman
The government allocated Rs 2,826.92 crore as sports budget for the next financial year, up a mere Rs 50 crore from the revised estimates of 2019-20.
To improve consumption demand, private investment and public spending and since revenue side could not be pressed further, without violating Fiscal Responsibility and Budget Management, we had to relax fiscal deficit target by 0.5%: Sitharaman
Budget 2020 live: Employer contribution to EPFO will remain as exemption in new tax regime, says Sitharaman
We had announced some things earlier for the sector. We had announced that stalled projects need to be completed and will be given last-mile funding. Now, we have extended the date by one year: Sitharaman on real estate sector
Budget provides e-commerce operators to deduct TDS on all payments to e-commerce participants at 1% with PAN/Aadhaar, 5% in non-PAN/Aadhaar.
In India, the personal income tax rate regime should be simple and rates should be low: Sitharaman
New income tax rates only on giving up exemptions under Section 80C, 80D, LTC, HRA among others.
Finance Minister Nirmala Sitharaman on option of lower income tax rates: We wanted to place money in the hands of the people, particularly the middle class and lower middle classes. We also wanted to simplify income tax process and increase compliance.
In budget, Modi govt has taken effective steps to rationalize tax system, boost basic infrastructure, strengthen banking system, promote investment and ease of doing business, which will further Modi govt’s resolve to make India a US$ 5 trillion economy: Union Home Minister Amit Shah
Budget 2020: Aid to countries by India (Figures in crore)
Bhutan: Rs 2884.65
Mauritius: Rs 1025
Nepal: Rs 800
African countries:Rs 350
Maldives, Myanmar: Rs 300
Afghanistan, Sri Lanka: Rs 200
Seychelles:Rs 140
Latin American countries: Rs 20
Increase in Aid by India to
--Bangladesh: increase of Rs 50 cr --Myanmar: increase of Rs 170 cr --Seychelles: an increase of Rs 90 cr
Decrease in Aid by India to
--Nepal: Cut of Rs 400 cr
--African countries: Cut of Rs 100 Cr
--Mauritius: Cut of Rs 75 cr
--Maldives: Cut of Rs 26 cr
--Sri lanka: Cut of Rs 5 cr
The Centre has allocated over Rs 238 crore to the Personnel Ministry for the next financial year for training of bureaucrats and augmenting necessary infrastructure.
Finance Minister Nirmala Sitharaman proposed to impose a nominal health cess on import of medical equipment to boost the domestic medical devices sector and generate resources for health services. The proceeds from this cess shall be used for creating infrastructure for health services in the aspirational districts, she added.
Finance Minister Nirmala Sitharaman announced that the defence budget was increased by six per cent to Rs 3.37 lakh crore against last year's Rs 3.19 lakh crore.
For modernisation and buying new weapon systems, defence forces allocated Rs 1,10,734 crore, Rs 10,340 crore more than what was provided in last year’s Budget.
Delhi had high expectations from Budget, but step-motherly treatment meted out to it again. Delhi does not figure in BJP's priorities. Why should people vote for it: Delhi CM Arvind Kejriwal
Finance Minister Nirmala Sitharaman cut short her Budget speech as she felt unwell after speaking for a record 160 minutes in Lok Sabha. Sitharaman had only two pages of her Budget speech unread when she decided to end her speech abruptly.
I congratulate Prime Minister Modi and Finance Minister Nirmala Sitharaman for this development oriented and pro-farmer budget. This Budget will further strengthen the economy: Uttar Pradesh Chief Minister Yogi Adityanath:
The main issue facing is unemployment. I didn't see any strategic idea that would help our youth get jobs. I saw tactical stuff but no central idea. It describes govt well, lot of repetition,rambling-it is mindset of govt, all talk, but nothing happening: Congress leader Rahul Gandhi
Nirmala Sitharaman concludes her Budget speech. She spoke for over 2.5 hours and ends it for the day. The Lok Sabha has been adjourned for now.
Customs duty on footwear and furniture is being raised. Make in India is giving dividends. Have made progress in medical equipments too Government will provide health services to all. A health cess will be imposed on import of medical equipment: FM Sitharaman
Exemptions from customs duty has been given in public interest from time to time. On review, some exemptions are being withdrawn. Rest will be reviewed after September 2020: Sitharaman
Income Tax Act to be amended to allow faceless appeals against tax orders on lines of faceless assessment.
GST rate is being deliberated upon. Ease of doing business has improved in India. Undue claims of FTA benefits has been a concern: FM Sitharaman
ST reforms will continue including a simplified return-filling form. Refund has been simplified and has been fully automated. Aadhaar-based taxpayer verification will be done: Sitharaman
I-T Act will be amended where CBDT will be mandated the taxpayers charter. Further, PAN will be instantly online on the basis of Aadhaar without filling any forms. Personal income tax is now at lowest level: Sitharaman
FM Nirmala Sitharaman announces 'Vivad se Vishwaas Scheme'. She said that a total of 4.83 direct tax cases are ending in various forums so a new direct tax dispute settlement should be done under this scheme. No penalty will be charged if taxpayers pay by March 31, 2020. Here, only disputed tax amount has to be paid.
To boost startups, tax burden on employees due to tax on Employee Stock Options to be deferred by five years or till they leave the company or when they sell, whichever is earliest: FM Sitharaman
Finance Minister Nirmala Sitharaman proposes 100% tax concession to sovereign wealth funds on investment in infrastructure project.
To ease deduction donation it is proposed to pre-fill information of those donating. This will result in hassle free claims for the individuals claiming tax exemptions: Sitharaman
Concessional 5% withholding tax has been extended to municipal bonds. Cooperatives are taxed at 30 percent now. FM says cooperatives can choose a 22 percent tax with 10 percent surcharge and 4 percent cess with no exemptions: Sitharaman
Corporate tax cut will be available for power generation companies as well. Government will grant 100% exemptions for sovereign wealth funds in infrastructure and other notified sector with minimum lock-in of three years. The rate of withholding tax has been extended to 2023 for FPIs: Sitharaman
Dividend distribution tax (DDT) abolished. Companies will no longer be required to pay DDT. A total of Rs 25,000 crore is revenue foregone due to DDT abolition. This will make India an attractive investment destination: Sitharaman
There will be a significant reduction in tax paid even by those having Rs 15 lakh. But the new tax regime will be optional. A total of Rs 40,000 crore a year will be revenue foregone per year: Sitharaman
Here are the new tax slabs announced by Finance Minister Nirmala Sitharaman:
For income upto Rs 5 lakh: No tax
Rs 5-7.5 lakh: 10% (reduced from previous 20%)
Rs 7.5-10 lakh: 15% (reduced from previous 20%)
Rs 12-15 lakh: 25%
Rs 15 lakh: 30%
FM Sithraman says that the tax proposals would bring ease of compliance and reduce litigation. Tax of only 10 percent will be charged to Rs 5 lakh-7.5 lakh income as against prevailing 20 percent rate. From Rs 7.5 lakh-10 lakh income, a tax rate of 15 percent against 20 percent prevailing rate. For income Rs 10-12.5 lakh, a rate of 20 percent will be charged as against 30 percent earlier. For income between Rs 12.5 lakh-15 lakh will be taxed at 25 percent as against 30 percent. For those at Rs 15 lakh plus income, tax will be 30 percent.
Issue of fiscal deficit has to be addressed in every budget. Government has undertaken tax reforms for this. We estimate fiscal deficit on 3.8 percent of GDP in FY20 and 3.5 percent for BEFY21: Sitharaman
PM Modi-led government has estimated nominal growth of GDP for the year 2020-21 on the trends available, at 10%: Sitharaman
Balance govt holding in IDBI banks to be sold to private retail investors. There is a need for greater private capital in banks.
Government to list LIC on the stock exchanges. Big news on Life Insurance Corporation of India which is the largest institutional investor. This is likely to be the biggest IPO in the country.
FThe fiscal deficit target for FY20 revised to 3.8 per cent of GDP. For the FY21 the target has been revised to 3.5 per cent: Sitharaman
For the financial markets, deepening the bond market is key. She says that some government securities will be open for non-resident investors. To improve investor confidence, a legislation on laying down mechanism for netting of financial contracts will be done. A debt ETF consisting of government securities will be launched. For NBFCs and HFCs, liqduity constraints will be addressed. The FPI Limit in corporate bonds will be raised to 15% from 9%: Sitharaman
Subordinate debt for entrepreneurs of MSMEs will be provided and will be treated as quasi-equity. More than 5 lakh MSME benefited from debt restructuring last year. Government has asked RBI to consider extending window of debt structuring by one year to March 2021 for this purpose: Sitharaman
Government is fully committed to supporting new UTs of J&K and Ladakh. Allocation of Rs 30,757 crore for 2020-21 for Jammu and Kashmir and Rs 5,958 crore for Ladakh: Sitharaman
Clean air is a matter of concern in large cities, propose to encourage states to formulate and implement plans to ensure clean air. Allocation for this purpose is Rs 4,400 crore: Sitharaman
Financial inclusion is key. A clean, reliable and robust financial sector is critical for robust economy. The government has infused Rs 3.5 crore capital into PSU banks. A few among them will be encouraged to move capital market for fund raising purposes. The deposit insurance cover will be hiked to Rs 5 lakh from Rs 1 lakh and all deposits are safe: Sitharaman
India will host G-20 residency in 2022 during 75th year of India's independence. During this event, India would be drive global economic advantage and an allocation of Rs 100 crore has been done for this purpose: Nirmala Sitharaman
Businesses will need to be confident and a tax-payer charter will be instutitionalised in the budget. Government will ensure that citizens need not worry about tax harassment. There is a debate on building criminal liabilites for civil acts. Companies Act will be amended to correct this: Sitharaman
Governance and financial inclusion is needed. Governance should be clean and corruption-free. Trusting every citizen including aspirational youth, farmers, senior citizens and hard-working women is key: Nirmala Sitharaman
Wealth creators will be respected in this country. Yesterday's economic survey was themed as 'wealth creation. PM Modi had in his independence day speech spoken elaborately on how wealth creators are the fuel of the country's economy and need to be respected: Sitharaman
Ayushman Bharat, wealth creators being respected, PM Kisan doubling income, ease of living, national security being top priority are the main reforms of the country under PM Modi, says Nirmala Sitharaman.
FM Nirmala Sitharaman quotes famous Tamil poet Thiruvalluvar. She says according to Thiruvalluvar, there are five jewels for a country, which is one without illness, one with wealth, it will have good crops, it should have happiness as well as safety/security.
Climate change will be looked at. India's commitment under the Paris Agreement action will kick-in from January 1,2021. Power plants with higher emissions will have to be closed. This land will be used for other purposes. Government will encourage plans to have clean air by the state governments with allocation of Rs 4,400 crore: Sitharaman
Five archaeological sites will be set up with museums on-site in Rakhi Gadi in Haryana, Hastinapur in UP, Dholavira in Gujarat, Shivsagar in Assam and Adichanallur in Tamil Nadu. A tribal museum will be set up in Ranchi, Jharkhand. Maritime site will be set up in Lothal.
Rs 85,000 crore has been allocated for empowerment of Scheduled Caste and Rs 53,700 crore for Scheduled Tribes. Allocation of Rs 9,500 crore for senior citizens for FY21: FM Sitharaman
Gross enrollment of girls under Beti Bachao Beti Padhao is higher than boys. The gross enrollment of girls is 94.32 percent in elementary levels, 81.32 percent in secondary level and 59.7 prercent in higher secondary level. Overall, there are imperatives to lower maternal mortality rates. An allocation of Rs 35,600 crore for nutrion-related programmes in FY21. Further, Rs 28,600 crore will be allocated in FY21 by government for women-linked programmes: Sitharaman
'Beti bachao, Beti Padhao' has yielded tremendous results, gross enrolment ratio of girls across all levels of education now higher than boys: Finance Minister Nirmala Sitharaman
National Gas Grid to be expanded from 16,200 km to 27,000 km; reforms to be introduced to deepen gas markets, enable ease of transactions and transparent price recovery: Sitharaman
Nirmala Sitharaman said that Beti Bachao, Beti Padhao scheme has brought tremendous results. Opposition MPs raise protest and tried to interrupt Sitharaman's speech.
1.7 lakh crore rupees to be provided for transport infrastructure in the coming financial year: Nirmala Sitharaman
I propose to provide Rs 22,000 crore to power and renewable energy sector in 2020-21: Nirmala Sitharaman
All public institutions at Gram Panchayat levels will be provided with digital connectivity. Fibre to home through BharatNet will link 100,000 Gram Panchayats in FY21 itself. An allocation of Rs 6,000 crore will be provided for BharatNet: FM Sitharaman
I propose to set up Data Centre Parks in partnership with private players. The IT sector should also look into this. This will help is storing and dissemination of data better: Nirmala Sitharaman
A new scheme of smart meters will be launched. Here, the prepaid meters will give freedom to give consumers to choose suuplier and rate as per their requirement. A total allocation of Rs 22,000 crore will be given to power and renewable sector: Sitharaman
100 more airports will be developed to provide support to the PM Udaan scheme: Finance Minister Nirmala Sitharaman
More Tejas Express-type trains will be set up for tourist destinations. A governance framework for ports will be set up. It will also look at one major port and its listing on the stock exchanges. Government will provide 20% equity for Bengaluru Suburban Transportation Project. This will be a Rs 18,600 crore project. An allocation of Rs 1.7 lakh crore for trasport infrastructure will be provided in FY21: Nirmala Sitharaman
National Infrastructure Pipeline involves 6,500 projects. NSDC will help skill development in the infrastructure sector. Making MSMEs competitive will be our goal. A total of 9,000 km of economic corridor will be set up. Chennai-Bengaluru expressway will also be started. Delhi-Mumbai Expressway To Be Completed By 2023: Nirmala Sitharaman
A new scheme Nirvik will be offered for exporters. This will have lower premiums and a faster claims settlement. Refund to exporters the duties levied including electricity and VAT which have been not refunded. This will be launched this year itself. Each district will have to be developed as an export hub. The governments e-marketplace has a lot of opportunities for SMEs. A total allocation of Rs 27,300 crore for development of industry and commerce in FY21: Sitharaman
Entrepreneurship is strength of India. I propose to set up an investment clearance cell that will provided end to end facilitation and support including pre-investment advisory, info on land banks and facilitate clearance at state level: Sitharaman
There is cost advantage for electronics manufacturing in India but this needs more investment: Sitharmaan
India for a millennium has been rich in skills in mettalurgy and trading and entrepreneurship is the spirit of India ad has been its strength. Indians have given up greener pastures to come back to India and look at local challenges. Will create more opportunities for startup owners. Investment clearance cell will be set up for entrepreneurs. These individuals will be offered assistance in funding as well and a portal will be set up for this purpose: Sitharaman
Government proposes to start a programme where urban local bodies across the country will give 1-year internship to young engineers: FM Sitharaman
Proceeds from taxes on medical devices would be used to support setting up of hospitals. Viability gap funding for setting up hospitals in those districts with no impanelled hospitals under Ayushman Bharat: Nirmala Sitharaman
There is a shortage of qualified medical doctors both general practitioners and specialists; it is proposed to attach a medical college to a district hospital in PPP mode; details of the scheme to be worked out soon: Nirmala Sitharaman
Degrees can be taken online soon and will be offered by the Top 100 NIRF ranked institutes. IND-SAT exam will be held for Asian and African students for scholarships to 'Study in India': Nirmala Sitharaman
There exists a huge demand abroad for teachers, paramedical staff and care givers. But their skills do not match the required ones by employers. My government proposes Rs 3000 crore for skill development: Nirmala Sitharaman
A national Police university and a national forensic science university is proposed to be setup, says finance minister.
A national Police university and a national forensic science university is proposed to be setup, says finance minister Nirmala Sitharaman
Allocation of Rs 12,300 crores for Swachh Bharat Mission for year 2020-21: Nirmala Sitharaman
Dialogues have been with states about education policy of NEP and NEP will be announced soon. Education sector needs greater finance to attract good teachers: Nirmala Sitharaman
Rs 3.6 lakh crore for Jal Jeevan Mission has been approved. This will look at augmenting local water ressouces, desalination, water harvesting and renewing older sources: Nirmala Sitharaman
Government proposes to expand coverage of artificial insemination to 70 per cent from 30 per cent to increase livestock productivity.
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