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Budget 2020 highlights
Union Finance Minister Nirmala Sitharaman 's budget 2020 highlights would aim to make India a $5-trillion economy in the next five years. The key highlights of India's budget will determine the future of the country's economic growth.
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Union Finance Minister Nirmala Sitharaman is presenting her second union budget today which will focus towards boosting India's economic growth and maintaining the fiscal disciple. Sitharaman's budget 2020 highlights would aim to make India a $5-trillion economy in the next five years. The key highlights of India's budget will determine the future of the country's economic growth.
For 2019-20, the government's fiscal deficit was budgeted at 3.3 per cent of GDP. However, the current stress in the economy as shown in the many survey seems to have given Nirmala Sitharaman a clear message that she should go easy on the deficit target and instead open the spending tap a bit more.
In the previous budget (2019-20) of Narendra Modi-led-government the major highlight were building team India with 'Jan Bhagidari' that is minimum government maximum governance, achieving green mother earth and blue skies through a pollution-free India, making digital India reach every sector of the economy, launching space and satellite programmes, building physical and social infrastructure, water management, clean rivers, blue economy.
Union budget 2019 also focused on the agriculture sector with lunching schemes for self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables. The budget also bought with it some major beneficiaries in the field of health schemes achieving a healthy society via ayushman bharat, well-nourished women & children, safety of citizens.
The previous budget also paid emphasis on MSMEs, start-ups, defence manufacturing, automobiles, electronics, fabs and batteries, and medical devices under the 'Make in India' scheme of the government.
Here are the key highlights of Budget 2020. Thanks for staying with Zee News
The FM further added that the Income Tax Act will be amended to allow faceless appeals against tax orders on lines of faceless assessment.
Finance Minister Nirmala Sitharaman ends her budget speech.
Custom duty on footwear and furniture to be reduced : FM
Under Vivad Se Vishwas Scheme, taxpayer to pay only amount of disputed tax, will get complete waiver on interest and penalty, if scheme is availed by March 31, 2020 - FM
To ease allotment of PAN, new process of instantly allotting PAN through Aadhaar will be brought: FM
Govt extends additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021.
Turnover threshold for audit of MSMEs to be increased from 1 crore to 5 crore rupees, to those businesses which carry out less than 5% of their business in cash - FM
Nirmala Sitharaman brings new direct tax dispute government scheme in Union budget 2020-21.
Date of approval of affordable housing projects for availing tax holiday on profit earned by developers extended by 1 year: FM.
Tax on Cooperative societies proposed to be reduced to 22 percent plus surcharge and cess, as against 30 per cent at present, says FM.
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
Concessional corporate tax cut to be extended to new domestic companies engaged in power generation - FM
Expansion of National Gas Grid from 16,200 km to 27,000 km along with reforms to deepen gas markets, enable ease of transactions and transparent price discovery: FM
Concessional corporate tax cut to be extended to new domestic companies engaged in power generation - FM
Around 70 of more than 100 income tax deductions and exemptions have been removed, in order to simplify tax system and lower tax rates: FM
Divendend distribution tax abolished: FM
Substantial tax benefit will accrue to individual tax payers under the new personal income tax regime: FM
New income tax rate is optional without exemptions: FM
25 % tax for income between 12.5 lakh to 15 lakh: FM
20 % tax for income between 10 lakh to 12.5 lakh : FM
15 % tax for income between 7.5 lakh to 10
Tax rate reduced to 10 % from prevailing 20% from income between 5 lakh to 7.5 lakh: FM
Key Budget takeaways:
- Govt to raise funds via listing of LIC
- Deposit insurance raised to Rs 5 lakh
- FY21 fiscal deficit target pegged at 3.5% of GDP
Normal GDP growth pegged at 10 percent: FM
Govt to raise fund from LIC IPO: FM
Govt to launch IPO for LIC, says FM
Need for greater private capital in banks, says FM
Balance govt holding in IDBI banks to be sold to pvt retail investors: FM
Fiscal deficit target revised to 3.8% FY 20, 3.5 % for FY 21 : FM
NBFC's will allow invoice financing to MSMEs : FM
30,757 crore rupees for Union Terrritory of Jammu & Kashmir 5,958 rupees for Union Terrritory of Ladakh - FM
Govt will introduce robust mechanism to monitor banks: FM
Insurance cover for bank depositor increased from 1 lakh to Rs 5 lakh: FM
Rs 100 crore allocated for the celebration of 75th Independence of India : FM
India will host G20 presidency in 2022: FM
Our govt remains committed to taking measures to ensure that our taxpayers are free from tax harassment of any kind : FM
Tax-payer charter to be institutionalised: FM
Conventional energy meters to be replaced by prepaid smart meters in the next three years. Pre-paid meters (smart meters) will give consumers freedom to choose suppliers: FM
FM allots Rs 3,100 crore for Ministry of Culture
National security is government's top priority, says FM
Shut thermal power plants if emission in more: FM
Rs 4,400 crore incentives for cities that promote clean air: FM
'Ayushman Bharat' hospital in 100 more districts : FM
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: FM
Rs 85000 crore for SC-STs and OBC for FY 2020-21.
Rs 35,000 cr for nutrition scheme: FM
'Beti bachao Beti padaho' a great success: FM
Enrollment of girls in school higher than boys: FM
Gross enrollment ratio of girls higher than boys: FM
More seed funds for start ups: FM
1 lakh gram panchayat to be connected to optic fibre: FM
National Logistics Policy will soon be released, creating single window e-logistics market : FM
Rs 22,000 crore allocated for Power sectore in FY 2020-21.
FM allots 1.79 lakh crore for travel and infrastructure
100 more airports to be developed under 'Udaan scheme' : FM
Chennai- Bengaluru expressway to be launched soon : FM
Railway sector: Tejas train to connect iconic travel destination
Delhi-Mumbai highway to be completed by 2023: FM
550 wi-fi facility installed in Railways : FM
Degree level full-fledged online education programme by institutions ranked in top 100, says FM
Special bridge courses to be designed for teachers, nurses, para medical staff, caregivers: FM
Rs 1480 crore for textile mission: FM
Each district in India should become an export hub : FM
Rs 27,300 crore for development of industry and commerce: FM
Plan to attach medical college to district hospital : FM on education sector
5 new smart cities to be created under PPP model: FM
Govt proposes Rs 3.6 lakh crore towards piped water supply to households
Centre to announce new education policy soon; govt received over 2 lakh suggestions on it: FM
Educational sector: Govt to introduce online degree programme for underprivileged
FM allots Rs 99,300 crore to education sector and Rs 3000 crore for skill development.
Proceeds from taxes on medical devices would be used to support setting up of hospitals, says FM.
Educational sector: More FDI and ECB for development of education
3.6 lakh crore for 'Jal Jivan Mission' : FM
Govt proposes to expand coverage of artificial insemination to 70 pc from 30 pc to increase livestock productivity.
FM allots 12,300 crore for 'Swatch Bharat Mission'
2.83 lakh crore for agriculture sector, 69 thousand crore for health sector : FM Nirmala Sitharaman
Govt proposes conservation of marine fishery, says FM
Horticulture with 311 MT exceeds production of food grains: FM Nirmala Sitharaman.
Agri credit target set up at Rs 15 lakh cr for FY21: FM
Krishi Udaan to be launched by Civil Aviation Ministry to transport agri-products to national as well international destinations, says FM
Self Help Groups will be allowed to set up village agri storage facilities, says FM
NABARD will map and geo-tab 162 mn tonne capacity agri warehouses across country: FM
Agriculture sector: Govt proposes plans to help farmers use proper manure and little water, encourage balanced use of fertilizers
States asked to adopt 3 central model laws on agri land, leasing, marketing and contract farming: FM
Agriculture sector: Railway to set up Kisan rail
Horticulture: 'One product-one district' to enssure development at lower level
Finance Minister Nirmala Sitharaman narrates 16-point action plan for Agriculture sector.
Solar power generation and effective use of land for farmers: FM
Committed towards doubling farmers income, says FM
Agriculture sector: 6.11 crore farmers insured under PM's Fasal Bima Yojana
Budget focuses on 3 themes - Aspirational India, Economic Development and Healthy society
Central government's debt has come down to 48.7% in March 2019 from 52.2% in March 2014, says Nirmala Sitharaman
FDI increased from $119 billion to $ 284 billion in between FY 2014 to 2019
4 % household spend saved due to introduction of GST - FM
60 lakh new tax payers added in the Indian economy.
Inspector Raj has vanished in the MSME sector, says FM during Union Budget 2020 presentation
''GST council has been pro-active in resolving issues'' - FM Nirmala Sitharaman
In her second budget presentation Finance Minister Nirmala Sitharaman said GST has been one of the most historic achievement of the government.
Budget facts: The first Union budget of independent India was presented by RK Shanmukham Chetty on 26 November 1947
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