BUDGET 2020 Highlights

BUDGET 2020 Highlights

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Here are the key highlights of Union Budget 2020-21

- Personal tax rates reduced

- 10% income tax for income tax for income between ₹5- ₹7.5 lakh

- For income tax between ₹7.5 lakh- ₹10 lakh, he or will she will have pay 15%

- Those earning ₹10 lakh- ₹12.5 lakh, will be charged 20% income tax

- Central government on Saturday proposed an outlay of ₹27,300 crore for the development of industry and commerce during 2020-21

- Power to power sector

- India to provide ₹273 billion or promotion of industry and commerce

- Firms operating old thermal power plants advised to shut units if emission norms not met

- India to allocate ₹44 billion for clean air incentives in cities with over 1 million people

- FY21 divestment target pegged at ₹2.1 lakh crore

- Skill India initiative

Government proposed ₹3,000 crore for ‘Skill India’ to provide relevant skill training to the youth in the country, said Finance Minister Nirmala Sitharaman on Saturday.

“There is a huge demand for teachers, paramedical staff and caregivers in foreign countries. However, their skills do not match in accordance to demand by employers. So, my government proposes ₹3,000 crore for skill development,” she said during the 90th Budget presentation.

-Government to sell govt stake in IDBI Bank to private investors

-Government plans to sell stake in LIC through IPO, said Nirmala Sitharaman

-FY21 fiscal deficit target pegged at 3.5% of GDP

-Connecting India

-Finance Minister Nirmala Sitharaman said ₹6,000 crore allocated for BharatNet programme

- Around 1 lakh gram panchayats to be linked with BharatNet this year

-To clean air and pollution free cities

Power plants with emissions above prescribed limits will be asked to close down.
India’s commitment towards tackling climate change made at Paris conference kick starts from January 1, 2021.
FM said ₹4,400 crore has been allocated for states that work towards clean air.

-Your money becomes safer

-Deposit insurance coverage increased to ₹5 lakh from the existing ₹1 lakh.

-Swachh Bharat Mission

The Finance Minister announced that the total allocation proposed for Swachh Bharat Mission is ₹12,300 crore
Nirmala Sitharaman said the NDA government is “committed to Open Defecation Free (ODF) plus in order to sustain ODF behavior and to ensure no one is left behind.”

-For health sector:

Union Budget 2020 provided an additional ₹69,000 crore for the health sector
Finance Minister proposed to attach a medical college to a district hospital in PPP model

-Say ‘no’ to pollution:

Govt will encourage states which formulate plans for air pollution scheme soon. ₹4,400 crore allocated for 2020-21: Sitharaman

- ₹8,000 crore allocated over 5 years for National Mission On Quantum Technology, said Finance Minister Nirmala Sitharaman

-For Indian Railways

- 4 station re-development projects in railways via PPP models

-To develop solar capacity in Indian railways

-Plan more Tejas like trains to connect tourist locations

-Govt to launch ₹18,600 crore worth Bengaluru Suburban Transportation project

-Push for renewable energy sector

FM announced ₹20,000 crore for the renewable energy sector

-Central government is planning to construct

-2500 access control highway

-9000 km eco-development corridors

-200 coastal and port roads

-2000 km strategic highways

-Delhi-Mumbai expressway and 2 other corridors will be completed by 2023

- ₹1.7 lakh crore for transport infrastructure

Finance Minister Nirmala Sitharaman proposes to provide ₹1.7 lakh crore for transport infrastructure in 2020-21

-Transport sector

Cente to provide 20% equity for Bengaluru Suburban Transportation Raj
100 more airports to be developed by 2024 to support Central government’s “Udaan” scheme

-For agricultural sector:

- Govt has pegged the agricultural credit target at ₹15 lakh crore for fiscal 2020-21.

- Indian Railways will set up Kisan Rail in public–private partnership (PPP) mode for cold supply chain to transport perishable goods.

- Nabard refinance scheme will be expanded

-For education sector:

150 higher education institutions to offer apprenticeship diplomas by March 2021. Government will promote ‘Study In India’ initiative.

-New education policy to be announced soon

Govt to provide ₹99,300 crore for educational sector in FY21

-FM Nirmala Sitharaman said, “By 2030, India will have largest working age population in the world. This population needs both job and life skills. New education policy to be announced soon.”

-Government proposes to attach a medical college in existing district hospitals, said FM

-Finance Minister announced these schemes for agri sector

Civil Aviation Ministry to launch ‘Krishi Udaan’ for agricultural exports
Krishi Udaan will be launched by Civil Aviation Ministry to transport agri-products to national as well international destinations

-The total allocation for Swachh Bharat mission is 12,300 crores for FY20-21

-FM Nirmala Sitharaman on Agriculture:

NBFC’s & co-operatives active in credit
NABARD refinance scheme to be strengthened
Agri credit target ₹15 lakh crores
Eligible PM KISAN beneficiaries covered under KCC

-Finance Ministry will allocate ₹2.83 crore for agriculture and irrigation. ₹1.23 lakh crore will be allocated to rural development, panchayati raj

-Finance Minister Nirmala Sitharaman shared measures to be taken to help farmers

1) Government is expanding ‘PM Kusum Scheme’ to 20 lakh farmers to set up solar pumps

2) Government will set up solar power units

-Finance Minister NirmalaSitharaman encouraged the balanced use of all fertilisers including traditional & organic. Focus will be to change prevailing incentive scheme that encourages use of chemical fertilisers

-Online natural product will also be strengthened, said FM

-Committed to doubling farm income by 2022, said FM

-India is now 5th largest economy in world, said Nirmala Sitharaman

-Finanace Minister lays down 16 actionable plan to enhance farmer’s incomes. Farm markets need to be liberalised.

-Central govt’s debt has come down to 48.7% in March 2019 from 52.2% in March 2014

-This year’s Budget centres around three ideas — Aspirational India, Economic development, A Caring Society

-GST benefit of ₹1 lakh crore has been extended to consumers

-Introducing simpler GST filing system from April 2020, said Sitharaman

-16 lakh new taxpayers added to the system, revealed Sitharaman.

-An average household now saves about 4% of its monthly spend on account of reduced GST, said Sitharaman.

-In the last two years, we have added more than 60 lakh new tax payers. There has been extensive engagement with stakeholders. A simplified returns system is being introduced from April, said Finance Minister.

-Central government focussed on structural reform. GST has been most historic structural reform that India witnessed.

-Finance Minister started her Budget speech by paying homage to former Finance Minister Arun Jaitley.

-This is the budget aims to address hopes and aspirations of all the sectors, said Finance Minister

-Finance Minister presented Union Budget 2020-2021 in the Lok Sabha

-" Bahi-khata symbolises our departure from the slavery of Western thought," said Chief Economic Advisor Krishnamurthy Subramanian during Union Budget 2019.

-For her second budget presentation, Union Finanace Minister Nirmala Sitharaman today carried documents in a ‘Bahi-Khata’ wrapped in a red cloth.

Last year, FM Sitharaman ditched the tradition of carrying budget documents in a leather briefcase

6 Comments  |  
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This year’s budget on a lighter note:

Masala Dosa price slashed from Rs 50 to Rs 40 !!!!
But from now, there will be no chutney. Those who want chutney can buy it separately for just Rs 15 along with the 40 rupees Dosa.

The best part about this move is that it simplifies the whole process and provides flexibility to customers. Earlier, even those who ate only dosa without chutney had to pay Rs 50, but now they can eat only dosa for 40.
Vaise Sambhar ka aur extra lagega stuck_out_tongue_closed_eyes

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Iron-Man wrote:


https://cdn0.desidime.com/attachments/photos/604017/original/Screenshot_2020-02-01-14-59-51-26.png?1580549424

They had de-investment target in last year… Which they not able to complete it.. Becoz kisi nai interest nahi dikhaya.. And they are short of money… So lic ko hei bech do.. Pta hai aacha paisa laayega..

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