On Saturday, Union Finance Minister Nirmala Sitharaman presented the Budget 2020. India’s economy is at a six year low GDP growth. Insurance cover for bank depositors has been raised to 5 lakhs rupees from 1 lakh rupees.
Union Finance Minister Nirmala Sitharaman presented the Budget 2020
Nirmala Sitharaman proposed a new simlified tax regime,
“10% tax for income between 5 lakh-7.5 lakh; 15% tax for income between 7.5 lakh to 10 lakh; 20% tax for income between 10 lakh to 12.5 lakh; 25% tax for income between 12.5 lakh to 15 lakh ; 30% tax for income above 15 lakh. No income tax for those with taxable income below Rs 5 lakh,”.
Sitharaman says that the country has moved growth 4% from 1950s to 7.4%. A total of 60 lakh new taxpayers and 105 crore e-way bills generated under GST.
Central government debt reduced to 48.7 per cent of GDP in 2019 from 52.2 per cent, she added.
Government to incentivise farmers to go solar. Over 6 crore farmers under Pradhan Mantri Fasal Bima Yojna have been insured.
Railways will set up Kisan Rail through PPP model so that perishable goods can be transported quickly.
15 lakh crore has been set as target for agri-credit for 2020-21.
Rs 69,000 crores allocated for the healthcare sector and Rs 99,300 crore for education. Rs 12,300 crore to be set aside for Swachh Bharat Mission for 2020-21.
National Textile Mission to be launched with a proposed Rs 1,480 crore allocation. Sitharaman says 9,000 km of economic corridor will be set up. 550 WiFi facilities have been commissioned at railway stations. 1 lakh gram panchayats to get optical fibre link. Allocation of Rs 27,300 crore for development of industry and commerce.
FM Nirmala Sitharaman announces Rs 20,000 crore for renewable energy sector in a bid to tackle pollution and climate change, 100 more airports to be developed by 2025.
Women schemes, senior citizens in Budget. Rs 28,600 crore will be allocated in FY21 for women-linked programmes. Allocation for senior citizens and ‘Divyang’ enhanced to Rs 9500 crore.
Rs 4,400 crore to tackle Delhi’s air pollution problem.
Finance Minister Nirmala Sitharaman extends additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021.
15th Finance Commission has cut state share of central taxes by one percentage point to 41 per cent.