UNION BUDGET 2020 – Highlights

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Union Budget 2020 Announcements

Union Budget 2020-21 dated 1st Feb 2020 presented by Honorable Finance Minister NIRMALA SITHARAMAN is the 2nd budget after Narendra Modi led National Democratic Alliance proudly returned to power for 2nd term. But, this year Union Budget 2020 revolves around three main ideas: 

  • Aspirational India 
  • Economic Development 
  • A Caring Society 

The Central Government of India to provide INR 99,300 crore for an education sector in FY21. But the policy stating new education will be revealed soon, as said by Nirmala Sitharaman.  

Laying from the common man to industry & market, everything has a wide range of expectations from the 2020-21 union budget.  

Let’s take a look at the Union Budget Highlights 2020. A read: 

  • Between the year 2006-2016 – 271 million are poverty-free & that is a proud moment, said by Nirmala Sitharaman.  
  • India has moved on from over 4% growth in the 1950s to 7.4% to the year 2014-19. Period, as said by Nirmala Sitharaman. 
  • A total of INR 60 Lakh new tax-payers & 105 Crore e-way bills are generated under GST, said by Nirmala Sitharaman.  
  • The Central Government debt is reduced to 48.7% of GDP in the year 2019 from 52.2%. 
  • India is now the 5th largest economy in the world, says Finance Minister.  
  • The Government to incentivize farmers to go solar. More than 6 crore farmers under the scheme Pradhan Mantri Fasal Bima Yojna have been insured. NOTEPradhan Mantri Kisan Urja Suraksha & Utthan Mahabhiyan (PM KUSUM) to be expanded, providingINR 20 lakh farmers in setting up standalone solar pumps. 
  •  Indian Railways will set upKisan Rail through PPP model, so that perishable goods can be transported economically & quickly.  
  • Agri-credit target for the year 2020-21 has been set at INR 15 lakh crore. 
  • INR 69,000 crores for allocated for the healthcare sector, says Nirmala Sitharaman. 
  • Education and training: IMR 99,300 crore allocated for education in FY21The Government of India will start Ind-Sat Exam to promote study in India and a degree-level online education programmed for the deprived. A total of INR 3,000 crore will be given for skill development. 
  •  Allocation for Swachh Bharat Mission for the year 2020-21 stands at INR 12,300 croreFurthermore, push to PM Modi’s ‘Nal se jaal’ scheme, the government proposes INR 3.6 lakh crore towards piped water supply to every household. 
  • National Textile Mission to be launched with a proposed INR 1,480 crore allocation, says Nirmala Sitharaman. 
  •  For boosting infrastructure, Nirmala Sitharaman says 9,000 km of the economic corridor will be setupNOTE“Chennai-Bengaluru expressway will also be started. Delhi-Mumbai expressway to be completed by 2023,” says Finance Minister. 
  • Around 550 WiFi facilities have been commissioned at railway stations.
    1 lakh gram panchayat to get optical fibre link, says Nirmala Sitharaman. An allocation of INR 6,000 crore will be provided for BharatNet scheme. 
  •  An allocation of INR 27,300 crore for the development of industry& commerce. 
  •  Finance Minister Nirmala Sitharaman announces INR 20,000 crore for the renewable energy sector in a bid to tackle climate change and pollution 
  •  100 more airports to be developed by the year 2025, says Nirmala Sitharaman. Also, an allocation of INR 8,000 crore will be made for National Mission on Quantum Computing & Technology. 
  • INR 35,600 crore allocated for nutritional related programmed in FY21 while INR 85,000 crore has been budgeted for the welfare of Scheduled Castes, Scheduled Tribes and other backward classes.  
  • Tourism promotion gets INR 2500 crore. 
  • Talking about ‘Women Schemes & Senior Citizens in Budget:Nirmala Sitharaman says enrolment ration for girls under the concept of Beti Bachao Beti Padhao is higher than boys. Furthermore, INR 28,600 crore will be allocated in FY21 for women-linked programs. Not to miss, an allocation for ‘Senior Citizens and ‘Divyang’ enhanced to INR 9500 crore. 
  • There is something for Delhiites too – Nirmala Sitharaman proposes INR 4,400 crore to tackle Delhi’s massive air pollution problem.  
  • Your money is safer – Insurance cover for bank depositors raised from INR 1 lakh to INR 5 lakh, says Nirmala Sitharaman. 
  • Foreign Direct Investment (FDI) into the country has increased to $284 billion during the year 2014-19 from $190 billion in the last five years. 
  • Niryat Rin Vikas Yojana to provide enhanced insurance cover & also reduce the premium for small-exporters. 
  • The Government to sell partial holding in LIC. Besides, the government to also sell stake in IDBI Bank to private investors.

WAIT! there’s more 

Finance Minister proposes to bring a personal income tax regime wherein income tax rates will be reduced. So, now a person earning:  

  • Between INR 5-7.5 lakh will be required to pay tax at 10% against current 20%;  
  • Those with income between INR 7.5-10 lakh can pay tax at 15% against the current 20% and;  
  • Those with income between INR 10-12.5 lakh can pay tax at 20% against the current 30%. 
  • A person earning INR 15 lakh per annum and not availing any deductions will now pay INR 1.95 lakh tax in place of INR 2.73 lakh.
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