Finance Minister Nirmala Sitharaman has presented her second Union Budget in Parliament today. The Budget speech is being keenly watched on both sides of the aisle in Parliament, and also by investors, both domestic and foreign, besides various interest groups like farmers and the anxious middle class.
Budget 2020 comes at a time when India is staring at an estimated 5 per cent annual rate of expansion, the slowest pace since 2009.
The economy has lately been impacted by slowing trade, rising protectionism, and concerns over a high level of unemployment. The recent sluggishness in the economy has led to expectations that the Budget would contain further stimulus measures to boost growth through new policy initiatives and continued reforms to achieve accelerated growth and employment generation.
On Friday, the government tabled the Economic Survey 2019-20, which projected the country's GDP growth for 2020-21 at 6-6.5 per cent.
Here we list out the major points listed in her budget speech:-
1). Delhi-Mumbai expressway and two other projects will be completed by 2023.
2). Government allocates Rs 1.7 trillion for transport sector overall.
3). Government allocates Rs 22,000 crore for energy sector.
4). National gas grid to be expanded from 16,200 km to 27,000 km.
5).Ayushman Bharat hospitals in 100 more districts.
6).Sitharaman says Beti Bachao Beti Padhao made strides; girls' enrolment in schools now more than boys.
7).A tax payers statutes will be established for protection of taxpayers.
8).Finance Minister says expect specific policy to build data centre parks under PPP model.
9).Govt to set up National Recruitment Agency for recruitment of non-gazetted posts.
10).Allocates Rs 9,000 crore for senior citizens.
11). India has a firm framework related to contracts act, we aim to strengthen it.
12). Deposit insurance cover increased to Rs 5 lakh From existing 1 Lakh.
13).App-based invoice financing plan on the cards.
14). Allocation of Rs 30,757 crore for 2020-21 for Jammu and Kashmir and Rs 5,958 crore for Ladakh.
15).Disinvestments: Govt to sell part of its stake in LIC.
16).Revised estimates of expenditure at Rs 26.99 trillion; Receipts at Rs 19 trillion.
17).
New Income Tax Slabs:-
10% for income between Rs 5 - 7.5 lakhs (down from 20%)
15% for income between Rs 7.5 - 10 lakhs (down from 20%)
20% for income between Rs 10 - 12.5 lakhs (down from 30%)
25% for income between Rs 12.5 - 15 lakhs
30% for income more than Rs 15 lakh onwards.
18). Govt proposes to remove DDT to boost investment.
19). Option to choose New Slabs without Deduction Claim or Old Slabs With Deductions.
20). More than 100 deductions provided currently under I-T Act. Proposal is to remove 70 of them.
21). In a boost to MSMSEs, turnover threshold for audit raised to Rs 5 crore from Rs 1 crore.
22). Vivad se vishwaas: New scheme for tax litigation.
23). Income Tax Act to be amended to allow faceless appeals against tax orders on lines of faceless assessment.
24). Tax on Cooperative societies proposed to be reduced to 22 per cent.
25). Budget impact on stock market: Sensex plunges nearly 600 points.
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