Budget highlights 2020: Finance Minister Nirmala Sitharaman has presented the budget in the Lok Sabha. Here we are telling you about the major and major announcements of the budget:
Budget 2020-21 presented, Finance Minister Nirmala Sitharaman read long speech
This is the second budget of the second term of the Modi government. Nirmala Sitharaman presented the budget for the second time
Nirmala Sitharaman could not read the entire budget speech due to sore throat
Finance Minister Nirmala Sitharaman presented the budget in the Lok Sabha today and gave a budget speech of more than 2.5 hours. Here we are telling you the big and major things of the budget. Here you can read the big announcements made in the budget.
Budget highlights 2020:
On ‘Aadhaar’ basis, arrangements will be started soon regarding online allotment of PAN immediately, for this no application form will be required to be filled.
The tax burden on employees due to the employee share option to promote start ups was deferred for five years or until they left the company or sold the company, whichever was earlier.
Tax at the rate of 22 percent for cooperative societies, 10 percent surcharge, 4 percent cess will be applicable on it.
There is no need to audit the accounts of the businessmen up to five crore rupees. Dividend distribution tax ended, now dividend payers will have to pay tax.
There is no tax on income up to Rs 5 lakh in the new income tax system. 5% to 7.5 lakhs will be taxed at 10%, income from 10 to 12.5 lakhs at 20%, Rs 12.5 to 15 lakhs at 25% and above 15 lakhs at 30%.
LIC’s IPO to be launched. Government will sell a part of its stake in LIC. The government will also sell its stake in IDBI.
A tax charter will be brought under the law. Guarantees on bank deposits ranged from Rs 1 lakh to Rs 5 lakh. Government will make necessary reforms in laws to increase convenience for taxpayers, to avoid harassment of tax authorities. The G20 conference of 2022 will be held in India, allocating 100 crores for the preparation of the event. 5958 crores for Ladakh. 30757 crores for Jammu and Kashmir.
4400 crores for clean air in cities with more than 10 lakh population. Polluting thermal plants will be closed. Rs 6,000 crore allocated in 2020-21 for ‘BharatNet’ program connecting Gram Panchayats with high speed broadband. One lakh gram panchayats will be connected to it.
Allocation of Rs 9500 crore for senior citizens and Divyang. More than 6 lakh Anganwadi workers are equipped with smartphones to upload the nutritional status of more than 10 lakh households.
5 archaeological centers will be developed. Will make museum for research. Deemed University to promote culture. 3150 crores for the Ministry of Culture. 2500 crores to promote tourism.
28600 crores for women related programs. 85000 crores for SC, ST. 35 thousand crore for nutritional scheme.
Good results of ‘Beti Bachao-Beti Padhao’ should not be politicized. Girls enroll in school more than boys. 94 girls out of 100 reached school.
In the next three years, smart prepaid meters for all, electricity customers will get freedom to choose distribution company, allocation of Rs 22,000 crore for renewable energy sector. 1,480 crore rupees to be spent in four phases for National Technical Textiles Mission
B. National Highway of Delhi-Mumbai, Chennai-Bengaluru. Wi-Fi will be introduced at 550 railway stations. Solar panels will be taken next to the railway line. 2700 km of tracks will be electrified. Earth Ganga Project to promote economic activity along rivers. 100 more airports to be built by 2024. Proposal to provide Rs 1.7 lakh crore for transportation infrastructure in 2020-21. 22000 crores for electricity and renewable energy. More trains of Tejas type will be introduced for tourist destinations.
Under the PPP model, 5 new smart cities will be developed in collaboration with the states. Investment clearance sale will be made. 100 lakh crore rupees will be invested in infrastructure in the next 5 years. 27300 crores proposed for development for the industry
India will have the world’s largest working population by 2030. There are 2 lakh suggestions on the new education policy, which will be announced soon. Funds are needed for education, so steps will be taken to encourage FDI to boost investment in the sector. 3000 crores for skill development and 99300 crores for education sector. To provide quality education to the underprivileged, the government has proposed degree level online education. A National Police University and a National University of Forensic Sciences are being proposed. Medical colleges will be built on PPP model.
Mission Indradhanush has been expanded to cover 5 more diseases. 20000 hospitals are listed under Pradhan Mantri Ayushman Yojana. TB will lose, the country will win the campaign launched. Committed to eradicating TB by 2025. 12300 crores for Swachh Bharata. 3.6 lakh crores for the mission of Jalajeevan.
The capacity of milk is to be doubled to 108 million tonnes. Our government will involve the youth in fisheries through Sagar Mitra Yojana. 1.23 lakh crore for Panchayati Raj. 2.83 lakh crores for agriculture.
Will double farmers’ income by 2022. 6.11 crore farmers benefit from PM Kisan Crop Scheme. Will increase solar energy with farming. There is a 16-point action plan for the agriculture sector. Our government is proposing comprehensive measures for 100 water-stressed districts in the country. Dhanya Lakshmi Yojana for rural women. Kusum Yojana for farmers. Will install 2 million solar pumps. The farmers will run the train. New flying air service for farmers.
The budget mainly focuses on three things, an aspirational India, an economic development for all and a caring society.
India’s economy is the 5th largest economy in the world. The government has been successful in controlling inflation. We have reduced debt. We want to stand up to the expectations of the country. This budget is for India’s expectations.
The Finance Minister reiterated the government’s ‘Sabka Saath, Sabka Vikas and Sabka Biswas’ mantra. The budget will increase purchasing power. Income will increase from the budget. The budget will be for the poor and the needy.
GST has resulted in efficiency in the transport and logistics sector, ending Inspector Raj, it has benefited Micro, Small and Medium Enterprises (MSME). Consumers have received an annual benefit of Rs 1 lakh crore from GST.
Finance Minister Nirmala Sitharaman paid tribute to the late Arun Jaitley. Recall his contributions. Sitharaman said- Implementation of GST was a historic decision. GST has integrated the country financially.
The goal of this budget is to provide employment to the people, strengthen business, fulfill the aspirations of all minorities, SC / ST women. We will make every effort to make the life of every citizen easy.
Nirmala Sitharaman presented the budget in the Lok Sabha. He said that our government was formed with a strong majority. Our goal is to serve the people of the country. We dedicated everything to the country.