Quick Highlights of Union Budget 2020 So Far
Posted on February 1, 2020, 1:52 PM IST
Finance Minister Nirmala Sitharaman is currently presenting the Union Budget 2020. The Finance Minister began her speech by saying that the Budget 2020-21 is for boosting income and improving the purchasing power of people. She also paid homage to Late Finance Minister Arun Jaitely, continuing she mentioned that the fiscal deficit is estimated at 3.8 per cent (revised estimate for 2019-20) of the gross domestic product in the current financial year, and the government aims to lower it to 3.5 per cent (budget estimate for 2020-21) in the financial year ending March 2021. She proposed to allocate Rs 69,000 crore to the healthcare sector and Rs 12,300 crore to Prime Minister Narendra Modi's flagship cleanliness programme Swachh Bharat Mission. The Finance Minister also earmarked another Rs 3.6 lakh crore towards the supply of piped water to households.
Highlights Of Union Budget 2020:
- Budget 2020 is based on three themes - Aspirational India, economic development for all, and caring society
- Budget 2020 presents mega 16-point action plan for farmers.
- The government is committed to doubling farmers' income by 2022, she said, as she proposed to allocate Rs 2.83 lakh crore for agriculture and rural sectors such as irrigation.
- High-speed train between Mumbai and Ahmedabad will be actively pursued, Nirmala Sitharaman says while presenting Union Budget 2020.
- Wealth creators will be respected in this country, tax harassment can't be tolerated, says Nirmala Sitharaman
- Government proposes amendments in Companies Act to decriminalise civil offences
- Insurance cover for bank depositors to be raised to Rs 5 lakh from Rs 1 lakh
- Estimated nominal GDP growth rate for 2020-21 at 10 per cent, says Finance Minister Nirmala Sitharaman
- The Income tax rates cut, 10% for income of Rs 5-7.5 lakh against earlier 20%
- Income tax rates will be significantly reduced for those who forego reliefs, exemptions, says Finance Minister