Union Budget 2020: All you need to know!

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Nirmala Sitharaman breaks own record, delivers a longest-ever Budget speech  

Finance Minister Nirmala Sitharaman presented India’s longest Budget speech for the fiscal year 2020-21 with two hours forty-two minutes spent and the speech still underway. In doing so, Sitharaman breached own record of longest Budget speech for the fiscal year 2019-2020 that lasted two hours and 17 minutes. Jaswant Singh’s 2003 speech was the third-longest at two hours twelve minutes. 

01:40 PM

Government to grant 100% exemption for sovereign wealth funds in infrastructure: Corporate tax cut for power generation companies as well. Government will grant 100% exemptions for sovereign wealth funds in infrastructure and other notified sector with minimum lock-in of three years.

Ease of doing business has improved in India. Undue claims of FTA benefits has been a concern, says Sitharaman. 

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01:30 PM

  • Income Tax Act Proposed to amend by FM Nirmala Sitaraman
  • Dividend Distribution Tax (DDT) abolished, shifted to individuals instead of companies;
  • The cuts tax rate for those in the Rs 5-15 lakh tax bracket
  • For affordable housing, the deduction of Rs 1,50,000 will be extended to loan sanction by one year: says FM Nirmala Sitharaman

01:15 PM

Tax Reductions:

  • Income Tax of only 10 percent for income Rs 5 lakh-7.5 lakh as against the previous 20 percent rate.
  • From Rs 7.5 lakh-10 lakh income, a tax rate of 15 percent prevailing rate 20 percent.
  • For income Rs 10-12.5 lakh a rate of 20 percent as against 30% prevailing rate.
  • For income between Rs 12.5 lakh-15 lakh will be taxed at 25 percent as against 30 percent.
  • For those at Rs 15 lakh plus income, the tax will be 30 percent.

01:00 PM

The government decided to list LIC on the stock exchange. This is likely to be the biggest IPO in the country!!

The Centre has allocated Rs 30,757 crores for the Union Territory of Jammu and Kashmir and Rs 5,958 crores for Ladakh in the financial year 2020-21. 

Govt. to keep National Security in top priority

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12:45 PM

  • FM Sitharaman says will double farmer income by 2022, reveals a 16-point action plan

  • FM allocates Rs 2.83 lakh crores for agro and allied sectors: "For sector comprising agriculture, allied activities, irrigation and rural development, an allocation of Rs 2.83 lakh crores has been made for 2020-21," 

  • Govt to expand Mission Indradhanush, add more hospitals to Ayushman Bharat

  • Indian Railways to set up a ‘Kisan Rail’ through PPP model

  • Govt proposes the formation of National Police University and National Forensic University

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  • FM promises more Tejas-like trains between key stations and Kisan rail for farmers 

  • FM allocates Rs 27,300 cr for development of industry and commerce

  • Sitharaman says high-speed broadband connection to be linked to 100,000-gram panchayats

  • Sitharaman says Beti Bachao Beti Padhao made strides; girls' enrolment in schools now more than boys: She says that gross enrollment of girls is 94.32 percent in elementary levels, 81.32 percent in secondary level and 59.7 prercent in the higher secondary level. 

  • Tribal museum to be set up in Ranchi.  Five archaeological sites to be developed to iconic sites with museums: Rakhigarhi (Haryana), Hastinapur (UP), Shiv Sagar (Assam), Dholavira (Gujarat) and Adishanaloor (Tamil Nadu).
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12:30 PM

Finance Minister Nirmala Sitaraman tarted her speech for Budget Session 2020 at 11 Am on the invitation of Speaker Om Birla. "This is the Budget to boost growth and enhance purchase power," Sitharaman said. 

“For every member of the schedule caste and schedule tribe, for every woman, for every individual from minority section of the society, this budget aims to give wings to your aspirations," says Sitharaman.

"I pay homage to the visionary leader later Arun Jaitley. At the time of the rollout of GST, he had said: India will be an India where the centre and states will work harmoniously...will rise out of narrow politics for the country's sake" while paying homage to the former finance minister Arun Jaitley. FM says GST has integrated India economically.

Finance Minister Nirmala Sitharaman Claims that between 2006-2016 India was able to raise 217 million people out of poverty. 

 

Central government debt reduced to 48.7 percent of GDP in 2019 from 52.2 percent: Finance Minister

Finance Minister Nirmala Sitharaman said that her Budget will have three central themes. The first theme that inspired the budget is aspirational India, wherein every section of the society will aspire for a better lifestyle, healthcare and job opportunities; second is economic development for all, and third is caring society that looks after the need of the weakest of India's citizens.