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Union Budget 2020: Here's What The Finance Minister Had To Say:- With the fiscal year coming to an end, every Indian citizen was awaiting the much needed Budget for the near financial year of 2020. The constant rise in the unemployment and the inflation rate in India in the last 45 years led to people looking up to the finance minister of India, Mrs. Nirmala Sitharaman’s budget for this year around.
Entering the Parliament with the Bahi Khata 2.0 with golden borders and the Ashoka emblem in the middle, the Finance Minister donned a beautiful mustard coloured saree while presenting the Budget for this year.
The pre-open session for the budget witnessed Sensex nosediving 1,700 points and then recovering again. The cabinet meeting prior to the budget presentation was held at 10:15 am in the Parliament today.
The final budget blueprint was presented by Mrs. Sitharaman at 11:00 am today. The printed copies of the budget were also checked by a sniffer dog for security purposes. The Indian Railway Catering & Tourism Corporation Ltd experienced a 9% upsurge ahead of the budget presentation as well.
According to the speech by the finance minister, the budget has been made to help boost income and enhance the purchasing power of the people in India.
In her speech, Sitharaman stated saying, “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.”
Further highlighting the changes, the finance minister stated saying that there have been 16 lakh new taxpayers added to the system. Owing to the reduced GST, households are now able to save 4% of the standard monthly spend.
Some of the highlights from the Union Budget 2020 of India include:
- A new and simplified version of GST is going to be introduced in April
- Reduction in the Central Government debt to 48.7% in March 2019 from 52.2% back in 2014
- Introduction of new action plan in 100 districts in India to reduce water shortage issues
- Incentivizing farmers to use more solar power
- Government assures to double farmer’s income by 2022
- Building of national cold supply chains for perishables
- INR 69,000 crore has been allotted to the healthcare sector
- INR 15 lakh crores set as agri target credit for 2020-21
- Introduction of set up of “Kisan Rail” under Indian Railways through Public-Private partnership
- Sanction of INR 3.6 lakh crores towards development and improvement of piped water supply to household
- Taxes imposed on medical devices to be used for building hospitals
- Sanction of INR 1,480 crores for National Textile Mission
- Around 5 new smart cities to be developed
- Sanction of INR 20,000 crores for renewable energy sector
- 100 more airports to be constructed by the end of 2025 in India
- Sanction of INR 8,000 crores for National Mission on Quantum Computing and Technology
- Sanction of INR 9500 crores for senior citizens and Divyang
- Sanction of INR 4,400 crores to mitigate Delhi’s pollution crisis
- Sanction of INR 53,700 crores for the welfare of the schedule tribes
- Corporate taxes for the existing at a lowest in the world of 22%
- Tax slab for earning Rs 5-7.5 lakhs is 10%
- Tax slab for earning Rs 7.5- 10 lakhs is 15%
- Tax slab for earning Rs 10-12.5 lakhs is 25%
- Tax slab for earning Rs 12.5-15 lakhs is 30%
- Housing more affordable by giving tax holiday to affordable housing developers
- Tobacco and cigarettes to get costlier
The finance minister also made use of the escape clause to further help relax the fiscal deficit target. Apart from the change in the tax slabs, there have been changes introduced to the foregoing exemptions and deductions as well.
Sitharaman also introduced the launch of a new personal income tax regime to further help the middle class families in India with the Union Budget 2020.
By Somapika Dutta
