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Budget 2020 Key Highlights: Tax relief for the middle class, LIC IPO

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Budget 2020 Key Highlights: Tax relief for the middle class, LIC IPO

Budget 2020 Key Highlights: Finance Minister Niramala Sitharaman today introduced a new optional personal income tax system and announced multi-billion dollar farm, infra and healthcare package to revive growth in India.

Nirmala Sitharaman on Saturday (February 1) presented the Union Budget 2020 in Parliament. Major takeaways include a new income tax regime, LIC to be offered to IPO, new medical colleges, 16-pointe plans for doubling farmers’ income, and FDI in education, a lot of focus was put on infrastructure development as well.

Sitharaman said this Budget will boost income and purchasing power of the people. Finance minister also raised the bank depositors insurance coverage to Rs 5 lakh from Rs 1 lakh.

Here are the key highlights of the Budget 2020

Industry & Commerce
  • Rs 27,300 crore for development of industry and commerce
  • Investment Clearance Cell to provide end-to-end facilitation, support and information on land banks.
  • Scheme focussed on encouraging the manufacture of mobile phones, electronic equipment and semiconductor packaging to be introduced.
  • National Technical Textiles Mission to be introduced, with a four-year implementation period, with an outlay of Rs 1,480 crores.
  • To achieve higher export credit, a new scheme being launched that provides higher insurance cover, reduced premium for small exporters and simplified procedure for claim settlements.
  • National Logistics Policy will soon be released, creating single-window e-logistics market.
  • Project Preparation Facility to be set up for preparation of infrastructure projects, actively involving young engineers and management graduates.

Infrastructure

  • Rs 1.7 lakh crores to be provided for transport infrastructure in the coming financial year.
  • 100% tax concession to sovereign wealth funds on investment in infra projects.
  • Accelerated development of highways will be undertaken. Delhi-Mumbai Expressway and two other projects to be completed by 2023.
  • 100 more airports to be developed by 2024 to support the UDAN scheme.
  • More Tejas like trains to be introduced.
  • Rs. 22,000 crores for power and renewable energy sector in 2020-21
  • National Gas Grid to be expanded from 16,200 kms to 27,000 kms
  • Large solar power capacity to be set up alongside rail tracks, on land owned by Railways.
  • Fibre to Home connections under Bharat Net will be provided to 1 lakh gram panchayats this year itself, 6000 crore rupees provided for Bharat Net.

Development

Rs 30,757 crores for Union Territory of Jammu & Kashmir Rs 5,958 crores for Union Territory of Ladakh

Agriculture & Allied Activities
  • FM lists a 16-point action plan for farmers, towards the goal of doubling farmers’ income by 2022.
  • Rs 2.83 lakh crores allocated for agriculture and allied activities, irrigation and rural development
  • Agricultural credit target has been set at Rs 15 lakh crores. NABARD Refinancing Scheme to be further expanded.
  • Comprehensive measures for 100 water-stressed districts being proposed
  • For better marketing and export, supporting states will focus on one product for one district, so that high focus is given at district level for horticulture to gain momentum
  • Financing on Negotiable Warehousing Receipts to be integrated with e- National Agricultural Market.
  • Krishi UDAN will be launched by the Ministry of Civil Aviation on international and national routes, improving value realization in North East and tribal districts.
  • Indian Railways will set up Kisan Rail through PPP arrangement, for transportation of perishable goods.
  • The budget encourages balanced use of all fertilizers, a necessary step to change the incentive regime which encourages excessive use of chemical fertilizers.
  • Farmers who have fallow or barren land will be helped to set up solar power generation units and also sell surplus power to the solar grid.
  • Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM KUSUM) to be expanded to provide 20 lakh farmers in setting up standalone solar pumps
  • Milk processing capacity to be doubled by 2025
  • Fish production to be raised to 200 lakh tonnes by 2022-23. Framework for development, management and conservation of marine fishery resources to be put in place. Fishery extension work to be enabled by rural youth as Sagar Mitras, forming 500 fish farmer producing organizations
  • Village Storage Scheme run by SHGs, will provide holding capacity for farmers, women in villages can regain their status as Dhaanya Lakshmi. Warehouses will be set up, viability gap funding to be provided to set up warehouses.
Education
  • Rs 99,300 crores to be provided for the education sector in 2020-21 and Rs 3,000 crores for skill development
  • Degree-level full-fledged online education programme to be offered by institutes in the top 100 in the National Institutional Ranking Framework.
  • Urban local bodies across the country to provide internships for young engineers for a period of up to one year.
  • IND-SAT exam to be held in African and Asian countries, for benchmarking foreign candidates who wish to study in India.
  • Government proposes to set up National Police University and National Forensic University.
  • Beti Bachao Beti Padhao has given tremendous results, Gross Enrolment Ratio is now higher for girls than for boys at all levels. GER for girls is 94.3 at the elementary level.
Health
  • Budget 2020 provides an additional Rs 69,000 crore for the health sector
  • Govt to expand Mission Indradhanush, add more hospitals to Ayushman Bharat
  • Jan Aushadhi Kendras in all districts of the country to be expanded to provide medicines at affordable rates.
  • A medical college to be attached to each district hospital in PPP mode. Viability gap funding to be set up for setting up such medical colleges.
  • Rs 35,600 crores outlay for nutrition-related programmes in 2020-21.
  • Over 6 lakh Anganwadi workers have been equipped with smartphones to upload the nutrition status of 10 crore households.
Women Empowerment

Rs 28,600 crores provided for programmes which are specific to women

Welfare of SCs/STs and Divyangjan

85,000 crore rupees for Scheduled Castes and Other Backward Classes in 2020-21 53,700 crore rupees for Scheduled Tribes Enhanced allocation of 9,500 crore rupees for Senior citizens and Divyangjan.

Read More | LGBTI job fair to held in Delhi on February 22: RISE Second Edition

Via: DNA India

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