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Highlights Of Union Budget 2020


01 February 2020

OMMCOM NEWS


Bhubaneswar: Finance Minister Nirmala Sitharaman delivered her second Budget speech amid expectations of relief for taxpayers and stimulus package to revive growth. She began by saying that the budget is woven around 3 factors- Aspirational India, Economic development and A caring society

It had to be interrupted mid-way as she got sick. Nevertheless, these are the Budget 2020 highlights:

        16 Action Points for development of the Agriculture sector with aim at doubling the Farmer Income by 2022

        Proposal to support state with 1 product for 1 district

        9000 km economic corridor to be set up 

        Simplified GST system by April 2020

        Rs 99, 300 crore proposed for the Education sector, Rs 3000 crore for Skill Development

        Allocation of Rs 69,000 crore for the health sector

        Ayushman Bharat hospitals in 100 more districts

        Propose to end Tuberculosis by 2025

        2000 km of strategic highways to be built

        Aim to achieve 11000 km of track electrification

        More Tejas-like trains, 100 new airports under Udan Bharat by 2024

        Proposal of investment of  Rs 22,000 crore for Power and Renewable energy sector

        Rs 8000 crore proposed for Quantum Technology in next 5 years

        Mission Paani for 100 water-stressed districts

        Rs 4400 allocated for each of Clean Air & Climate Change Policy

        Rs 27, 300 crore for Promotion  of Industry and Commerce

        Rs 6000 crore proposed for 'Bharat Net'; 1 lakh Gram Panchayats to be connected by the Bharat Net

        Deposit insurance coverage increased to 5 lakh

        Auto-enrolment in universal pension scheme

·         Life Insurance Corporation (LIC) and IDBI to go public

·         Allocation of Rs 35,600 crore for nutritional programmes

·         Allocation of Rs 28,600 crore for women upliftment related programmes

·         Proposal for investment of Rs 85,000 for welfare of Scheduled Castes and Backward Castes and Rs 53,700 for Scheduled Tribes

·         Allocation of Rs 23, 150 crore in the Tourism sector Rs 2,500 for Tourism promotion

·         5 new smart cities in collaboration with states

·         Encourage the manufacture of mobile phones

·         Funds amounting to Rs 30,757 allocated to union territories of Jammu & Kashmir, and Rs 5958 for Ladakh

·         Start-up limit up from Rs 25 crore to Rs 100 crore; Turnover limit for start-up increased

·         Corporate Tax at 15% lowest in the world

·         Dividend Distribution Tax abolished

·         Proposal for amendment of Company’s Act

·         No income tax till income of Rs 5 lakh. Income from Rs 5-7.5 lakhs to be taxed 10%, Rs 7.5-10 lakhs to be taxed at 15%, Rs 10-12.5 lakhs to be taxed at 20%, 12.5-15 lakhs to be taxed 25% and 30% for income above 15 lakhs