Union Budget 2020: Finance Minister Nirmala Sitharaman presents the budget.
Finance Minister Nirmala Sitharaman announces the Union Budget 2020 in Parliament on Saturday. She presents new initiatives and funds for various programs and schemes during her budget presentation.
Union Budget 2020-21 stands on three prominent themes, ‘Aspirational India’, ‘Economic Development’, and ‘A caring society for all’, says Nirmala Sitharaman.
With the increasing number of suicides by farmers, the agricultural sector faces many problems. The central government has faced criticism for neglecting the agricultural sector and farmers. Let’s take a look if this Union Budget 2020 provides any solution.
FM Nirmala Sitharaman announces the expansion of the NABARD refinance scheme to cover cooperatives and NBFCs which actively lend in agriculture. She proposes Rs. 15 lakh crore as an agricultural credit target for the year 2020-21.
Also the government is planning to build a seamless national cold supply chain of perishables. For this purpose, FM announces that Indian Railways will set up Kisan Rail in order to quickly transport perishable goods.
Nirmala Sitharaman announces that the government will double farmer’s income by 2022. Total budget allocation of Rs 2.83 lakh crore for agriculture and 1.23 lakh crore for rural development and Panchyati Raj.
Aviation ministry will launch the Krishi Udaan scheme on national and international routes. Hundred new airports will be set up by 2024 to support the Krishi Udaan scheme.
Relief for taxpayers.
A huge relief to taxpayers by the Finance Minister. The FM announces a simplified personal income tax regime for the taxpayers.
Individuals with income up to Rs 5 lakh will have to pay no income tax. Individuals with income between Rs 5-7.5 lakh have to pay a 10 percent income tax. Those with income between 7.5-10 lakh have to pay a 15 percent tax. Individuals with income between 10-12.5 lakh will pay a 20 percent tax. 25 percent tax on income between 12.5-15 lakh. Individuals with income above 15 lakh will pay a 30 percent tax.
Currently, there are 100 exemptions in the I-T. But now 70 of them are removed in this simplified regime. Remaining exemptions will be under review in the coming years to simplify the I-T system.
FM Nirmala Sitharaman takes into consideration the importance of improving the education sector in India. Since India has the largest working-age population it is important to improve their skills to help find a job.
Nirmala Sitharaman allocates Rs 99300 crore for the education sector. And an additional 3000 crore for skill development. National Police University and National Forensic Science University to be set up to make India a hub for higher studies.
Focussing on the unemployment in the country Union Budget 2020 proposes to create more jobs for youth.
Swachh Bharat Budget.
FM announces Rs 12,300 crore for Swachh Bharat Mission in the FY 2020-21. Swachh Bharat since its launch in 2014 has been a huge success in India. As per the government, India is now open defecation free.
It will be interesting to know if the Union Budget 2020 will meet the expectations of the citizens or not. Many more announcements are on their way. Will the budget satisfy the country is a crucial topic right now.