Nirmala Sitaraman presents 2020 Budget proposals.
Key takeaways in Budget 2020
GST most historic economic reform
GST has integrated India economically
16 lakh new taxpayers added
$284 billion FDI between 2014-2019
Want to extend ease of living for every citizen
India is now the fifth-largest economy
This budget has 3 prominent themes
Aspirational India, Economic development and caring society
16 action points for Agri sector
Measures for 100 water critical districts
20 lakh farmers to set up solar pumps
Solar power generation units on barren land
Balanced use of all kinds of fertilisers
Village storage scheme proposed for farmers
Dhanya Lakshmi scheme for village women
Krishi Udaan will be launched by Civil Aviation
One product one district for Horticulture
Zero budget National farming proposed
Nabard Refinance scheme to be expanded
Kisan credit card scheme proposed
108 metric ton milk production by 2021
200 lakh tonne fish production by 2022-23
2.83 lakh crore allocation for the farm action plan
Income Tax
The Income Tax rates have been revised
Annual income up to 2.5 lakhs exempt from tax
Individuals earning between 2.5 lakhs to 5 lakhs will pay 5 per cent tax
Individuals earning between 5 lakhs to 7.5 lakhs will pay 10 per cent tax
Individuals earning between 7.5 lakhs to 10 lakhs will pay 15 per cent tax
Individuals earning between 10 lakhs to 12.5 lakhs will pay 20 per cent tax
Individuals earning between 12.5 lakhs to 15 lakhs will pay 25 per cent tax
Income above 15 lakhs will be taxed 30 per cent
Health care: 690 billion will be spent
Transport: 100 more airports planned by 2024, 6k km of highways, one major airport will be privatised.
Manufacturing: Schemes that encourage the manufacture of mobile phones, electronic items and semi conducted packaging will be introduced.
Private sector to build data centre parks throughout the country will be encouraged.
80 billion rupees over five years to be provided for applications
Banking: Insurance cover for bank depositors to be raised to 5 lakhs from one lakh
Infrastructure: five new smart cities
Delhi-Mumbai expressway to be completed by 2023
100 more airports to be developed by 2024
