Union Budget Key Highlights – Hello, Let’s Study Together Readers, As you all know that finally today is New Union Budget 2020 Declared by Our Finance Minister Nirmala Sitharaman.What are the benefits and losses of this Union Budget 2020?Here we are providing a Key Highlights of Union Budget 2020.So Let’s begin.
Delhi- Copies of #Budget2020 have been brought to the Parliament. Finance Minister Nirmala Sitharaman will present the Budget in Lok Sabha at 11 AM today.
The Theme of Budget 2020 – Aspiration, Development, Compassion
- Central government’s debt has come down to 48.7% in March 2019 from 52.2% in March 2014.
- Our government is committed to the goal of doubling farmers income by 2022.
- Finance Minister Nirmala Sitharaman said that between 2006-2016 India was able to raise 217 million people out of poverty.
- Rs 2.83 lakh crores has been allocated Agriculture, allied sector and Rural development for 2020-21.
- Allocation of Rs 12,300 crores for Swachh Bharat Mission for year 2020-21.
- Comprehensive measures for 100 water-stressed districts being proposed in this budget; agricultural credit target has been set at Rs 15 lakh crore.
- Sitharaman says the government proposes online education to ensure education accessibility for everyone.Degree level online courses to be offered at institutions that fall in top 100.
- ₹3.6 lakh cr allocated for Jal Jivan Scheme.
- India will host G-20 presidency in the year 2022; Rs 100 crores allocated for preparation.
- Government is fully committed to supporting new UTs of J&K and Ladakh; Allocation of Rs 30,757 crores for 2020-21 for Jammu and Kashmir and Rs 5,958 crores for Ladakh.
- 85,000 crore rupees for Scheduled Castes and Other Backward Classes in 2020-21; 53,700 crore rupees for Scheduled Tribes.
- Rs 2500 crores for promotion of tourism in the year 2020-21.
- 5 archaeological sites to be developed as iconic sites with on-site museums -Rakhigarhi, Hastinapur, Shivsagar, Dholavira and Adichanallur.
- Enhance allocation of Rs 9500 crores for senior citizens and ‘Divyang’.
- Rs 35600 crores for nutrition related programmes for 2020-21
- FY21 fiscal deficit target at 3.5% of GDP.
- Revised estimates of expenditure at Rs 26.99 trillion; Receipts at Rs 19 trillion
- Government proposes to sell a part of its holding in LIC by initial public offer.
- Deposit Insurance and Credit Guarantee Corporation has been permitted to increase deposit insurance coverage to Rs 5 lakh per depositor from Rs 1 lakh.
- Limit for NBFCs to be eligible for debt recovery under SARFAESI to be reduced from Rs 500 crore to Rs 100 crore AUM.
- Proposed to sell the balance holding of GOI in IDBI Bank to private investors.
- Women Self Help Groups can avail of MUDRA or NABARD assistance.
- NBFC eligibility for SARFAESI Act reduced to loan size of Rs 50 lakh from Rs 1 crore.
- We propose to bring a personal income tax regime, where income tax rates will be reduced, so now, person earning between Rs 5-7.5 lakhs will be required to pay tax at 10% against current 20%.