Nirmala Sitharaman made some big announcements during Budget 2020 speech including 100 new airports
Union Budget 2020 was presented in the Lok Sabha by India’s Finance Minister Nirmala Sithraman on 1st February. This was the second budget of the Modi government after the return of the NDA government in the centre. The union budget 2020 is broadly divided into three major themes – economic development, aspiring India and building a caring society that is humane. FM Nirmala Sitharaman said in her budget speech that this budget is meant to boost the income and spending of power of people.
Here are some highlights of the Narendra Modi government’s Union Budget 2020.
- Income Tax slabs are changed for earnings up to Rs 15 lakh per year, making optional for taxpayers who will then have to let go of 70 exemptions. The list of 30 other exemptions that will be allowed is not yet known. The new income tax structure says that those earning up to Rs 5 lakh will not have to pay any tax. 10 per cent for income between Rs 5 lakhs to Rs 7.5 lakhs. 15 per cent for income between 7.5 lakhs to 10 lakhs. 20 per cent for income between Rs 10 lakhs to 12.5 lakhs. 25 per cent between 12.5 lakhs to 15 lakhs and 30 per cent for income over 30 lakhs, says the new tax-slab.
- Nirmala Sitharaman announced a total of 99,300 crores for the education sector in 2020-21 and Rs 3000 crore for skill development during her Budget 2020 speech.
- The Central government proposes to start a program where urban local bodies all over the country will give 1-year internship to young engineers.
- Rs 3.6 lakh crore is allocated for Jal Jeevan Mission to ensure piped water in every household. Rs 2.83 lakh crore is allocated for agriculture and allied activities, rural development and irrigation.
- . Sitharaman proposed to provide 27,300 crores for development of industry and commerce for the year 2020-21.
- A total of Rs 22,000 crore is allocated to the power and renewable energy sector for the financial year 2020-21. A sum of Rs 9500 crore has been handed to senior citizens and OBC (Other Backward Castes).
- The Modi government will develop 5 archaeological sites in 5 states. Rakhigarhi, Dholavira, Shivsagar, Adichanallur and Hastinapur will be developed as iconic sites with on-site museums.
- Rs 4,400 is proposed to encourage states to formulate and implement plans to ensure clean air.
- Government has also allotted Rs 30,757 crore for 2020-21 for Jammu and Kashmir and Rs 5,958 crore for Ladakh.
- The government will allocate Rs 85,000 crores for the empowerment of Scheduled Castes, and Rs 53,700 crore for Scheduled Tribes.
- 100 new airports will be built by 2024.
- A Chennai-Bangalore expressway will come up soon. Delhi-Mumbai expressway to be completed by 2023.
- The government will sell part of its stake in LIC (Life Insurance Corporation), launching an IPO.
- Insurance cover for each depositor will be increased to 5 lakhs, which was 1 lakh earlier.
- The fiscal deficit is reduced to 3.8 per cent of the GDP for FY2020 and 3.5 per cent for the FY2021.
- Rs 100 crore is allotted for hosting G-20 Summit.
- The FM announced during the Budget 2020 speech that nominal growth rate of GDP for the year is estimated at 10 per cent.
Have a news story, an interesting write-up or simply a suggestion? Write to us at email@example.com