Finance Minister Nirmala Sitharaman on Saturday presented the Budget in Parliament, arguing that the people of India have not only political stability but also confidence in the economic policies of the government.
Here are the highlights of the Union Budget 2020-21:
- Agriculture and Allied Activities, Irrigation and Rural Development: Rs 2.83 lakh crore
- Swachh Bharat: Rs 12,300 crore
- Jal Jeevan: Rs 3.6 lakh crore
- Health: An additional Rs 69,000 crore
- Education: Rs.99,300 crores
- Skill Development: Rs 3,000 crore
- National Technical Textile Mission to be launched, with four year implementation period: Rs 1,480 crore
- Industry and Commerce: Rs 27,300 crore
- Transport Infrastructure: Rs 1.7 lakh crore
- Power and Renewable Energy Sector: Rs 22,000 crore
- Quantum Technologies and Applications: Rs 8,000 crore
- Nutrition Related Programs: Rs 35,600 crore
- Programs for Women: Rs 28,600 crore
- Scheduled Castes and Other Backward Classes: Rs.85,000 crores
- Scheduled Tribes: Rs 53,700 crore
- Improved Rs 9,500 crore provision for Senior Citizens and Divyangs
- Ministry of Culture: Rs 1,150 crore
- Tourism: Rs 2,500 crore
- Clean air: Rs 4,400 crore
- G20 Presidency in 2022: Rs 100 crore
- Central Territory Jammu & Kashmir: Rs 30,757 crore
- Union Territory Ladakh: Rs 5,958 crore
- National Infrastructure Pipeline: Rs 22,000 crore
- Accordingly, the expenditure for the year 2020-21 is Rs 22.46 lakh crore and the expenditure is Rs 30.42 lakh crore
- Banking sector reforms
The DICGC is permitted to increase the deposit insurance coverage for the depositor from Rs 1 lakh to Rs 5 lakh per depositor.
- Amendments to the Banking Regulation Act to strengthen cooperative banks.
- IDBI Bank of India proposes to sell Balance Holding to private investors
- The recovery eligibility limit for NBFCs has been reduced to Rs 50 crore asset size or loan size of Rs 50 lakh.
Culture and Tourism
- Five archaeological sites will be developed as on-site sites with on-site museums – Rakhigarhi, Hastinapur, Shivasagar, Dholavira and Adichanallur.
- Indian Institute of Heritage and Conservation
- Museum of Numismatics and Trade
- Tribal Museum in Ranchi
Maritime Museum in Lothal
- A new tax regime is proposed. However, those who wish to continue paying old rates may do so.
- Between Rs 5 Lakhs to 7.5 Lakhs: Reduced to 10% from current 20%
- Between Rs 7.5 lakh and Rs 10 lakh: Reduced to 15% from the current 20%
- Between Rs 10 Lakhs to Rs 12.5 Lakhs: Reduced to 30% from current 30%
- Between 12.5 Lakhs to 15 Lakhs: Reduced from the current 30% to 25%
- above 15 lakh: Proceed at 30%, but without exceptions
- Budget allocation of Rs 2.83 lakh crore for agriculture and allied activities.
- By 2020 the income of farmers will double.
- Krishi Udaan under Ministry of Civil Avaition on international and national routes to benefit farmers
- from various sources.