Union Budget 2020
The Modi government presented the second budget of its second term today. Union Finance Minister Nirmala Sitharaman presented her second general budget for the financial year 2020-21. There were total 13,128 words in her speech.
Here is the points action plan proposed in Union Budget 2020:
- Encourage State Governments to follow the model agricultural laws framed by the Centre.
- Measures to address water issues in 100 water-stressed districts.
- 20 Lakh farmers to be assisted in the setting-up solar power set.
- New scheme to encourage organic fertilizers.
- Geo-tagging of all agriculture warehouses and provide funds for setting up more warehouses.
- Village Storage scheme: Building storage facilities by women SHGs through Mundra and NABARD schemes.
- Kisan Rail: Transporting perishable goods.
- Krishi Udaan: Transporting goods in national and international routes
- Agricultural credit target set at Rs.15 lakh crore
- Focus on Horticulture: Help in better marketing and exports, adopting a cluster basis, states that focus on one product one district to gain momentum
- Foot and Mouth Disease and other diseases in cattle by 2025.
- Focus on increasing artificial insemination.
- Blue economy: Framework for development, management of the marine fishery resources.
- 58 lakh SHE mobilised, more to be mobilised.
- Raising fish production 200 lakh tonnes by 2023 by engaging with rural youth through.
- Funds allocated to Agri and allied activities: 2.83 lakh crores.
Finance Minister Nirmala Sitharaman has changed income tax slabs and cut income tax rates for earnings up to Rs 15 lakh per year, making it optional for taxpayers who will then have to let go of 70 exemptions. The list of 30 other exemptions that will be allowed are not known yet. As per the new income tax structure, those earning up to Rs 5 lakh will not have to pay any tax.
The income tax deductions still available in the new regime include:
- Death-cum-retirement benefit
- Commutations of pensions
- Amount received on VRS up to Rs 5 lakh
- Leave encashment on retirement
- Employee Provident Fund money
- Money received as scholarship for education
- Short-term withdrawals and maturity amount from the National Pension Scheme
- Cash received as awards constituted in public interest
This was the longest Budget speech by any finance minister of India. Nirmala Sitharaman, 60, broke her own record of a 2-hour-17-minute-long maiden Budget speech in July 2019.