The Budget 2020 in India has been presented by the Finance
Minister Nirmala Sitharaman who presented the Union Budget 2020 in the
Parliament today. Sitharaman’s Budget speech included many key announcements.
At the start of her speech, Sitharaman paid her respects to late Finance
Minister Arun Jaitley. She mentioned, “GST resulted in Rs 1 lakh crore
gains to consumers, removed inspector raj and helped transport sector.” Talking
about employment, Sitharaman reiterated: “Our people should be gainfully
employed, our businesses should be healthy; for all minorities, women, and
people from SCs and STs, this Budget aims to fulfill their aspirations.” The
Finance Minister was all for a Budget 2020 that would mean boosting income and
increasing the purchasing power of people. Sitharaman further said that Modi
govt is trying its best to doubling farmers’ income by 2022. She listed out key
initiatives that the Centre took for farmers in the last few years and that
included the PM Kisan.
Finance Minister Nirmala Sitharaman came up with a long
speech in six years of the Narendra Modi government. She went on to announce
several reforms that tried to address both the economic and social aspects of
the country. See more details visit: https://www.vramaratnam.com/
Key Budget takeaways
Key Budget takeaways
·
Govt will help raise funds via a listing of LIC.
·
Deposit insurance raised up to Rs 5 lakh.
·
FY21 fiscal deficit target is pegged at 3.5% of
GDP.
·
FY20 fiscal deficit pegged at 3.8% of GDP
as against the earlier target of 3.3%.
·
Companies Act will be amended to
decriminalize civil offenses.
·
FY21 nominal GDP growth pegged at 10%.
·
To introduce new education policy; allocating Rs
99,300 crore for the sector in FY21
·
Initiating the development of 100 more airports
by 2025 to support UDAN scheme
·
To introduce a new simplified personal tax
regime aiding the middle class.
·
No income
tax levied for income up to Rs 5 lakh.
