New Delhi, Feb. 1 (PTI): Following are the highlights from the Union Budget Speech 2020-21. Finance Minister Nirmala Sitharaman on Friday delivered her longest-ever union budget speech.
It proposes a new income tax structure for individuals willing to forego certain exemptions and deductions
Under the new structure, an income of INR 5-7.5 lakh to attract 10 per cent tax, INR 7.5-Rs 10 lakh 15 per cent, INR 10-12.5 lakh 20 per cent, INR 12.5-15 lakh 25 per cent, above INR 15 lakh 30 per cent
Income up to INR 5 lakh to remain exempt from tax
Bank deposit insurance coverage increased to INR 5 lakh from INR 1 lakh
Dividend Distribution Tax at the hands of companies abolished; dividend to be taxed at the hands of recipients as per applicable slab
Govt. to sell part of stake in LIC through IPO
Fiscal deficit for FY20 estimated at 3.8 per cent, up from 3.3 per cent projected earlier
Fiscal deficit for 2020-21 projected at 3.5 per cent
2020-21 net market borrowing pegged at INR 5.36 lakh crore
Disinvestment proceeds pegged at INR 1.20 lakh crore for 2020-21, up from INR 65,000 crore in current fiscal
Receipts estimated at 22.46 lakh crore, expenditure at INR 30.42 lakh crore in 2020-21 based on nominal GDP growth of 10 per cent
PAN to be allotted instantly on the basis of Aadhaar
India fifth-largest economy, USD 284 billion FDI inflows during 2014-19
Central government debt reduced to 48.7 per cent of GDP in March 2019, from 52.2 per cent in March 2014
Proposal to sell the balance government holding in IDBI Bank to private, retail and institutional investors through stock exchanges
Defence outlay pegged at INR 3.23 lakh crore in 2020-21, up from INR 3.16 lakh crore this financial year
Railways to set up 'Kisan Rail' through PPP
Krishi Udaan will be launched by civil aviation ministry on international and national routes
The outlay for agriculture and allied activities pegged at INR 2.83 lakh crore, Nabard's re-finance scheme to be further expanded
Agriculture credit target for the year 2020-21 set at INR 15 lakh crore
Viability gap funding for setting up hospitals in PPP mode under Ayushman Bharat
Health sector and Swachh Bharat outlay pegged at INR 69,000 crore and INR 12,300 crore, respectively, in 2020-21
New Education Policy to be announced soon
Steps would be taken to enable sourcing external commercial borrowings and FDI in higher education
National Police University and National Forensic Science University are being proposed
INR 99,300 crore outlay for the education sector in 2020-21 and INR 3,000 crore for skill development
Proposes 'Investment Clearance Cell' to provide 'end-to-end' facilitation and support, including pre-investment advisory, information related to land banks and facilitate clearances at Centre and state level
Proposes a scheme focussed on encouraging the manufacture of mobile phones, electronic equipment and semiconductor packaging
National Technical Textiles Mission proposed with a 4-year implementation period from 2020-21 to 2023-24 at an outlay of INR 1,480 crore
NIRVIK scheme being launched to provide for higher insurance coverage, reduction in premium for small exporters and simplified procedure for claim settlements
Proposes to digitally refund to exporters duties and taxes levied at the central, state and local levels
National Logistics Policy to be released soon, to create a single-window e-logistics market and focus on employment generation
Delhi-Mumbai Expressway would be completed by 2023, Chennai-Bengaluru Expressway would also be started
More Tejas-type trains will connect iconic tourist destinations
High-speed train between Mumbai and Ahmedabad would be actively pursued
The government would consider corporatising at least one major port and, subsequently, it's listing on bourses
INR 1.70 lakh crore outlay for transport infrastructure in 2020-21
Urges States and UTs to replace conventional energy meters by prepaid smart meters in the next 3 years to give consumers the freedom to choose the supplier. Further, measures to reform Discoms would be taken
INR 22,000 crore outlay for the power and renewable energy sector in 2020-21
Proposes to expand the national gas grid from the present 16,200 km to 27,000 km
To deepen gas markets in India, further reforms will be undertaken to facilitate transparent price discovery and ease of transactions
Policy to enable the private sector to build data centre parks throughout the country soon
INR 6,000 crore outlay to the BharatNet programme in 2020-21
Proposes a task force to recommend women's marriageable age
Budget allocation of Rs 85,000 crore for Scheduled Castes and Other Backward Classes, Rs 53,700 crore for Scheduled Tribes for 2020-21
Amendments proposed in the Companies Act
INR 30,757 crore allocated to Union territories of J&K and Ladakh
Govt. to ask RBI to allow MSMEs to restructure debt till March 31, 2021
FPI limit in corporate bonds hiked to 15 per cent of outstanding stock, from 9 per cent
New debt-ETF, consisting primarily of government securities, to be floated
Proposes lower tax rates for cooperatives at 22 per cent with 10 per cent surcharge and 4 per cent cess.
Disclaimer
This story has been edited by Eastern Mirror for clarity and taken directly from news agency feeds.
