Budget 2020: Rs 27,300 cr for industry, commerce development, says Nirmala Sitharaman | Highlights

The government is widely expected to raise spending on infrastructure and cut some personal tax to spur consumer demand and investment.

Written by February 1, 2020 10:07

New Delhi: Finance minister Nirmala Sitharaman is presenting her second Union Budget Session 2020. She had discarded the briefcase for a traditional ‘Bahi-Khata’ last year for her first budget presentation.

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Budget 2020 | Highlights

# I propose to impose a nominal health cess on imports of medical equipment

# Option to be provided to cooperative societies to be taxed at 22% plus 10% surcharge and 4% cess, with no exemptions or deductions To be exempted also from Minimum Alternative Tax

#FM Nirmala Sitharaman: We propose to bring a personal income tax regime, where income tax rates will be reduced, so now, person earning between Rs 5-7.5 lakhs will be required to pay tax at 10% against current 20%.

# FM Nirmala Sitharaman: We estimate a fiscal deficit of 3.8% in RE 2019-20 and 3.5% for PE 2020-21

# Finance Minister Nirmala Sitharaman: We have estimated nominal growth of GDP for the year 2020-21 on the trends available, at 10%.

# Budget proposes to sell a part of its holding in LIC by inital public offer

# App-based invoice financing loans product to be launched, to obviate problem of delayed payments and cash flow mismatches for MSMEs

# Finance Minister Nirmala Sitharaman: Robust mechanism is in place to monitor health of all schedule commercial banks and depositors money is absolutely safe

# Finance Minister Nirmala Sitharaman: Government is fully committed to supporting new UTs of J&K and Ladakh; Allocation of Rs 30,757 crores for 2020-21 for Jammu and Kashmir and Rs 5,958 crores for Ladakh

# Over 6 lakh anganwadi workers have been equipped with smartphones to upload the nutrition status of 10 crore households. “I propose to provide Rs 35,600 crore for nutrition-related programmes in 2020-21”: Finance Minister

# Finance Minister Nirmala Sitharaman: We wish to enshrine in the statutes a taxpayer charter through this Budget. Our govt remains committed to taking measures to ensure that our taxpayers are free from tax harassment of any kind.

# Rs. 85,000 crore allocated for SCs and OBCs; Rs. 53,700 crore allocated for STs: FM

# Our Govt will involve the youth in fishery extension work. Through 3,477 Sagar Mitras and 500 fish-farmer producer organizations, we hope the rural youth, particularly in the coastal and inland areas, will work as Sagar Mitras and also form 500 such organizations

#Finance Minister Nirmala Sitharaman: Enhance allocation of Rs 9500 crores for senior citizens and ‘Divyang’.

# Presently, under PM Jan Arogya Yojana, there are more than 20,000 impaneled hospitals that help in Ayushman Bharat. We need more such hospitals to be empaneled in Tier-II and Tier-III cities for poor people in these areas to benefit: FM

# Finance Minister Nirmala Sitharaman: 100 more airports to be developed by 2024 to support Udaan scheme

# Finance Minister Nirmala Sitharaman: ‘Beti bachao, beti padhao’ has yielded tremendous results, gross enrolment ratio of girls across all levels of education now higher than boys

# Finance Minister Nirmala Sitharaman: To soon bring out a policy to enable private sector to build Data Centre Parks in the country

# Finance Minister Nirmala Sitharaman: High-speed train between Mumbai and Ahmedabad will be actively pursued.

# Finance Minister Nirmala Sitharaman: I propose to provide Rs 22000 crores to power and renewable energy sector in 2020-21

# FM Nirmala Sitharaman: Setting up large solar panel capacity alongside the railway tracks on land owned by railways, a proposal is under consideration. More Tejas type trains will connect iconic destinations.

#The Delhi-Mumbai Expressway will be completed by 2023

# A degree-level full-fledged online education programme to be offered by institutes in top 100 in National Institutional Ranking Framework.

# FM Nirmala Sitharaman: We propose Rs 99300 crores for the education sector in 2020-21 and Rs 3000 crores for skill development.

# FM Nirmala Sitharaman: There is a shortage of qualified medical doctors both general practitioners and specialists; it is proposed to attach a medical college to a district hospital in PPP mode; details of the scheme to be worked out soon.

# Fish production to be raised to 200 lakh tonnes by 2022-23

# Milk processing capacity to be doubled by 2025

▪️Indian Railways to start a Kisan Train to carry perishables and Milk.

▪️Govt intends to eliminate Foot and Mouth Disease.

▪️Govt will encourage balanced use of all fertilisers.

# FM Nirmala Sitharaman: My Budget 2020 is woven around three themes- aspirational India to boost the standard of living; economic development for all; and building a humane and compassionate society

Govt insured over 6 cr farmers under Pradhan Mantri Fasal Bima Yojana.

▪️Agriculture market needs to be liberalised, NABARD will undertake a exercise, to develop warehouses.

▪️Govt will support establishing warehouses at Block and Tehsil levels.

# Centre will encourage state govts which will implement modern laws like Model Agricultural Land Leasing Act of 2016.

▪️Krishi Udan will be launched by Ministry of Civil Aviation on National, International routes.

▪️Thrust will be given to Horticulture sector.

# FM Nirmala Sitharaman: For sector comprising agriculture, allied activities, irrigation and rural development, an allocation of Rs 2.83 lakh crores has been made for 2020-21

# The digital revolution that has placed India in a unique leadership position globally will see a wave. We shall aim to achieve seamless delivery through digital governance: FM

# Warehouses will be set up, viability gap funding to be provided to set up warehouses – FM

# FM Nirmala Sitharaman: To build a seamless national cold supply chain for perishables, Indian Railways will set up Kisan Rail through PPP model so that perishable goods can be transported quickly. Krishi Udaan will be launched by MoCA on international and national routes.

# FM Nirmala Sitharaman: Pradhan Mantri Kisan Urja Suraksha avem Utthan Mahabhiyan (PM KUSUM) to be expanded to provide 20 lakh farmers in setting up standalone solar pumps

# Comprehensive measures for 100 water-stressed districts being proposed – FM

# Will encourage state governments who implement following model laws – FM

# We’ve moved on from a growth percent of just over 4% in the 1950s to 6% in the 80s and 90s. However, during 2014 and 19, we clocked a 7.4% average with inflation averaging around 4.5% itself: FM

# This Budget is woven around three prominent themes.

1. Aspirational India

2. The economic development of All

3. Ours shall be a caring society.

# Finance Minister Nirmala Sitharaman: Three key points of Budget-aspirational India, economic development for all and that ours shall be a caring society.

# Farm markets need to be liberalized, farming need to be made more competitive, handholding of farm-based activities need to be provided, sustainable cropping patterns and more tech needed

# Our government is committed to the goal of doubling farmers income by 2022

# The Central Govt debt, the bane of our economy, has reduced. In March 2019, it stood at 48.7% of the GDP from 52.2% in March 2014: FM

# We are now fifth largest economy in the world: FM Nirmala Sitharaman

#  FM points out two cross-cutting developments

Proliferation of technologies such as analytics, machine learning, AI, bioinformatics No. of people in productive age group at its highest

# We shall strive to bring #EaseOfLiving to every citizen- FM

# FM underlines some of the achievements of the government

# An average household now saves about 4% of its monthly spends on account of reduced GST rates: FM

# FM on the forward march of GST

# GST has integrated the country economically: FM Nirmala Sitharaman

# Several steps on formalisation of economy have been taken up: FM

# Budget is to boost income and purchasing power of people: FM

# FM underlines the paradigm shift in governance, brought about by the Government

# 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

# With renewed vigour, under PM’s leadership, we commit ourselves to present the people of India with all humility and dedication. People have reposed faith in our economic policy.

# BJP MPs Hema Malini,Ravi Kishan, and Sunny Deol arrive in Parliament.

# Union Ministers after Cabinet meeting at Parliament House.

# Finance Minister Nirmala Sitharaman’s family including her daughter Parakala Vangmayi arrive in Parliament.

# Printed copies of the Union Budget 2020-21

# Copies of Budget 2020 have been brought to the Parliament. Finance Minister Nirmala Sitharaman will present the Budget in Lok Sabha at 11 AM today.

# Our effort has been to bring the best for people and country, says MoS Anurag Thakur ahead of Budget session

# Finance Minister Nirmala Sitharaman and MoS Finance Anurag Thakur arrive at the Parliament, to attend Cabinet meeting; Presentation of Union Budget 2020-21 at 11 am

# Union Cabinet Secretary Rajiv Gauba arrives at the Parliament.

# N Hiranandani,CMD,Hiranandani Group: I’ve never seen a liquidity crisis as bad as it is today. No matter how good the budget is if the oil in the mechanism of the economy is not working, the economy can’t move.If the oil comes back&we get boost of budget then we will see recovery

# Sitharaman back with traditional ‘bahi khata’ for Budget 2020-21

# Finance Minister Nirmala Sitharaman to proceed to the Parliament House to attend the Cabinet meeting

#Finance Minister Nirmala Sitharaman calls on President Ram Nath Kovind before presenting the Union Budget 2020-21

# Sensex at 40,576, down by 140 points ; Nifty at 11,910, down by 126.50 points

# Ministry of Finance: The gross GST revenue collected in the month of January, 2020 is Rs 1,10,828 crores. The total number of GSTR 3B Returns filed for the month of December up to 31st January, 2020 is 83 lakh.

# Cabinet meeting to be held at 10:15 am today in the Parliament House, ahead of the presentation of Union Budget 2020-21.

# Finance Minister Nirmala Sitharaman with the ‘Bahi-Khata

# She will present her second Budget today