The President also said that a record two lakh Indian Muslims performed Hajj this time and India is the first country in the world where the entire process of Hajj was done digitally.
Under the new regime, people earning up to Rs 5 lakh will pay no tax and those up to Rs 7.5 lakh will pay 10 percent tax, against the present 20 percent. In the Budget, the govt also announced that it will sell a part of its holding in LIC.
Finance Minister has rolled out an excellent budget with a thrust to core areas such as agriculture, healthcare, education infrastructure and rural development.
With an emphasis on capacity building and empowerment of marginalised sections of society including farmers, the Union Budget intends to ensure, as said by Sitharaman, that "our people should be gainfully employed.
"Rs 22,000 crore to be provided to power and renewable energy sector in 2020-21," Sitharaman said during the presentation of the Union Budget in the Parliament. She further urged the governments of all States and Union Territories to adopt pre-paid smart meters in a period of three years.
Like last year, Sitharaman opted for a traditional 'bahi-khata' to carry budget documents. Dressed in a crisp yellow silk saree, the minister carried the documents wrapped in a red silk cloth, adorned with the Indian emblem in golden.
In a major development, she said that full-fledged degree level online courses will soon be offered by the top educational institutions in the country.
According to the Union Finance Ministry, GST revenue collection for January 2020 stands second-highest monthly collection since the implementation of the new tax regime. The total number of GSTR 3B Returns filed for the month of December up to January 2020 is 83 lakh (provisional).
In the Union Budget 2019-20 presented today, FM Nirmala Sitharaman laid out a 16-point action to set the agriculture sector up for better times. An allocation of Rs 2.83 lakh crore will be made for the agriculture sector, the FM announced.