Union Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2020-21 in the parliament. Minister Sitharaman was accompanied by Minister of State Anurag Thakur who is her deputy.
She said that the government's aim is to revive the economy, which is currently staring at the worst pace of expansion recorded in ten years.
The budget will help to boost people's income and purchasing power, said Sitharaman who is also the second woman to become the finance minister.
About the benefits brought in by the Goods and Services Tax (GST), Sitharaman said it resulted in efficiency gains in the transport and logistics sector. GST benefited Micro, Small & Medium Enterprises(MSME) on a large basis and consumers got a yearly benefit of 1 lakh crore rupees.
From April 2020, A simplified return for GST will be introduced. The budget's aim is to help benefit health, education, jobs as well as growth for all, she added.
A 130% increase is seen in development and promotion of commerce and industry to 27,300 Crore, she said. Rs 69,000 crore has been allocated for healthcare, Rs 99,300 crore for education, Rs 12,300 crore, and Rs 22,000 crore for power.
Minister Sitharaman praised the 'beti bachao beti padao' sees great results as the gross enrolment ratio of girls is higher than boys.
Key Picks From the Budget
The farmer's income will be doubled through; land leading, amendment of APMC, and allowing contract farming.
Indian Railways will set up Kisan Rail through PPP model to transport perishable goods quickly to build a seamless national cold supply chain for the same.
Insurance cover for bank depositors raised from Rs 1 lakh to Rs 5 lakh.
Personal income tax rates slashed in the new I-T regime. Those earning between Rs 5 lakh and 7.5 lakh, will now pay 10% as income tax as against the prevailing 20%.
Tax burden on employees due to tax on Employee Stock Options to be deferred by 5 years or till they leave the company or when they sell, whichever is earliest, to encourage startups.
The budget of Rs 2.83 lakh crores has been made for 2020-21 for agriculture, allied activities, irrigation and rural development.
Rs 27,300 cr for development and promotion of the industry and commerce sector for the financial year 2020.
The government also issues of pollution into account and Rs 4,400 crores has been allocated for clean air.
Rs 30,757 crores and Rs 5,958 crores has been allocated to union territories Jammu and Kashmir and Ladakh respectively.