Finance Minister Nirmala Sitharaman today presented the Union Budget 2020 with the longest-ever budget speech in Parliament. In the speech, she vowed to boost the income and purchasing power of the people.
Highlights of Union Budget 2020
• The FM in her budget speech reiterated PM Modi’s goal of making India a $5 trillion economy. She said that government would empower people through higher growth and meaningful employment.
• In the move to introduce new tax rates, the FM brought down the income tax outgo for people earning Rs. 15 lakh a year by Rs. 78,000 to Rs. 1,97,000.
• FM announced that the government’s debt had reduced to 48.7% of GDP from 52.2% in March 2014. She also said that fundamentals of the economy were strong.
• FM said that the government aims to bring down the fiscal deficit from 3.8% of the GDP (revised estimate 2019-20) to 3.5% of GDP in the financial year ending March 2021.
• The government assigned a budget of Rs. 2.83 lakh crore for agricultural and rural sectors; Rs. 3.6 lack crore for piped water supply to every household; Rs. 99,300 crore for the education sector and Rs. 28,600 crore on central schemes for women.
• In 2019-20, the agricultural credit would be boosted to Rs. 15 lakh crore. The FM said that Non-banking financial companies (NBFs) would help in agriculture.
• The FM assured citizens of safety of their savings in banks by increasing the insurance cover on deposits to Rs. 5 lakh from existing Rs. 1 lakh.
• Healthcare sector got Rs. 69,000 crore with the promise that taxes from medical devices will be invested in … Read the rest