Finance Minister Nirmala Sitharaman, who presented the Union's budget for 2020-21, said: “In May 2019, Prime Minister Narendra Modi received the massive mandate to re-educate the government. The people of India have unequivocally not only used Janaadesh for political stability, but also strengthened their confidence in our economic policy. This is a budget to increase your income and increase your purchasing power. "
Here are the highlights of this year's budget:
A new tax regime has been announced. Those who want to be in the old regime with exceptions can continue to pay at the old rates.
Between £ 5 and £ 7.5
Reduced from currently 20% to 10%
Between £ 7.5 and £ 10
Reduced from currently 20% to 15%
Between £ 10 and £ 12.5
Reduced from currently 30% to 20%
Between £ 12.5 and £ 15
Reduced from currently 30% to 25%
Over £ 15 lakh
Continue with 30%, but without exceptions
Over 70 prints have been removed.
Companies no longer have to pay dividend distribution tax (DDT).
Aadhaar-based verification of GST compliance is to be introduced.
Aadhaar-based quick release announced by PAN.
Economy and finance:
Insurance coverage for bank deposits has been increased from £ 1 to £ 5 per depositor.
The government plans to amend the company law to decriminalize civil offenses.
Government sells part of its LIC stake through a public offering.
Allocation of £ 2.83 billion to the sector, agriculture and related activities.
Farmers' income will double by 2022.
The availability of agricultural credit is set at £ 15 for the period 2020-21.
Comprehensive measures for 100 water-endangered areas.
Provide 20 lakh farmers to set up standalone solar pumps. Help another 15-lakh farmer solarize their power grid.
Village storage system to be operated by female SHGs.
Indian railways are said to be able to use refrigerated touring coaches for the transport of perishable goods and milk in “Kisan trains”.
Krishi UDAN on international and national routes.
Health and hygiene:
An allocation of £ 69,000 crore to the healthcare sector.
£ 12,300 crore for Swachh Bharat this year.
Proposal to establish hospitals in Tier II and Tier III cities with the private sector using PPP.
Expand the Jan Aushadhi program to supply all Ayushman Bharat hospitals by 2025.
£ 99,300 pound for the education sector in 2021 and £ 3,000 pound for skills development.
Municipalities offer young engineers a one-year internship.
Fully-fledged online educational programs for university graduates from institutions ranked in the top 100 in the NIRF ranking, particularly for the benefit of disadvantaged students.
It is proposed to set up a national police university and a national forensic university.
IND SAT exam for students from Asia and Africa to promote the "Study in India" program.
Budget proposes to allocate GBP 1.7 billion to transport infrastructure in 2021
National logistics policy will be published shortly.
The Chennai-Bengaluru Expressway is launched.
Aim for the electrification of 27,000 km of lines.
Plan a large solar energy capacity for Indian Railways.
The government is also proposing a suburban rail project in Bengaluru that will cost 18,600 crore.
The government will monetize 12 lots of national highways by 2024.
By 2024, another 100 airports will be developed to support UDAN.