In the Union Budget 2020, there are three main themes in which our Finance minister Mrs Nirmala Sitharaman has been presented. The themes that includes are:
• Aspirational India
• Economic Development
• Caring Society
Following are the key takeaways for Budget 2020:
1. Farmers are encouraged to set-up the solar pumps, solar power generation on their barren lands.
2. The government also proposes plans to reduce the usage of the fertilizers and to use proper manure and water.
3. The new income tax regime has been introduced:
• Income between 5 lakh – 7.5 lakh will be taxed at 10%.
• Income between 7.5 lakh – 10 lakh will be taxed at 15%.
• Income between 10 lakh – 12.5 lakh will be taxed at 20%.
• Income between 12.5 lakh – 15 lakh will be taxed at 25%.
• Income above 15 lakhs will be taxed at 30%.
4. Government announces Rs 99,300 crore for the education sector and Rs 3,000 crore for skill development.
5. Rs 12,300 crore has been assigned for the Swachh Bharat scheme.
6. Tax on the co-operatives societies reduced to 22% without any exemptions.
7. In this budget, it offers instant generation for the PAN card online.
8. Government to introduce a new and simplified version of GST from April 1, 2020.
9. To raise the insurance covers for bank depositors to Rs 5 lakhs from Rs 1 Lakhs.
10. In nominal GDP growth has been pegged for 2020-21 at 10%.
11. The government proposed to divest its stake from LIC through an IPO to raise the funds.
12. 2.8 lakh crore spending on agriculture, irrigation and on the allied sectors has been announced.
13. NIRWIK scheme to provide high and to reduce the premium to the small exporters.
14. Announcement for increment in the turnover of the GeM platform to Rs 3 lakh crore.
15. Indian Railways to set-up a “Kisan Rail” through Public-Private Partnership.
16. The government said that milk production will be doubled by 2025.
17. All farmers are to be covered under kissan credit card scheme.
18. Development of smart cities and promoting manufacturing to generate investment and employment opportunities.
19. Increment in the number for the airports to 100 by 2022.
20. To focus more on the adoption for the technical standard.
21. To set up the number of solar power capacity on the land owned by the railways.
By, Trading Fuel