Budget 2020 Highlights: On Budget day,from the common man, investors, taxpayers to India Inc, everybody was expecting major reforms and benefits to be announced by Finance Minister Nirmala Sitharaman. Here is what she has announced in her Budget speech: (#BudgetOnZee)
Check out the Budget 2020 Highlights here:
Finance Minister Nirmala Sitharaman began presenting Budget for 2020-21 in Lok Sabha promptly at 11 A.M. SHe said, “I rise to present the Budget for the year 2020-21.” Earlier, Union Budget was cleared by the PM Narendra Modi led Union Cabinet. “With renewed vigour, under PM’s leadership, we commit ourselves to present the people of India with all humility and dedication. People have reposed faith in our economic policy,” Finance Minister Nirmala Sitharaman said.
She said that our people should be gainfully employed, our businesses should be healthy; for all minorities, women and people from SCs and STs, this Budget aims to fulfill their aspirations.
* Budget to enhance income and purchasing power
* Warehouses will be set up, viability gap funding to be provided to set up warehouses
* Sixth action point – Village Storage Scheme run by SHGs, will provide holding capacity for farmers, women in villages can regain their status as Dhaanya Lakshmi
* Centre will encourage state govt which will implement modern laws like Model Agricultural Land Leasing Act of 2016.
* Krishi Udan will be launched by the Ministry of Civil Aviation on National, International routes.
* Thrust will be given to the Horticulture sector.
* FM Nirmala Sitharaman proposes a Comprehensive action plan for 100 water-stressed district
* Govt committed to doubling #farmers income by 2022: FM Nirmala Sitharaman
* Govt insured over 6 cr #farmers under Pradhan Mantri Fasal Bima Yojana.
* Agriculture market needs to be liberalised, NABARD will undertake an exercise, to develop warehouses.
* Govt will support establishing warehouses at Block and Tehsil levels
* Farmers who have fallow or barren land will be helped to set up solar power generation units and also sell surplus power to the solar grid and also make living out of even barren land
* Central govt’s debt has come down to 48.7% in March 2019 from 52.2% in March 2014
* We will encourage balanced use of all fertilizers, a necessary step to change the incentive regime which encourages excessive use of chemical fertilizers
* #GST has resulted in Rs. 1 lakh crore gains to the consumers and also removed ‘Inspector Raj’
* I’m mindful of presenting #Budget2020 in the backdrop of 2 cross-cutting developments – the proliferation of tech. & no. of people in productive age group (15-65 yrs) in India being at its highest
* We are now fifth-largest economy in the world: FM Nirmala Sitharaman
* We have added 60 lakh, new taxpayers, in GST ambit: FM Nirmala Sitharaman
* This budget is woven around 3 prominent themes –
1) Aspirational India2) Economic Development3) Caring Society
* Fundamentals of the economy are strong, Inflation has been well contained:
* Several steps on the formalisation of the economy have been taken up
* Budget is to boost income and purchasing power of people
* GST has integrated the country economically