Union Budget 2020-21 LIVE Highlights | Finance Minister Nirmala Sitharaman | PM Modi | Andhra TV

Union Budget 2020-21 LIVE Highlights Finance Minister Nirmala Sitharaman PM Modi Andhra TV

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Budget 2020 Highlights: Amidst the economy struggling with a six-year low GDP growth, Union Finance Minister Nirmala Sitharaman presented the Budget 2020 on Saturday that focused on raising the purchasing power by cutting income tax rates and boosting rural income.
This was the longest Budget speech by any finance minister, going beyond 2 hour 30 minutes. Sitharaman, 60, broke her own record of a 2-hour-17-minute-long maiden Budget speech in July 2019.
Fiscal deficit target pegged at 3.8% of GDP for FY20. Insurance cover for bank depositors has been raised from Rs 1 lakh to Rs 5 lakh. Check out your new tax rates here
In a shot in the arm for the middle class, Nirmala Sitharaman has proposed a new simplified tax regime soon. “10% tax for income between 5 lakh-7.5 lakh; 15% tax for income between 7.5 lakh to 10 lakh; 20% tax for income between 10 lakh to 12.5 lakh; 25% tax for income between 12.5 lakh to 15 lakh ; 30% tax for income above 15 lakh. No income tax for those with taxable income below Rs 5 lakh,” says Sitharaman. Market Live Updates
Union Budget 2020 highlights:
#1. Between 2006-2016, 271 million are out of poverty and we should be proud of it, says Finance Minister Nirmala Sitharaman.
#2. Country has moved on from over 4 per cent growth in 1950s to 7.4 per cent to 2014-19 period, says Sitharaman
#3. Total of 60 lakh new taxpayers and 105 crore e-way bills generated under GST, says Nirmala Sitharaman. Average household now saves 4 percent of monthly spend due to reduced GST rates, she added.
#4. Finance minister Nirmala Sitharaman says Central government debt reduced to 48.7 per cent of GDP in 2019 from 52.2 per cent.
#5. Sitharaman now starts putting out a 16-point guide to make India an aspirational economy. India is now 5th largest economy in world, the FM says.
#6. Government to incentivise farmers to go solar. Over 6 crore farmers under Pradhan Mantri Fasal Bima Yojna have been insured. Pradhan Mantri Kisan Urja Suraksha and Utthan Mahabhiyan (PM KUSUM) to be expanded, providing 20 lakh farmers in setting up standalone solar pumps.
#7. Railways will set up Kisan Rail through PPP model so that perishable goods can be transported quickly. Krishi Udaan scheme to transport agri products to national as well international destinations to be launched.
#8. Agri-credit target for the year 2020-21 has been set at Rs 15 lakh crore.
#9. Rs 69,000 crores for allocated for the healthcare sector, says Finance Minister Nirmala Sitharaman.
#10. Education and training: Rs 99,300 crore allocated for education in FY21. Govt will start start Ind-Sat Exam to promote study in India and a degree-level online education programme for the deprived. A total of Rs 3,000 crore will be given for skill development.
#11. Allocation for Swachh Bharat Mission for 2020-21 stands at Rs 12,300 crore. In further push to PM Modi’s ‘Nal se jaal’ scheme, govt proposes Rs 3.6 lakh crore towards piped water supply to households.
#12. National Textile Mission to be launched with a proposed Rs 1,480 crore allocation, says FM Nirmala Sitharaman.
#13. To boost infrastructure, Sitharaman says 9,000 km of economic corridor will be set up. “Chennai-Bengaluru expressway will also be started. Delhi-Mumbai expressway to be completed By 2023,” says FM.
#14. 550 WiFi facilities have been commissioned at railway stations.
1 lakh gram panchayats to get optical fibre link, says FM Sitharaman. An allocation of Rs 6,000 crore will be provided for BharatNet scheme.
#15. Allocation of Rs 27,300 crore for development of industry and commerce.
#16. FM Nirmala Sitharaman announces Rs 20,000 crore for renewable energy sector in a bid to tackle pollution.

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