Union Budget 2020-21- Key Highlights By FM Nirmala Sitharaman

Please take a look at some of the sector-wise key highlights of the Union Budget 2020-21 presented by Finance Minister Nirmala Sitharaman

Tax:

A new tax regime has been announced for taxpayers.

Please note:- Those who want to be in the old tax regime with exemptions, can continue to pay the old rates.

  • Companies not required to pay ‘Dividend Distribution Tax’ i.e. DDT.

  • Aadhaar verification for GST compliance will be introduced.

  • Aadhaar-based prompt issuance of PAN has been announced.

Economy and Finance:

  • Bank deposit insurance cover has been increased from ₹1 lac to ₹5 lac per depositor.

  • Plans to improve the ‘Companies Act’ to decriminalize civil offenses.

  • To put up for sale part of its stake in ‘LIC’ through ‘Public Offering’.

Infrastructure:

  • Proposes to provide ₹1.7 lac crore for ‘Transport Infrastructure’ by 2021.

  • ‘National Logistics Policy’ to be released shortly.

  • ‘Chennai-Bengaluru Expressway’ to start.

  • Plans to achieve electrification of 27,000 km of lines.

  • Plans to have a large solar power capacity for ‘Indian Railways’.

  • Proposes ‘Bengaluru Suburban Rail Project’ of ₹18,600 crore.

  • To monetize 12 lots of ‘National Highways’ by 2024.

  • 100 new ‘Airports’ to be developed by 2024.

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Education:

  • ₹99,300 crore for ‘Education Sector’ in 2021

  • Approx. ₹3,000 crore for ‘Skill Development’.

  • Urban local bodies to offer ‘Internship’ to young engineers for a year.

  • Degree level full-fledged online programs by Top100 NIRF rankings Institutions, to help underprivileged students.

  • ‘National Police University’ along with ‘National Forensic Science University’ have also been proposed.

  • IND SAT exam for Asia & Africa students, to promote ‘Study In India’ program.

Agriculture:

  • Budget allocation of ₹2.83 lac crore for Agriculture sector and allied activities.

  • Doubling Farmers Incomes by 2022.

  • Agri-credit availability set at ₹15 lac crore for 2020-21.

  • Comprehensive actions for 100 water-stressed districts.

  • Provide 20 lac farmers to set up standalone solar pumps. Assist another 15 lac farmers to solarise their power grid.

  • ‘Village Storage Scheme’ proposed to run by ‘Women Self Help Groups’.

  • Indian Railways to have refrigerated coaches facility in ‘Kisan Trains’ to carry perishables and milk.

  • Krishi UDAN on international and national routes.

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Health and Sanitation:

  • Allocation of ₹69,000 crore for health sector.

  • ₹12,300 crore for Swachh Bharat this year.

  • Proposal to set up hospitals in Tier-II & Tier-III cities with the help of private sector using PPP.

  • Expand ‘Jan Aushadhi Scheme’ for all hospitals under ‘Ayushman Bharat’ by 2025.

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