Union Budget 2020 – 2021
Posted by Creditkaro
All eyes were set on the Union budget 2020 on the 1st of Feb. The whole country was glued to the television screens, people were watching live updates on their phones, everybody was in hopes of a revival of the economy. This economy had seen one the worst economic slowdown in the past decades, a drastic fall in GDP in the past year, demonetization and a lot more. According to a source, India’s GDP growth had come down to 5.6 percent in 2019 from 7.4 percent in 2018. India’s economic slowdown is lasting longer than expected and the situation is steadily getting out of control. In a time like this, all eyes were set on Finance minister, Nirmala Sitharaman as she presented her second budget. This is the second budget from Narendra Modi led NDA government’s term. The central idea of the Union budget 2020 are:
Here are some highlights of the Union Budget 2020:
The government has announced a new tax regime, however, those who want to remain in the old regime can continue to pay at old rates. The new tax regime is as follows:
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Apart from this over 70 different types of deductions have been removed, also companies will no longer have to pay Dividend Distribution Tax (DDT) and an Aadhaar-based verification will be introduced for GST compliance. (Tax slab source: The Hindu)
Also read: How to file ITR online?
The government indicated that The Prime Minister Kusum scheme has reduced the dependence of farmers on diesel and kerosene. Now, PM Kusum will cover 20 lakh farmers for stand-alone solar pumps and further 15 lakh farmers for grid-connected pumps. The government will now revise incentives for the use of chemical fertilizers and for the creation of efficient warehouses on PPP mode. SHGs run village storage scheme will be launched and integration of e-NWR with e-NAM.
“Kisaan Rail” and “Krishi Udaan” will be launched by the Indian Railways and Ministry of Civil Aviation respectively for a seamless national cold supply chain for perishables.
However, the education sector will now be open to FDI and new education policy will be announced. A total of 3000 crores will be given for skill development and the degrees offered by the top 100 NIRF-ranked institutes can soon take online.
About 150 educational institutions will start apprenticeship embedded courses
Therefore, A total of INR 69,000 crore has been provided for the healthcare sector of which PM Jan Arogya Yojana will get INR 6,400 crore. The government will extend “Mission Indra Dhanush” to cover new diseases and new vaccines and Fit India will also be a part of this mission.
More than 20,000 hospitals will be impaneled hospitals under PM Jan Arogya Yojana.
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