Budget 2020 : Key Highlights in Hindi and English

Budget 2020 : Finance Minister Nirmala Sitaraman delivered the longest budget speech of Modi Government for continuous 161 Minutes almost.

Revenue of More than Rs 1.10 lakh crore through GST this year, says Revenue Secretary added with Govt to raise funds via listing of LIC; Deposit insurance raised to Rs 5 lakh; FY21 fiscal deficit target pegged at 3.5% of GDP; DDT scrapped; cuts income tax on lower slabs.

Using for a Blog Post - Budget 2020
Finance Minister Nirmala Sitaraman with Anurag Thakar and more outside the Parliament For Passing : Budget 2020

To keep it as simple as it can be, We presented Budget 2020 in easiest manner possible, we here by brought to you The Highlights of Budget Point to Point and Cut to Cut in both Languages Hindi & English :

36 पाइंट में समझें 2020-21 का बजट

  • 1 बजकर 42 मिनट पर वित्त मंत्री सीतारमण का 2 घंटे 41 मिनट लंबा बजट भाषण समाप्त
  • शेयर मार्केट को पसंद नहीं आया मोदी 2.0 का पहला बजट, सेंसेक्स 475, निफ्टी 154 अंक गिरा
  • इनकम टैक्स छूट का लाभ लेना ऑप्शनल होगा, पुरानी और नई व्यवस्था में से चुनने का विकल्प मिलेगा
  • बड़ा ऐलान: 5 लाख कमाई तक पहले की तरह कोई टैक्स नहीं, 5 से 7.5 लाख पर टैक्स 20% से घटकर 10% हुआ
  • 10 लाख तक 15%, 12.5 लाख तक 20%, 15 लाख तक 25%, 15 लाख से ज्यादा पर पहले की तरह 30% टैक्स
  • 45 लाख रुपए तक के मकान की खरीद के लिए ब्याज में 1.50 लाख रुपए की अतिरिक्त छूट एक साल और बढ़ी
  • इनकम टैक्स कानून पर बड़ा फैसला, नए सिस्टम में 100 तरह के डिडक्शन में से 70 को हटाया जाएगा
  • MSME कंपनियों के ऑडिट के लिए कुल टर्नओवर की अपर लिमिट 5 करोड़ का प्रस्ताव, स्टार्टअप के लिए लाभ की 100% कटौती लिमिट 25 करोड़ से बढ़कर 100 करोड़ हुई
  • बड़ा फैसला: बैंक डिपाजिट इंश्योरेंस 1 लाख रुपए से 5 लाख रुपए तक बढ़ा, जमा करने वालों को फायदा, LIC के लिए आईपीओ लाएगी सरकार, बड़ी हिस्सेदारी बेचेगी
  • सहकारी संस्थाओं को मैट से छूट, धार्मिक संस्थाओं का रजिस्ट्रेशन आनलाइन और इनके लिए URN जारी होगा
  • कंपनियों को डिविडेंड डिस्ट्रीब्यूशन टैक्स नहीं देना होगा, अब ये टैक्स शेयरधारक चुकाएंगे
  • बिजली क्षेत्र में निवेश के लिए घरेलू कंपनियों को 15% रियायती कार्पोरेट टैक्स देने का प्रस्ताव
  • FY21 में 10% जीडीपी हासिल करने का लक्ष्य, कमाई 22.46 लाख जबकि खर्च 30.42 लाख करोड़, 3.5% राजकोषीय घाटे का अनुमान
  • जम्मू- कश्मीर और लद्दाख के विकास के लिए 30757 करोड़ का अलग फंड बनेगा, सरकारी और प्राइवेट बैंकों में नॉन गैजेटेड पोस्ट पर भर्ती के लिए नेशनल रिक्रूटमेंट एजेंसी बनेगी
  • टैक्स: देश के करदाताओं के लिए चार्टर बनेगा, लोगों को परेशानी से बचाएंगे, कंपनी एक्ट के तहत नए कानून बनेंगे
  • वित्त मंत्री ने तमिल कवि तिरुवल्लुवर के संदेश के साथ पीएम मोदी की तारीफ की, कहा- उन्होंने देश को पांच बड़ी सौगातें दीं
  • पर्यावरण स्वच्छता के लिए 4400 करोड़, प्रदूषण फैलाने वाले थर्मल प्लांट बंद होंगे
  • पर्यटन क्षेत्र को 2500 करोड़, संस्कृति को बढ़ावा देने के लिए 3150 करोड़, 5 पुरातत्व स्थल पर्यटन स्थल बनेंगे, नए म्यूजियम बनेंगे
  • अनुसूचित जाति और पिछड़ा वर्ग के कल्याण के लिए 85,000 करोड़, आदिवासियों के लिए 53700 करोड़, सीनियर सिटिजन और दिव्यांगों के लिए 9500 करोड़
  • वित्त मंत्री ने कहा- पोषण कार्यक्रमों के लिए 35,600 करोड़, महिला कल्याण के लिए 28,600 करोड़
  • क्वांटम टेक्नॉलाजी एंड एप्लिकेशंस पर 8000 करोड़ खर्च होंगे, नॉलेज ट्रांसलेशन क्लस्टर बनेंगे, दो नेशनल लेवल साइंस स्कीम आएंगी
  • भारतनेट कार्यक्रम के लिए 6000 करोड़, एक लाख ग्राम पंचायतों को ‘फाइबर टू होम’ स्कीम में ऑप्टिकल फाइबर से जोड़ा जाएगा, नए डेटा सेंटर बनेंगे
  • बिजली क्षेत्र: 22,000 करोड़ मिलेंगे, पुराने मीटरों की जगह प्री पेड स्मार्ट मीटर लगेंगे, उपभोक्ता मर्जी से सप्लायर चुन सकेंगे
  • रेलवे: खाली जमीन पर सौर ऊर्जा उत्पादन करेंगे, पीपीपी मोड पर पर्यटनों स्थलों के बीच तेजस जैसी और ट्रेनें चलाएंगे
  • इंफ्रास्ट्रक्चर: 103 लाख करोड़ का नेशनल इंफ्रा फंड, कौशल को बढ़ाने के लिए अलग से संस्थान, 6000 किमी लंबे 12 हाईवेज का विकास करेंगे
  • उद्योग: 27,300 करोड़ मिलेंगे, इंवेस्टमेंट क्लियरेंस सेल बनेगी, निर्यातकों के लिए नई स्कीम ‘निर्विक’ आएगी, क्लेम सेटलमेंट जल्दी से होगा
  • तकनीकी क्षेत्र: मैन्यूफैक्चरिंग के लिए 1 लाख करोड़, मोबाइल, मेडिकल और इलेक्ट्रॉनिक मैन्यूफैक्चरिंग को और ज्यादा बढ़ावा देंगे
  • शिक्षा क्षेत्र: 99,300 करोड़ खर्च होंगे, कौशल विकास के लिए अलग से 3000 करोड़ मिलेंगे
  • नई शिक्षा नीति की घोषणा जल्द, डिग्री स्तर के ऑनलाइन कोर्स और स्टडी इन इंडिया प्रोग्राम शुरू होगा
  • जल-जीवन मिशन के लिए 3.6 लाख करोड़ मिलेंगे, स्वच्छ भारत मिशन के लिए 12,300 करोड़
  • खेती-किसान: ग्रामीण भारत पर 2.83 लाख करोड़ खर्च होंगे, खेती की आय बढ़ाने 16 सूत्रीय प्लान,किसान रेल और कृषि उड़ान योजना आएगी, 2025 तक दूध उत्पादन दुगुना होगा, 200 लाख टन मछली उत्पाद का लक्ष्य
  • स्वास्थ्य: 69 हजार करोड़ खर्च होंगे, ‘2025 तक देश से टीबी बीमारी को पूरी तरह खत्म करेंगे, 2024 तक सभी जिलों में जन औषधि केंद्र
  • नेशनल टेक्निकल टेक्सटाइल मिशन के लिए 1480 करोड़ रुपए, देश में पीपीपी मॉडल से 5 नई स्मार्ट सिटी बनेगी
  • ट्रांसपोर्ट इंफ्रा: 1.7 लाख करोड़ खर्च होंगे, देश में नए एयरपोर्ट किए जाएंगे, राष्ट्रीय गैस ग्रिड 27000 किमी तक पहुंचाएंगे
  • निर्मला सीतारमण ने कश्मीरी कविता पढ़ी, कहा- हमारा वतन खिलते हुए शालीमार बाग जैसा, डल झील में खिलते हुए कमल जैसा, नौजवानों के गर्म खून जैसा, मेरा वतन, तेरा वतन, हमारा वतन, दुनिया का सबसे प्यारा वतन।’
    ठीक 11बजे बजट भाषण शुरू, वित्त मंत्री ने कहा- हमारा बजट ऐस्पिरेशनल इंडिया, इकोनॉमिक डेवलपमेंट फॉर ऑल और केयरिंग सोसायटी की थीम पर

Highlights of Union Budget for 2020-21 in English

FY21 ESTIMATES

  • Fiscal deficit seen at 3.5% of GDP
  • Net market borrowing pegged at 5.36 trln rupees
  • Gross market borrowing at 7.8 trln rupees
  • Pegs nominal GDP growth at 10%
  • Receipts seen at 22.46 trln rupees
  • Total spending seen at 30.42 trln rupees
  • ETNow: Pegs divestment target at 2.1 trln rupees

FY20 REVISED

  • Net market borrowing pegged at 4.99 trln rupees
  • Fiscal deficit seen at 3.8% of GDP
  • Receipts 19.32 trln rupees
  • Spending revised to 26.99 trln rupees

FISC HEALTH

  • Expected tax buoyancy will take time
  • Good part of govt borrowing to be used for capex
  • Fully provided for all flagship schemes of govt
  • To activate FRBM Act escape clause on structural reforms
  • Fundamentals of economy strong
  • Centre’s debt down to 48.7% of GDP Mar 2019 vs 52.2% Mar 2014

GROWTH, INFLATION

  • India now 5th largest economy in the world
  • FY14-19 average GDP growth 7.4%
  • Financial structure must keep evolving to become $5-trln economy
  • Stable, predictable business environment a key objective
  • Reliable, robust, clean financial sector critical for economy

DIRECT TAX

  • Looking at inverted duty structure under GST
  • Introducing Aadhaar-based verification for indirect taxes
  • Instant allotment of PAN on basis of Aadhaar
  • To amend Income Tax Act to help merged PSU banks to absorb losses
  • To waive interest on tax disputes if amount paid by Mar 31
  • Propose scheme to settle old direct tax cases
  • To amend laws to allow faceless tax appeals
  • Propose to abolish dividend distribution tax
  • Dividend to be taxed only in hands of recipient
  • Revenue forgone on dividend distribution tax 250 bln rupees
  • To review, rationalise tax exemptions over next few years
  • New power cos to attract 15% corporate tax
  • Cooperatives can be taxed at 22% without exemptions
  • Concessional 4% withholding tax on bonds listed in GIFT City
  • Proposes some tax sops on ESOPs of staff at startups
  • Deferring tax payment on sale of ESOP for 5 yrs in start-ups
  • Concessional 5% withholding tax extended to municipal bonds
  • Can avail new tax rates if not availing some exemptions
  • Tax holiday for affordable housing extended by 1 year
  • Turnover threshold for audit of MSMEs hiked to 50 mln rupees
  • New Direct Tax Scheme : No tax on income below 5,00,000 rupees
  • New direct tax scheme optional for taxpayers
  • Cut tax on income of 5L-7.5L rupees to 10%
  • Cut tax on income of 7.5L-10L rupees to 15%
  • Cut tax on income of 10L-12.5L rupees to 20%
  • Cut tax on income of 12.5L-15L rupees to 25%
  • Person with income of 15L rupees to get 78,000-rupee relief
  • Tax on income above 15L rupees at 30%
  • Large benefits for taxpayers under new direct tax regime
  • Propose to significantly reduce income tax in new regime
  • To bring simplified personal income tax regime
  • Tax proposals to bring ease of compliance, reduce litigation
  • Tax proposals focused on simulating growth
  • Want to enshrine taxpayers’ charter into statute
  • Tax harassment can’t be tolerated
  • 100% tax exemption on sovereign wealth funds’ infra investment
  • Removed 70 of 100 income tax exemptions in new regime
  • Revenue foregone on income tax cut at 400 bln rupees/year

INDIRECT TAX

  • Propose nominal health cess on import of medical devices
  • Customs duty on footwear, furniture raised
  • To review remaining customs duty exemptions
  • Some customs duty exemptions being withdrawn
  • To review rules of origin for imports under free trade deal
  • Amending laws to ensure no undue gains for imports under FTA
  • To transfer FY17, FY18 cess balance to GST compensation fund
  • GST compensation to states to be limited to cess collection
  • GST helped add 6 mln tax payers in 4 years
  • Average household saves 4% of monthly spend due to GST
  • Effective tax for all commodities came down due to GST
  • GST did face certain challenges
  • Turnaround time for trucks cut by 20% due to GST
  • Inspector Raj has vanished due to GST
  • GST has resulted in efficiency gains
  • GST has been gradually maturing
  • GST has facilitated formalisation of economy
  • GST extended 1-trln-rupee benefit annually to consumers

REFORMS

  • Accepted substantial recommendations of 15th finance panel
  • To improve quality of life through national infra pipeline
  • Already provided 220 bln rupees for national infrastructure pipeline
  • To encourage states to follow model laws made by Centre

FINANCIAL SECTOR, MARKETS

  • Propose to divest LIC via IPO
  • GIFT City to set up international bullion exchange
  • To enhance credit guarantee scheme for NBFCs
  • To allow NRIs to buy certain govt securities
  • To float new debt ETF comprising primarily of gilts
  • Some gilts to be completely available to overseas investors
  • FPI limit in corporate bonds to be raised to 15% from 9%
  • To amend Factoring Regulation Act to cover NBFCs
  • Asked RBI to mull extending MSME recast window by 1 more year
  • Encourage PSU banks to approach capital mkt for fund raising
  • Have robust system to check health of scheduled commercial banks
  • To amend Banking Regulation Act to strengthen co-op banks
  • “Depositors money absolutely safe” : Budget 2020
  • Deposit insurance cover hiked to 500,000 rupee/depositor
  • To sell govt stake in IDBI Bank to private investors
  • FY14-19 saw twin focus on structural reforms, inclusive growth
  • Banks saw clean-up, recapitalisation during FY14-19
  • Aim for seamless delivery of svcs via digital governance
  • Recognise need to support energised spirit of entrepreneurs
  • Note there is global discussion on monetary policy efficacy
  • To carry out governance reforms in PSU banks
  • To mull strengthening National Contracts Act
  • Propose new national policy on national statistics
  • To ensure civil offence has no criminal penalty in Cos Act

INFRASTRUCTURE, INDUSTRY

  • Allocate 273 bln rupees in FY21 to develop commerce, industry
  • To allot 14.8 bln rupees on national technical textile mission
  • Plan project preparation facility for infra pipeline
  • India needs to boost domestic manufacturing
  • To launch new export credit scheme NIRVIK
  • NIRVIK to have higher insurance cover, lower premiums
  • NIRVIK scheme for small exporters : Budget 2020
  • Moot new manufacturing scheme for medical devices
  • Need to boost manufacturing of electronic items in India
  • Scheme for mobile phone manufacture, semiconductor packaging
  • Scheme also for electronic equipment manufacturing
  • Plan five new smart cities via PPP mode
  • Propose to set up an investment clearance cell
  • Investment clearance cell to work through a portal
  • To create single window for e-logistics market
  • To soon release national logistics policy
  • To digitally refund duties to exporters
  • All ministries to issue quality standard orders
  • Propose 1.7 trln rupees for transport infra FY21
  • To seek external funds for Bengaluru suburban rail network
  • To develop 100 more airports by 2024 to support UDAAN scheme
  • To mull listing at least 1 key port on bourses
  • Plan more Tejas-type trains to connect tourist locations
  • Moot large solar capacity alongside tracks on railway land
  • To actively pursue Mumbai-Ahmedabad high-speed train
  • Aim to achieve 27,000 km electrification for railway tracks
  • Need commercialisation of highways for NHAI to raise funds
  • To monetise over 12 lots of highway bundles before 2024
  • Delhi-Mumbai expressway to be completed by 2023
  • To start Chennai-Bengaluru Expressway
  • Allocate 220 bln rupees for power, renewable sector in FY21
  • To expand national gas grid to reach 27,000 km
  • To announce more reforms for transparent price discovery in gas
  • To develop Bengaluru city rail network for 186 bln rupees
  • To take more steps to reform power distribution cos
  • Intend to promote pre-paid smart electricity metering
  • 100,000 gram panchayats to be linked with Bharat Net this year
  • Propose 60 bln rupees for Bharat Net programme in FY21
  • Policy to enable pvt sector to set up data centre parks
  • Moots 80 bln rupees for quantum technology plan for 5 years
  • Two national-level science schemes to map India genetic landscape
  • Propose 25 bln rupees to promote tourism in FY21
  • To provide 31.5 bln rupees for culture ministry in FY21
  • Propose to set up tribal museum in Ranchi
  • Propose 44 bln rupees for clean air in FY21
  • Advised to shut thermal power units if emission above limit
  • Propose to set up national recruitment agency
  • Propose national recruitment agency for non-gazetted posts
  • To decriminalise some norm violations under Companies Act
  • To set up international bullion exchange in GIFT City

FARM SECTOR

  • Agri services need copious investments
  • Farm markets need to be liberalised
  • To unveil 16 action plans to focus on farm sector
  • Committed to doubling farmers’ income by 2022
  • To help 1.5 mln farmers to solarise grid connected pump sets
  • Solar power from farms to be sent to grids
  • Expanding KUSUM plan to 2 mln farmers for solar powered pumps
  • Provided energy sovereignty through KUSUM scheme
  • Moot comprehensive steps for 100 water stressed districts
  • Rural road plan, fincl inclusion helped raise farm income
  • To launch Krishi Udaan scheme for domestic, global routes
  • Krishi Udaan to help value realisation in tribal areas
  • Krishi Udaan to help value realisation in northeast
  • Railways to form kisan rail for perishable cold supply chain
  • Kisan rail for perishables’ cold supply chain through PPP
  • Viability gap funding for warehousing at block, taluk levels
  • NABARD to map, geo-tag farm warehouses, cold storage
  • To further strengthen NABARD refinance
  • Must change regime incentivising excessive chemical fertiliser use
  • To have framework for development, mgmt of marine resources
  • To raise fish output to 20 mln tn by FY23
  • Target 500 fish farmer producer organisations
  • To double milk processing capacity to 108 mln tn by 2025
  • MGNREGA to be used to develop fodder farms
  • To expand NABARD refinance scheme to NBFCs, co-operatives
  • Negotiable warehousing receipts to be integrated with e-NAM
  • Give support to states for cluster-based horticulture farm
  • Agri credit target for FY21 set at 15 trln rupees
  • To strengthen online national farm products market
  • Zero-budget farming is govt’s focus area
  • To support states adopting ‘one fruit for one district’ plan
  • Integrated farming systems in rain-fed areas to be expanded
  • To set up warehouse regulatory, development authority
  • Allocation for farm, irrigation, rural development 2.83 trln rupee
  • Farmer Producer Organisation to now include fish farmers SOCIAL SECTOR, EDUCATION
  • Allocate 690 bln rupees for health sector
  • To allocate 30 bln rupees for skill development in FY21
  • Allocate 993 bln rupees for education sector in FY21
  • Jal Jeevan Mission allocation 115 bln rupees in FY21
  • Swachh Bharat Mission allocation 123 bln rupees in FY21
  • Govt scaled up programmes that aided poor, underprivileged
  • Hope to address hopes, aspirations of youth, women, SC/STs
  • Govt committed to serve people with humility
  • 271 mln people out of poverty
  • Strive to bring ease of living for every citizen
  • A caring society, humane and compassionate, a Budget theme
  • Economic development for all a theme for the Budget
  • Antyodaya an article of faith
  • Aspirational India a theme for the Budget
  • To use proceeds from tax on medical devices for health infra
  • Viability gap funding via PPP for setting up hospitals
  • Allocate 1.23 trln rupees for rural development
  • Indradhanush plan expanded to cover 12 new diseases
  • To eradicate tuberculosis by 2025
  • New education policy to be announced soon
  • Holding talks with states on new education policy
  • Want India to be preferred destination for higher education
  • Moots 1-year internship for engineers by urban local bodies
  • To take steps to enable FX borrow, FDI for education sector
  • India to have largest working population in world by 2030
  • Propose bridge courses for nurses, teachers for jobs abroad
  • Viability gap funding for medical college-local hospital link
  • Plan to attach medical college to district hospital via PPP
  • To set up national police varsity, forensic varsity
  • To have graduate-level online education plan for poor
  • Allocate 95 bln rupees for senior citizens, handicapped FY21
  • To provide 537 bln rupees for programmes for STs in FY21
  • To allocate 850 bln rupees for schemes for SCs, OBCs in FY21
  • To provide 286 bln rupees for women-specific plans in FY21
  • Propose 356 bln rupees for nutrition-related plans in FY21
  • Identified tech for eliminating manual cleaning of sewers

MISCELLANEOUS : Budget 2020

  • ByNational security top priority
  • “Wealth creators will be respected in this country”
  • To host G20 presidency in 2022
  • To allot 1 bln rupees for hosting G20 Summit in 2022
  • To provide 307.6 bln rupees for J&K, Ladakh in FY21
  • Five archaeological sites to be developed as iconic sites
  • Aim to set up Indian Institute of Heritage and Conservation
  • FY21 Budget woven around three themes
  • Wish to open up vistas for vibrant economy
  • To boost income, enhance purchasing power
  • People have reposed faith in our economic policy
  • PM Modi received massive mandate for economic stability
  • Sitharaman tables Finance Commission’s report for FY21
  • Sitharaman skips rest of the speech after feeling uneasy

Budget 2020 allocations to Various Sectors :

Healthcare – Rs 69,000 crore
Education – Rs 99,300 crore
Skill development – Rs 3,000 crore
Swachh Bharat Mission – Rs 12,300 crore
Transport infra – Rs 1.7 lakh crores
Power and renewable energy – 22,000 crore

Sitharaman Proposes 16 Action Points To Aid Farmers

The Modi government is committed to doubling farmer income by 2022, said the finance minister. She proposed a 16 action point plan to aid the farmers.
• Focus On Cultivation Of Pulses Has Raised India’s Self-Reliance
• Prosperity To Farmers Can Be Ensured Through Competition
• Distortion To Farm, Lifestock Markets Need To Be Removed
• Lifestock, Fishery Industries Need To Be Handheld
• Farm Markets Need To Be Liberalised
• Will Encourage Balanced Use Of All Types Of Fertiliser
• Farmers Can Convert Barron Land Into Solar Farms
• Help 15 Lakh Farmers To Solarise Grid-Connected Farm
• To Promote 20 Lakh Farmers To Set Up Solar-Powered Pumps
• Necessary To Reduce Excessive Use Of Chemical Fertiliser
• Propose To Expand PM Kusum Scheme, which helped remove farmers’ dependence on kerosene

That’s All for Budget 2020 Key Highlights in Hindi & English.

Official Budget 2020 Speech by FM Nirmala Sitaraman

Note : For Budget 2020 We have gathered all lot of information from various sources like MoneyControl , EconomicTimes, BloombergQuint and some other sources like Whatsapp etc. We believe that we are almost closer to the Perfect for Budget 2020 information. Therefore we doesn’t claim all our information to be true, with a little point that we may be incorrect by any manner unknowingly. – MySmartChoices.in

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