Live from Lok Sabha- Union Budget 2020-21 Highlights: Decade’s 1st Budget presented by FM

Union Finance Minister Nirmala Sitharaman presenting the Union Budget 2020-21 on Saturday 1st February provided the future prospects of Central Government in nation building. Presenting the second Union Budget of Modi Government in second term Finance Minister Nirmala Sitharaman laid down the central schemes in Lok Sabha. Annual Budget 2020-21 covering Agriculture and Farming sector to Education sector and Infrastructure to Skill development began at 11:00 with the address of Finance Minister. Covering live highlights of 1st budget of new decade, focus was given on Generation of Employment, New Education Policy, modernizing of farming sector, Railway and Infrastructure development projects, Budget included implementation of several new schemes and funding data to sectors.

Live Union Budget 2020-21 Highlights

Presenting the Union Budget 2020-2021 on Saturday, February 1, Union Finance Minister covered several sectors with new aim and strategies of Central Government. The first phase of the Union Budget session began on 1st February and will be concluded on February 11, while the second part of the session will begin from March 2 and end on April 3.

Facing the toughest challenge in Budget since the Modi government came into power Union Finance Minister Nirmala presented the Union Budget 2020-21 on Saturday. There were key challenge in front of Finance Minister including to kick-start market demand, removal of unemployment where country is staring 45-year high on unemployment and to reach to the target of making India a $ 5 trillion economy. 

Beginning with Economic Survey 2019-20 Union Budget was tabled by Union Finance Minister Nirmala Sitharaman. Ahead to Union Budget 2020-21 a new concept called ‘Thalinomics’ has been introduced in this year’s survey. Speaking on futurestic plan in Railways, she said in Lok Sabha- 150 New local trains will be on tracks, more Tejas like trains for tourist destination in 2020-21 said Finance Minister.

union budget main announcements

Key Highlights of Union Budget 2020-21 from Lok Sabha

Sixteen Points as Action Plan in (Agriculture and Farming Sector)

  1. Three Modal Agriculture Acts for States
  2. Comprehensive measure for 100 water draught districts
  3. Distribution of solar pumps, solarized grid connected pumps
  4. Use of innovative fertilizers, to change prevailing regime of chemical fertilizers
  5. India has capacity to built 162 trillion, NABARD to map and geotag to establish warehouses
  6. At Village level to be provided stock holding. To be run by SAGs to farmers to hold capacity, Women to head the SAGs
  7. Indian Railway to built ‘Kisaan Rail’ fully refrigerated,
  8. ‘Krishi Udaan’ to be launched by Civil Aviation
  9. Horticulture sector with its current produce 11m exceeds the production food grains. Govt to bolster one product, one district
  10. Integrating Farming System in Rail affected areas will be added
  11. Financing on negotiatiale options on warehousing
  12. Non-Banking finance companies, Agri Credit availability by NABARD to be extended
  13. To remove PPR from ships and goats to be removed by 2025.
  14. 108Million ton milk to be produced in India from Animal Husbandry sector by 2025
  15. Raising Fish production to 2 lac ton and Coastal area youth will be joined in Fish farming as Sagra Mitra and Fish production
  16. Under Deen Dayal Antyodaya Yojana 15 lac SAGs to be mobilized

Union Budget 2020-21 (For Education, Employment and Skill Development)

  1. By 2030 India will have New Education policy, the draft to be rolled out soon
  2. Education system need new innovation & will be boosted in coming session
  3. Dialogue are being held with Ministers at department level to bolster on Employment
  4. About 150 Higher Education Institutes to start Apprenticeship degree, diploma certificate course in coming session.
  5. Urban Local bodies should give opportunity to new Engineers to work for one year at local level.
  6. Degree level full-fledged Online courses from top 100 ranked Institutes
  7. Under Study in India programme for Asean-African countries
  8. National Police University, Forensic Science University will be built
  9. Shortage of qualified medical doctors, medical college at district level at PPP level
  10. National Board of Examination NBE to offer NBE, DBE.
  11. There is Huge demands of Teachers, Caregivers, Nurses and Paramedical staff abroad and it needs to be improved- Special bridge course will be started for them which includes learning of foreign languages.
  12. Nine Thousand crores are allotted in Education sector and 3 thousand crores for Skill development
  13. New Education Policy to be rolled out soon.
  14. A degree-level full-fledged online education programme to be offered by institutes in top 100 in National Institutional Ranking Framework

Four Crore New Jobs in next Five Years-

four crore new jobs in next five years

As per press communique Four Crore new reliable jobs with good allowances to be created in next 5 Years.

Vivad Se Vishwas Scheme
13:40 pm

Vivad Se Vishwas Scheme

Under Vivad Se Vishwas Scheme taxpayer to pay only amount of disputed tax, will get complete waiver on interest and penalty, if scheme is availed by March 31, 2020. Ahead to that FM said Govt to further ease process of allotment of PAN. Central Govt to launch system for instant allotment of PAN on basis of Aadhaar Number.

Govt Estimation on GDP Fiscal Growth
13:10 pm

Govt Estimation on GDP Fiscal Growth

Governmet estimates nominal growth of GDP for the year 2020-21 on the trends available, at 10% said Nirmala Sitharaman. Govt also estimats fiscal deficit of 3.8% in RE 2019-20 and 3.5% for BE 2020-21

Union Budget Tax Slab
13:05 pm

Union Budget Tax Slab

We propose to bring a personal income tax regime, where income tax rates will be reduced.

As per new Tax Slab now, person earning between Rs 5-7.5 lakhs will be required to pay tax at 10% against current 20%.

In the proposed regime, those with income between Rs 7.5-10 lakhs can pay tax at 15% against the current 20%.

Those with income between Rs 10-12.5 lakhs can pay tax at 20% against 30%.

Tax Benefits & Tax Cuts-

Dividend Distribution Tax (DDT) to be removed, companies will not be required to pay DDT, dividend to be taxed only at the hands of recipients at applicable rates.

Concessional corporate tax cut to be extended to new domestic companies engaged in power generation.

Income of charitable institutions fully exempt from taxation; Donation to such institutions allowed as deduction in computing taxable income of donor.
Sensex signs Red- at 40,140.62, down by 582.87 points


13:16 pm

Key Highlights of Union Budget

Conclusion of Union Budget laid by Union Finance Minister here are the key highlights. Sector wise announcements are summed up here.

Employment Opportunities & Fund Allocaton
12:55 pm

Employment Opportunities & Fund Allocaton

Indian Government’s Union Budget is termed as special for Youth, Farmers, Women and lower middle class, Finance Minister emphasized. Job Opportunity in Infrastructure sector to be generated. Sector to make youth involve in Infrastructure Building, management and innovating. Now a days youth of country is turning from Job Seeker to Job Provider.

•    To provide Rs 1.7 lakh crores for transport infrastructure in 2020-21
•    To provide Rs 22000 crores to power and renewable energy sector in 2020-21
•    The Delhi-Mumbai Expressway will be completed by 2023
•    To provide Rs 27300 crore for development for industry and commence for year 2020-21