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Union Budget 2020-21: Highlights And Allocations

NEW DELHI: Finance Minister Nirmala Sitharaman, while presenting the Budget in Parliament on Saturday, said people of India have unequivocally given jan-aadesh (mandate) for not just political stability but also reposed faith in the government’s economic policies.

Here are the highlights from the Union Budget 2020-21:

Allocations

  • Agriculture and allied activities, irrigation and rural development: Rs 2.83 lakh crore
  • Swachh Bharat: Rs 12,300 crore
  • Jal Jeevan: Rs 3.6 lakh crore
  • Health: Additional Rs 69,000 cr
  • Education: Rs 99,300 crore
  • Skill development: Rs 3,000 crore
  • National Technical Textiles Mission to be introduced, with a four-year implementation period: Rs 1,480 crore
  • Industry and commerce: Rs 27,300 crore
  • Transport infrastructure: Rs 1.7 lakh crore
  • Power and renewable energy sector: Rs 22,000 crore
  • Quantum technologies and applications: Rs 8,000 crore
  • Nutrition-related programmes: Rs 35,600 crore
  • Women-related programmes: Rs 28,600 crore
  • Scheduled Castes and Other Backward Classes: Rs 85,000 crore
  • Scheduled Tribes: Rs 53,700 crore
  • Enhanced allocation of 9,500 crore rupees for Senior citizens and Divyangs
  • Ministry of Culture: Rs 3,150 crore
  • Tourism: Rs 2,500 crore
  • Clean air: Rs 4,400 crore
  • G20 Presidency in 2022: Rs 100 crore
  • Union Territory of Jammu & Kashmir: Rs 30,757 crore
  • Union Territory of Ladakh: Rs 5,958 crore
  • National Infrastructure Pipeline: Rs 22,000 crore

Accordingly, receipts for 2020-21 estimated at 22.46 lakh crore rupees, and expenditure at 30.42 lakh crore rupees

HIGHLIGHTS

Banking sector reforms

  • DICGC has been permitted to increase Deposit Insurance Coverage for a depositor from Rs 1 lakh to Rs 5 lakh per depositor.
  • Amendments in Banking regulation Act to strengthen Cooperative Banks.
  • Proposal to sell balance holding of the government of India IDBI Bank to private investors.
  • Recovery eligibility limit for NBFCs reduced to asset size of 100 crore or loan size of 50 lakh.

Culture and Tourism

  • Five archaeological sites would be developed as iconic sites with on-site museums – Rakhigarhi, Hastinapur, Shivsagar, Dholavira, and Adichanallur.
  • Indian Institute of Heritage and Conservation
  • Museum of Numismatics and trade
  • Tribal museum in Ranchi
  • Maritime Museum in Lothal

Tax:

  • A new tax regime has been proposed. However, those who wish to continue to pay old rates may do so.

Income

  • Between Rs 5 lakh to Rs 7.5 lakh: Reduced to 10% from the current 20%
  • Between Rs 7.5 lakh to Rs 10 lakh: Reduced to 15% from the current 20%
  • Between Rs 10 lakh to Rs 12.5 lakh: Reduced to 20% from the current 30%
  • Between Rs 12.5 lakh to Rs 15 lakh: Reduced to 25% from the current 30%
  • Above ₹15 lakh: Continue at 30%, but without exemptions

Agriculture

  • Budget allocation of Rs 2.83 lakh crore for agriculture and allied activities.
  • Doubling farmers incomes by 2020.
  • Krishi Udaan under Ministry of Civil Avaition on international and national routes to benefit farmers

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