Union Budget 2020-21: Highlights And Allocations

admin February 1, 2020 National

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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