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Budget has vision and action: PM

(Pic courtesy: DD News)

New Delhi (NVI): Prime Minister Narendra Modi today said the Budget 2020 has “vision as well as action” and expressed confidence that it will push growth and bring new vigour in the financial system and credit flow.

He said the reforms proposed would lead to increase in income and investment and rise in demand and consumption.

Commenting on the Budget, the Prime Minister said a lot of emphasis has been given to agriculture, infrastructure, textiles and technology, in order to increase employment in these areas.

“With our efforts to double farm income, 16 action points have been created, which would work to increase employment in rural areas,” he said.

Under the Blue Economy, youth will also get new opportunities in the field of fish processing and marketing, he added.

“Investment is the biggest driver for employment. Steps have been taken to strengthen the bond market and finance for infrastructure. The removal of DDT will hand companies Rs 25,000 crore that will be further invested by them,” PM added.

He also highlighted that the government is aiming to build 100 airports which will embolden the will of a general Indian. This infrastructure is very important for Indian tourism also, he said.

Notably, this was the longest ever Budget speech, with Finance Minister Nirmala Sitharaman breaking her own record, although she had to cut short her speech as she was not feeling well.

Last year, her speech lasted two hours, 17 minutes. This year, she stopped for breath at two hours and 41 minutes.

Union Budget 2020: Here are the new tax rates 

Union Cabinet
Representational/file photo

New Delhi (NVI): Finance Minister Nirmala Sitharaman announced a significant cut in the tax rates for the salaried class in her Budget speech today. But the reduction in rates will only be implied if a taxpayer opts for foregoing exemptions and deductions.

“The new tax regime shall be optional for the taxpayers,” the finance minister said while delivering her budget speech in Parliament today.

“An individual who is currently availing more deductions and exemptions under the Income Tax Act may choose to avail them and continue to pay tax in the old regime,” she said.

Under the new proposed regime, the income tax slabs will be as folows:

– For incomes of up to Rs 5 lakh per year, there will be no income tax.

– For incomes between Rs 5 lakh and Rs 7.5 lakh per year, the income tax to be paid will be 10 per cent.

– For incomes between Rs 7.5 lakh and Rs 10 lakh per year, the income tax to be paid will be 15 per cent.

– For incomes between Rs 10 lakh and Rs 12.5 lakh per year, the income tax to be paid will be 20 per cent.

– For incomes between Rs 12.5 lakh and Rs 15 lakh per year, the income tax to be paid will be 25 per cent.

The finance minister said the proposal for the new tax regime will lead to a revenue sacrifice of Rs 40,000 crore per annum for the government.

“We have also initiated measures to prefill the income tax return so that an individual who opts for the new regime would need no assistance from an expert to file his return and pay income tax,” she said.

“There are at least 100 tax exemptions in the existing tax regime, which will be reduced by 70 under the new tax regime. The remaining will be reviewed and examined in due course,” she added.

Apple temporarily shuts all stores, offices in China

New Delhi (NVI): The American tech giant Apple announced today said that it would temporarily shut down all its stores in mainland China until February 9, due to the epidemic of viral Coronavirus which has already killed 259 people in the country.

The company in an official statement said that out of an abundance of caution and based on the latest advice from leading health experts, we’re closing all our corporate offices, stores and contact centers in mainland China through February 9.

Apple will continue to monitor the situation, and re-open its stores as soon as possible, the statement added.

The American giant does its majority of manufacturing in China, and consider it a key market.

The deadly virus, which has been declared a health emergency by WHO, has affected the global exports and imports. Recently, exporters in India asked the government about the likely effect of coronavirus on their business. The domestic mobile manufacturers have also been affected by the situation as they import most of the parts from China.

The coronavirus has already killed 259 people in China and around 11,791 people have been infected, as per the Chinese officials.

Budget 2020: Separate funds allocated for J&K and Ladakh

New Delhi (NVI): The newly formed Union Territories of Jammu and Kashmir and Ladakh have been allocated funds in this year’s budget presented by Finance Minister Nirmala Sitharaman today.

In the 2020-21 Union Budget, Rs 30,757 crore for J&K and Rs 5,598 crore for Ladakh has been allocated towards the overall development of the region.

This is the first time that Jammu and Kashmir, and Ladakh are allocated separate funds since the two were carved out of erstwhile state and given the status of Union Territories.

Jammu and Kashmir, which is under President’s rule at present, was visited by a delegation of 36 Union Ministers recently, who were part of the Centre’s outreach programme.

Besides, Rs 100 crore have also been allocated for hosting the G-20 Summit in 2022.

In her budget speech, Sitharaman also announced a total outlay of Rs 99,300 crore which has been earmarked for the education sector in 2020-21 and Rs 3,000 crore for Skill Development.

Two south Kashmir boys held trying to cross LoC

Baramulla SSP Abdul Qayoom held a press conference today (File)

Mubashir Bukhari

Baramulla (NVI): Two teenage boys from South Kashmir were arrested today, while trying to cross Line of Control(LoC) in Baramulla district and were handed over to their families.

SSP Baramulla Abdul Qayoom confirmed about the incident.

He said that these two young boys were arrested at Gantmulla area of Baramulla. He said they were trying to cross LoC.

Divulging details about the incident, SSP Baramulla said that the boys had purchased map and were planning to cross over to other side of the border.”

“They had spent night at mosque and next day they were moving towards Uri from where they were planning to cross LoC. But the forces deputed at naka near Gantmulla arrested them,” he said.

After questioning and proper counselling they were handed over to their respective families, the official said.

India to host G-20 Summit in 2022

New Delhi (NVI): India will host the Summit of G-20 developed nations in 2022, Finance Minister Nirmala Sitharaman said today in an announcement which marks a major development for the country.

Sitharaman, while presenting the Union Budget in the Lok Sabha, said hosting the Presidency will enable India to drive the global economic agenda.

The Summit will be held in a year when India celebrates 75 years of its Independence, she noted.

“Rs 100 crore have been allocated for making preparations for this historic occasion, where India will drive global economic agenda,” Sitharaman said.

The G-20 is a grouping of developed nations and the European Union and it will be the first time that its Summit will be held in India.

Besides India, members of G-20 are the US, UK, Canada, France, Germany, Japan, China, Italy, Argentina, Australia, Brazil, Canada, Indonesia, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, and the European Union.

This year’s G-20 Summit is being hosted by Saudi Arabia. The 2019 G-20 Summit was held in Osaka, Japan.

Nirmala Sitharaman presents Budget 2020: Top highlights

Finance Minister Nirmala Sitharaman while presenting the budget 2020. (Source: @FinMinIndia)

New Delhi (NVI): Finance Minister Nirmala Sitharaman is delivering her second Budget speech amid expectations of relief for taxpayers and stimulus package to revive growth. The Finance Minister said the budget is “to boost the income and purchasing power of people.” She listed three core themes for the Budget — Aspirational India, Economic Development For All and A Caring Society.

Here we breakdown the budget for you as it unfolds:

  • To ease allotment of PAN, new process of instantly allotting PAN through Aadhaar will be brought.
  • FM announces health cess on import of medical equipment.
  • Custom duty raised on footwear and furniture: FM
  • Direct taxes are lowest, simplest and smoothest, says Sitharaman.
  • Tax on Cooperative societies proposed to be reduced to 22 per cent plus surcharge and cess, as against 30 per cent at present, says FM.
  • Govt proposes 100% tax concession to sovereign wealth funds on investment in infra projects
  • Anyone who pays 20 per cent tax for income between Rs 5 to 7.5 lakhs will have to pay only 10 per cent in the new regime, says FM. Those earning up to Rs 5 lakhs will not have to pay any income tax in the old regime as well as the new regime, she added.
  • Rs 30,757 crore for Union Terrritory of Jammu & Kashmir and Rs 5,958 crore for Union Terrritory of Ladakh announced by FM.
  • Govt proposes to sell a part of its holding in LIC via IPO.
  • FM unveils new scheme to provide subordinate debt to MSMEs
  • Insurance cover for a depositor will be raised to Rs 5 lakh from Rs 1 lakh.
  • Rs 100 crore to be allocated for G20 preparations.
  • 9. An allocation of Rs 8,000 crore has been set up for the National Mission on Quantum Computing and Technology.
  • National security is the top priority of the government: FM
  • In large cities with population of over 1 million, clean air is a matter of concern. Govt proposes to encourage and incentivize states that are formulating plans for ensuring cleaner air. Rs 4,400 crore allocation for clean air.
  • Task force to be set up to recommend marriageable age for women, says Sitharaman
  • Five archaeological sites to be developed at iconic sites with on-site museums: FM Sitharaman
  • FM Nirmala Sitharaman says India has embraced sharing economy with aggregators displacing regular businesses. Analytics, IoT and AI are changing the world. A policy will bve set up to build data centre parks throughout the country. All public institutions at Gram Panchayat levels will be provided with digital connectivity. Fibre to home through BharatNet will link 100,000 Gram Panchayats in FY21 itself. An allocation of Rs 6,000 crore will be provided for BharatNet.
  • More Tejas-like trains, 100 more airports to be developed, says Nirmala Sitharaman.
  • Have identified suitable technology to eliminate manual cleaning of sewer systems and septic tanks: FM
  • Propose to provide Rs 35,600 crore for nutrition-related programmes in 2020-21: FM
  • FM proposes Rs 8,000 crore outlay over 5 years for National Mission of Quantum Technology and Application.
  • Opportunities for young engineers: Internship with urban local bodies.
  • One lakh gram panchayats will be connected to the optical fibre programme: FM
  •  Data is the new oil. We will soon roll out policy to enable private sector to build data centre parks throughout the country: FM
  • Sitharaman announces the introduction of ‘Ind-SAT’, an exam for Asian and African countries to help make India a higher education destination.
  • FM announces Rs 99,300 crore outlay for education sector in 2020-21 and Rs 3,000 crore for skill development.
  • Govt plans to expand gas grid, says FM
  • Allocation for Swachh Bharat for 2020-21 stands at Rs 12,300 crore
  • Rs 20,000 crore for the renewable energy sector announced by the Finance Minister
  • FM proposes setting up of a large solar-powered capacity alongside rail tracks
  • Delhi-Mumbai expressway and two other projects will be completed by 2023: FM
  • There is a huge demand for teachers, nurses, paramedical staff and care givers abroad. However, their skill-sets do not match standards and needs to be improved, says FM. A total of Rs 3000 crore will be given for skill development, she added.
  • Nirmala Sitharaman says Rs 3.6 lakh crore for Jal Jeevan Mission has been approved. This will look at augmenting local water ressouces, desalination, water harvesting and renewing older sources in FY21.
  • FM says gross enrollment of girls under Beti Bachao Beti Padhao is higher than boys. Here, she says that gross enrollment of girls is 94.32 percent in elementary levels, 81.32 percent in secondary level and 59.7 prercent in higher secondary level. She adds that women are a priority especially pregnant women and lactating women. More than 6 lakh anganwadi workers are equipped to upload status of more than 10 crore households This scale is unprecedented. Overall, FM says there are imperatives to lower maternal mortality rates. FM proposes task-force on six months on this matter. An allocation of Rs 35,600 crore for nutrion-related programmes in FY21. Further, Rs 28,600 crore will be allocated in FY21 by government for women-linked programmes.
  • There are 1 million out of poverty and we should be proud of it: Nirmala Sitharaman
  • Motto of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ implemented new programs: Sitharaman
  • GST has been the most historic reform: Nirmala Sitharaman
  • This Budget is woven around three prominent things – aspirational India to boost the standard of living; economic development for all; and building a humane and compassionate society
  • For every member of the schedule caste and schedule tribe, for every women, for every individual from minority section of the society, this budget aims to give wings to your aspirations.
  • This Budget is to boost the income of people and enhance their purchasing power: FM

Budget 2020 to boost income and purchasing power: Sitharaman

New Delhi (NVI): Presenting her second Budget in the Parliament today, Union Finance Minister Nirmala Sitharaman today said this budget is “to boost the income and purchasing power of people.” While starting her budget speech, Sitharaman also paid homage to late former finance minister Arun Jaitley and hailed him as “GST architect”.

As the budget unfolds, there are expectations of relief for taxpayers and stimulus package to revive growth.  The finance minister listed has three core themes for the Budget — Aspirational India, Economic Development For All and A Caring Society.

During her budget speech, Sitharaman focussed on a 16-point action plan for farmers and education. She said that fundamentals of economy are strong and inflation has been well contained, while banks cleaned up accumulated loans.

She further said during 2014-19, the government brought a paradigm shift in governance. She termed GST as a historic structural reform, saying it integrated the country economically.

Apart from this, the Budget will also highlight the initiatives taken by the government to revive the MSME sector.

Coronavirus: 324 Indians brought back; another AI flight to be sent today

New Delhi (NVI): An Air India flight carrying 324 Indians evacuated from Wuhan arrived in Delhi this morning and they were taken to two quarantine facilities where they will be monitored for any signs of the deadly coronavirus.

The evacuated Indian nationals, most of them students, were taken to Indo-Tibetan Border Police Chhawla camp in Delhi and an army facility at Manesar in Haryana for medical observation.

“Relieved to see AI 1349 return safely to #Delhi with 324 of our fellow citizens from #Wuhan in #China | Grateful to @MFA_China for their assistance as well as local authorities in #Hubei and @Wuhan | Thank you also to #AirIndia and our team in @EOIBeijing | Now for second flight,” said Indian ambassador to China Vikram Misri in a tweet today.

The government officials today said that another flight is being sent today to evacuate more Indians from the hot zone.

With respect to the second evacuation flight, the Indian Embassy also urged all Indian citizens from Hubei who intend to avail the facility, to urgently contact them on hotlines (+8618610952903 and +8618612083629) or mail at [email protected] before 0800 hours today.

The Air Indian flight which departed from Delhi yesterday took off from Wuhan in the early hours of February 1, the Indian Embassy in China said in a tweet, adding that majority of passengers were Indian students.

The first Air India flight departed for Wuhan yesterday, carrying a team of five doctors from Health Ministry and one paramedical staff.

At least 259 people have died and 11,791 people have been infected in China by the new coronavirus, according to new figures from China’s health officials.

Temperature dips in national capital

New Delhi (NVI): Minimum temperature in Delhi today dropped to 5.7 degree celsius from 7.1 degree celsius recorded yesterday.

The maximum temperature today is expected to be around 22.0 degrees celsius, according to the India Meteorological Department (IMD).

The weatherman stated that the temperature is expected to dip further over the next few days.

Meanwhile, the overall air quality in national capital today worsened, sliding into “poor” category from “moderate” category.

According to System of Air Quality and Weather Forecasting And Research (SAFAR),the Air Quality Index (AQI) in the national capital stood at 215 which falls in the  “poor” category.

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