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
