Key Highlights of Budget 2020
Union Finance Minister Nirmala Sitharaman delivered the longest budget speech in the history of the Indian Parliament on Saturday. She paid tribute to late Finance Minister Arun Jaitley at the start of her Budget address and remembered him for introducing the revolutionary GST. She added that Budget 2020 will boost people’s income and enhance their purchasing power.
The Finance Minister also stated that Budget 2020 is based around three themes- aspirational India to boost the standard of living; economic development for all, and building a humane and compassionate society.
Here are the Key Highlights of Budget 2020:
- Allotment of ₹9,000 crores for the welfare of senior citizens.
- Allocation of ₹53,700 crores for the uplift of Scheduled Tribes, and ₹85,000 crores for the welfare of Scheduled castes and Other Backward Classes.
- The government to launch “TB harega desh jeetga” (TB will be defeated and the country will win) campaign to eliminate tuberculosis by 2025.
- Allocation of ₹69,000 crores for the healthcare sector (₹6,400 crores will be sanctioned for Ayushman Bharat Yojna).
- Tax exemption for individuals earning up to 5 lakhs.
- Budget 2020 removed 70 exemption from personal income tax
- 100% tax exemption on Sovereign Wealth Funds’ Indra Investment.
- Allotment of ₹27,300 crores for the development of industry and commerce during 2020-21.
- Union Government to allocate ₹44 billion for clean air incentives in cities with over 1 million people.
- The government proposed ₹3,000 crores for ‘Skill India’ to provide relevant skill training to the youth.
- Government to sell its stake in IDBI Bank to private investors.
- Government to sell stake in LIC through IPO.
- Around 1 lakh gram panchayats to be linked with BharatNet this year.
- Deposit insurance coverage increased to ₹5 lakh from the existing ₹1 lakh.
- Allocation of ₹12,300 crores for Swachh Bharat Mission.
- Additional allotment of ₹69,000 crores for the health sector
- Proposal to develop attached medical colleges to district hospitals in the PPP model.
- Nirmala Sitharaman proposes to provide ₹1.7 lakh crore for transport infrastructure in FY 2020-21.
- 100 more airports to be developed by 2024 to improve connectivity under the “Udaan” scheme.
- 150 higher education institutions will start providing apprenticeship diplomas by March 2021.
- The government will promote the ‘Study in India’ initiative.
- New education policy to be announced soon.
- Government to provide ₹99,300 crores for the educational sector in FY21.