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Key Highlights Of Nirmala Sitharaman’s Union Budget 2020 & How Twitter Reacted Over It

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Key Highlights Of Nirmala Sitharaman’s Union Budget 2020 & How Twitter Reacted Over It

The Union Budget 2020 was presented by the Indian Finance Minister Nirmala Sitharaman today in the Parliament and the political leaders of BJP and supporting parties have termed it good for growth and development of the country. However, the opposition has slammed the budget and called it non-progressive. Let us take a look at the highlights of the budget in order to know what it has for us:

Income Tax

The income tax rates have been reduced by the government; there is no tax for those who are earning up to Rs. 5 lakh yearly.

1) 10% is the rate for Rs 5-7.5 lakh

2) 15% for those who earn Rs 7.5-10 lakh

3) 20% for those who earn Rs 10-12.5 lakh

4) 25% for those who earn Rs 12.5-15 lakh

5) 30% for those who earn more than Rs 15 lakh

The government has given option to the tax payers to choose from the new tax rates or to continue with the older rates with exemptions. However, several exemptions won’t be available if a tax payer chooses the new rates.

Women Welfare

A huge amount of Rs 28,600 crore has been allocated for different schemes which are related to welfare of the women.

Focus on skill development

The government has once again shown its inclination towards promoting skill development as Rs 3000 crore has been allocated for it.

Addressing the need of clean drinking water

The government has addressed the need of providing the clean and safe drinking water in the rural areas by allocating a huge amount of Rs 3.6 lakh crore for Jal Jeevan Mission.

Healthcare sector

Rs. 69,000 crore has been approved for improving the healthcare facilities in India.

Focus on Agriculture sector

The government has allocated Rs 2.83 lakh crore for various heads which come under agriculture sector, such as rural development, panchayati raj, irrigation, etc.

Industry & Commerce

Rs 27,300 crore has been approved for carrying out different schemes related to the development of industry and commerce sector.

Education sector

Education sector has been given importance by the government as Rs 99,300 crore have been allocated for this sector.

Bank deposit guarantee

The finance minister announced that the bank deposit guarantee has been increased to Rs 5 lakh from the present Rs 1 lakh.

This is how Twitter reacted over the Union Budget 2020:

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What do you think of the budget? Do let us know.

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