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:
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.
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.
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 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:
Hon’ble Prime Minister Shri @NarendraModi ji has ensured all round Development of all sections of the society.
The Budget 2020, presented today in the Parliament is the testimony of the vision of Hon’ble Narendra Modi ji for #NewIndia.
— Jagat Prakash Nadda (@JPNadda) February 1, 2020
Increase in deposit insurance from Rs. 1 lakh to Rs. 5 lakh by RBI subsidiary Deposit Insurance and Credit Guarantee Corporation.
A security to depositors, especially senior citizens, who rely on their deposit interest for regular income needs in their golden years.#Budget2020
— Amrita Bhinder 🇮🇳 (@amritabhinder) February 1, 2020
Dramatic drop in personal income tax for all but the highest categories, esp down from 20% to 10% & 30% to 20% will be a huge boost to consumer sentiment, consumption & the economy.
Will stand out in a budget that already makes huge bets on infra & reform🙏🙏
— Baijayant Jay Panda (@PandaJay) February 1, 2020
Govt to forego 25000 Cr due to this move,but BIG +ve for investors#Modinomics💪
— Sanju Verma (@Sanju_Verma_) February 1, 2020
— B L Santhosh (@blsanthosh) February 1, 2020
Relaxing personal income tax rules is a good move.
— Sumit Gupta (CoinDCX) (@smtgpt) February 1, 2020
In the longest ever Budget speech, FM @nsitharaman gave a big relief to the working Middle class by reducing income tax. This will certainly improve tax compliance. However, Stock markets yet to give a thumbs up to the #Budget2020
— Pradeep Bhandari(प्रदीप भंडारी)🇮🇳 (@pradip103) February 1, 2020
High speed connectivity between Bengaluru & Chennai – two of South India's biggest cities – is a great step in further enhancing region's prosperity!
Mark my words: With Suburban, Metro and Road infra, Bengaluru will become undisputed leader in industry & innovation#Budget2020
— Tejasvi Surya (@Tejasvi_Surya) February 1, 2020
Sensex down 1000 points. Don’t remember when stock markets plunged so much after a budget. No central theme or vision in the budget for growth revival.
— M K Venu (@mkvenu1) February 1, 2020
What do you think of the budget? Do let us know.