Union Budget 2020 highlights – What’s in budget for banking and education sector

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Here are Union Budget 2020 highlights – What’s in the budget for the banking, education, health, and major Govt achievements.

union budget 2020 highlights

Union Budget 2020 highlights –

Banking and SEBI

  • The government has proposed to launch the app-based invoice financing loan product. This will obviate the problem of delayed payments and cash flow mismatches for MSMEs.
  • The government has proposed to sell a part of its holding in LIC (Life Insurance Corporation of India) by IPO.
  • Insurance cover for bank depositors will be raised from Rs.1 Lakh to Rs.5 lakhs.

Foreign direct investment

  • The government is planning to increase the investment limit of foreign portfolio investors in corporate bonds to 15 percent from 9 percent currently.

GST

  • 20 percent reduction in turn around time for trucks.
  • Benefits to MSMEs through the enhanced threshold and composition limits.
  • Saving of about 4 percent of monthly spending for an average household.

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Businesses

  • The government will soon bring out a policy to enable the private sector to build Data Centre Parks in India.

Agriculture

  • The Government has allocated Rs.2.83 lakh crores for agriculture and allied sectors.
  • PM KUSUM to cover 20 lakh farmers for stand-alone solar pumps and further 15 lakh for grid-connected pumps.
  • SHGs run the village storage scheme to be launched.

Education

  • Rs 99,300 crore outlay for the education sector in 2020-21 and Rs 3,000 crore for skill development.
  • For the students of economically weak families who cannot afford the mainstream education, a degree level full-fledged online education program will be imparted by institutes among the top 100 ranked ones.
  • Internship opportunities to fresh engineers by urban local bodies.

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Tax proposals

  • The government has proposed a 100 percent tax concession to sovereign wealth funds on investments in infra projects.
  • Concessional 5% withholding tax has been extended to Municipal bonds. Currently, cooperatives are taxed at 30 percent now. Cooperatives can now choose a 22% tax with a 10% surcharge and 4 percent cess with no exemptions.
  • Issuance of unique Registration Number to all charity institutions for easy tax compliance.
  • The dividend distribution tax is being abolished. Companies will no longer have to pay DDT, due to which Rs.25, 000 crores of revenue is being foregone. The move is aimed to make India an attractive investment destination.

Personal Income Tax:

  • Those earning between Rs 5-7.5 lakhs will be required to pay tax at 10% as against the current 20%.
  • Those with income between Rs 7.5-10 lakhs to pay tax at 15% as against the current 20%.
  • Those with income between Rs 10-12.5 lakhs to pay tax at 20% as against the current 30%.
  • Those with income over Rs.30 Lakh will continue to pay tax @ 30%.
  • Those with income between Rs.12.5-15 lakhs to pay tax @ 25%.

Health

  • Apart from Rs 6400 crore for PM Jan Aushadhi Yojna, Rs.69000 crores have been allocated for the healthcare sector.
  • Rs 35,600 crore for nutrition-related programmes in 2020-21.

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Infrastructure development

  • Five archaeological sites, Rakhigarhi, Hastinapur, Shivsagar, Dholavira, and Adichanallur will be developed as iconic sites with on-site museums.
  • 2500 crores have been proposed for the promotion of tourism in the year 2020-21.
  • FM said that an Indian Institute of Heritage and Culture will be established under the Ministry of Culture.
  • Rs 1.7 lakh crore provided for transport infrastructure in 2020-21.
  • Rs 27,300 crore for the development and promotion of industry and commerce in 2020-21.
  • The government has proposed a 100 percent tax concession to sovereign wealth funds on investments in infra projects.
  • More fast trains like Tejas will be run for tourist places.
  • Expand the National Gas Grid to 27,000 km.

Government Initiatives/Achievements

  • Rs 4,400 crores allocated towards clean air.
  • FM announces Rs 20,000 crore for the renewable energy sector.
  • The total allocation for Swachh Bharat Mission is Rs 12,300 crore in 2020-21.

NRIs

  • Non-resident Indians will be able to invest in certain government securities.

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