Finance minister Nirmala Sitharaman presented the 2020 Union Budget today in Parliament. The budget speech went for 2 hours and 30 minutes and covered everything from fiscal target to expenditure and income tax to direct tax announcements.
She has announced the launch of the new regime for the income tax which is definitely going to help the middle-class people in saving taxes and she scrapped the DDT (dividend distribution tax). She also committed to double the income of the farmers by the year 2022 and the launch of many new ideas for enhancing the growth of the agricultural sector.
Finance Minister’s roadmap to the economy of USD 5 trillion
Today, the entire nation looked upon Nirmala Sitharaman with the hope of development and a lot of expectations. With the GDP constantly falling down and major economic indicators turning red, India expected a blockbuster union budget for 2020.
The budget offered great relief for all the individual taxpayers. All the payers falling in the category of 5-10 percent bracket will be paying only a 10% tax.
This is the second full-year union annual budget presentation of Nirmala Sitharaman. The budget has come at the time when the market of India is almost at a collapse point and the sectors including manufacturing, agriculture, automobile, and real estate industries are at the topmost in the hit list. Like last year, this time too, the tradition of Bahi Khata was followed instead of the briefcase.
Major highlights of Union Budget 2020
Let’s take a look at some of the major highlights of the union budget 2020:
- The government has declared allotment of Rs 99,000 crore for enhancing the education initiatives.
- The National Forensic University and National Police University set up is another announcement of the budget.
- There is a proposal to set up an IND-SAT test for the foreign candidates who would like to pursue further studies in India.
- The announcement has been done to initiate the Krishi Udan and Kisan Rail in order to facilitate quick and smooth transport of all perishable goods for assisting the farmers.
- 20 Lakhs farmers will be helped by setting up the solar pumps for each of them.
- 5 different archaeological sites will be constructed in 5 states and will be considered as the iconic sites along with on-site museums.
- The names of the sites are Hastinapur in UP, Rakhigarhi in Haryana, Adichanallur in Tamil Nadu, Dholavira in Gujarat, and Shivsagar in Assam.
The NeuSource Startup Minds official the best Business Startup Consultant gives Startup Consulting Services in India helps you to become a successful entrepreneur and generates good leads for your business.