Important Facts – Union Budget 2020 Highlights – Download PDF

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A government budget is an annual financial statement which outlines the estimated government expenditure and expected government receipts or revenues for the forthcoming fiscal year. Union Budget is defined under Article 112 of the Indian Constitution. It is also referred to as the annual financial statement (AFS). Union Budget 2020 Declared by Our Finance Minister Nirmala Sitharaman (Finance Minister). Finance Minister Nirmala Sitharaman presented the Budget in Lok Sabha at 11 AM today.

Important Facts – Union Budget 2020 Highlights – Download PDF

Union Budget 2020 Highlights

1. Central government’s debt has come down to 48.7% in March 2019 from 52.2% in March 2014.

2. Our government is committed to the goal of doubling farmers income by 2022.

3. Finance Minister Nirmala Sitharaman said that between 2006-2016 India was able to raise 217 million people out of poverty.

4. Rs 2.83 lakh crores has been allocated Agriculture, allied sector and Rural development for 2020-21.

5. Allocation of Rs 12,300 crores for Swachh Bharat Mission for year 2020-21.

6. Comprehensive measures for 100 water-stressed districts being proposed in this budget; agricultural credit target has been set at Rs 15 lakh crore.

7. Sitharaman says the government proposes online education to ensure education accessibility for everyone.Degree level online courses to be offered at institutions that fall in top 100.

8. ₹3.6 lakh cr allocated for Jal Jivan Scheme.

9. India will host G-20 presidency in the year 2022; Rs 100 crores allocated for preparation.

10. Government is fully committed to supporting new UTs of J&K and Ladakh; Allocation of Rs 30,757 crores for 2020-21 for Jammu and Kashmir and Rs 5,958 crores for Ladakh.

11. 85,000 crore rupees for Scheduled Castes and Other Backward Classes in 2020-21; 53,700 crore rupees for Scheduled Tribes.

12. Rs 2500 crores for promotion of tourism in the year 2020-21.

13. 5 archaeological sites to be developed as iconic sites with on-site museums -Rakhigarhi, Hastinapur, Shivsagar, Dholavira and Adichanallur.

14. Enhance allocation of Rs 9500 crores for senior citizens and ‘Divyang’.

15. Rs 35600 crores for nutrition related programmes for 2020-21

16. FY21 fiscal deficit target at 3.5% of GDP.

17. Rs 4,400 crore for clean air.

18. Revised estimates of expenditure at Rs 26.99 trillion; Receipts at Rs 19 trillion

19. Government proposes to sell a part of its holding in LIC by initial public offer.

20. Deposit Insurance and Credit Guarantee Corporation has been permitted to increase deposit insurance coverage to Rs 5 lakh per depositor from Rs 1 lakh.

21. Limit for NBFCs to be eligible for debt recovery under SARFAESI to be reduced from Rs 500 crore to Rs 100 crore AUM.

22. Proposed to sell the balance holding of GOI in IDBI Bank to private investors.

23. Women Self Help Groups can avail of MUDRA or NABARD assistance.

24. NBFC eligibility for SARFAESI Act reduced to loan size of Rs 50 lakh from Rs 1 crore.

25. We propose to bring a personal income tax regime, where income tax rates will be reduced, so now, person earning between Rs 5-7.5 lakhs will be required to pay tax at 10% against current 20%.

26. In the proposed regime, those with income between Rs 7.5-10 lakhs can pay tax at 15% against the current 20%. Those with income between Rs 10-12.5 lakhs can pay tax at 20% against 30%

27. To simplify the tax system and lower tax rates, around 70 of more than 100 income tax deductions and exemptions have been removed.

28. 15% concessional tax rate for new power generation companies.

29. Tax on cooperative societies reduced to 22% without exemptions.

30. 100% tax concession to sovereign wealth funds on investment in infrastructure projects.

31. Tax on Cooperative societies to be reduced to 22 per cent plus surcharge and cess ,as against 30 per cent at present.

32. Proposes to amend Companies Act to bring criminal liability in certain areas.

33. To launch new direct tax dispute settlement scheme — Vivaad se Vishwaas scheme.

34. Interest and penalty will be waived for those who wish to pay the disputed amount till March 31.

35. Proposes new National Policy on Official Statistics to improve data collection and dissemination with the help of technology.

36. Aadhaar-based verification of taxpayers is being introduced to weed out dummy or non-existent units; instant online allotment of PAN on the basis of Aadhaar.

37. Registration of charity institutions to be made completely electronic, donations made to be pre-filled in IT return form to claim exemptions for donations easily.

38. Tax holiday for affordable housing extended by 1 year. Additional deduction up to Rs. 1.5 lakhs for interest paid on loans taken for an affordable house extended till 31st March, 2021.

39. Certain specified categories of government securities will be open fully for NRIs, apart from being open to domestic investors.

40. FPI limit in corporate bonds raised to 15% from 9%.

41. Government doubles divestment target for the next fiscal at Rs 2.1 lakh crore.

42. Customs duty raised on footwear to 35% from 25% and on furniture goods to 25% from 20%.

43. Excise duty proposed to be raised on Cigarettes and other tobacco products, no change made in the duty rates of bidis.

44. Customs duty rates revised on electric vehiclesand parts of mobiles.

45. Basic customs duty on imports of news print and light-weight coated paper reduced from 10% to 5%.

46. 5% health cess to be imposed on the imports of medical devices, except those exempt from BCD.

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47. Lower customs duty on certain inputs and raw materials like fuse, chemicals, and plastics.

48. Higher customs duty on certain goods like auto-parts, chemicals, etc. which are also being made domestically.

49. New Simplified return for GST from April 2020.

50. Start-ups with turnover up to Rs. 100 crore to enjoy 100% deduction for 3 consecutive assessment years out of 10 years.

51. Turnover threshold for audit of MSMEs to be increased from Rs 1 crore to Rs 5 crore, to those businesses which carry out less than 5% of their business in cash.

52. App-based invoice financing loans product to be launched, to obviate problem of delayed payments and cash flow mismatches for MSMEs.

53. Amendments to be made to enable NBFCs to extend invoice financing to MSMEs.

54. Rs 69,000 crore provided for health care in Union Budget 2020-21.

55. Viability gap funding window proposed for setting up hospitals under Prime Minister Jan Arogya Yojana in PPP Mode.

56. Jan Aushadhi Kendra Scheme to be expanded to all districts by 2024

57. Limits for FPI in corporate bonds increased from 9 pc to 15 pc of the outstanding stock.

58. RBI to consider an extension of debt restructuring window for MSMEs till March 31, 2021.

59. Separate NPS trust for government employees.

60. 100 more airports to be developed by 2024 to support UDAAN Scheme

61. Rs 22,000 crore for power and renewable energy sector

62. National Gas Grid to be expanded from the present 16200 km to 27000 km

63. 103 lakh crore for national infrastructure pipeline: 22,000 crores via equity support to infrastructure finance companies

64. Investment clearance cell to provide ‘End-to-End’ facilitation and support to entrepreneurial youth.

65. Developing five new smart cities in collaboration with states in PPP mode.

66. Encouraging manufacturer of mobile phones, electronic equipment and semiconductor packaging.

67. National technical textiles mission to position India as a global leader.

68. The government to disburse Rs 15 lakh crore among farmers as credit for the year 2020-21.

69. Refinancing scheme of National Bank for Agriculture and Rural Development (NABARD) will be further expanded.

70. Krishi UDAAN scheme will be launched by the Aviation Ministry.

71. Horticulture sector with its current produce exceeds the production of food grains.

72. Financing of negotiable warehousing receipts will be integrating other e-services.

73. The government aims to eliminate the foot and mouth disease in sheep and goat by 2025.

74. The doubling of milk production of 53.5 million metric tonnes of milk to 103 metric million tonnes by 2025.

75. The government will involve youths in the fishery sector.

76. Rs 1.23 lakh crore for rural development and Panchayati Raj.

77. Rs 8,000 crore over five years for quantum technologies and applications.

78. Delhi-Mumbai expressway and two other projects would be completed by 2023.

79. Monetisation of 12 lots of highway bundles of over 6,000km will be ensured before 2024.

80. Dividend Distribution Tax (DDT) abolished; Companies will not be required to pay DDT; dividend to be taxed only at the hands of recipients, at applicable rates.

81. FY20 fiscal deficit revised to 3.8% from 3.3% in the current fiscal. For FY21, fiscal target seen at 3.5%

82. Net market borrowing for FY20 at Rs 4.99 lakh crore; For FY21 it’s pegged at Rs 5.36 lakh crore.

83. Nominal GDP growth for 2020-21 estimated at 10%.

84. Receipts for 2020-21 estimated at Rs 22.46 lakh crore. Expenditure at Rs 30.42 lakh crore.

85. Defence gets Rs 3.37 lakh crore as the defence budget.

86. National recruitment agency: New common entrance test for non-gazetted government jobs and public sector banks.

87. Urban local bodies to provide internships for young engineers for a period of up to one year.

88. Rs 1.7 lakh crore allocated to transportation.

89. National Logistics Policy will soon be released, creating single window e-logistics market.

90. Rs 6,000 crore for BharatNet programme; Fibre to Home connections under BharatNet will be provided to 1 lakh gram panchayats this year itself.

91. New policy for private sector to build Data Centre Park.

92. 4 more museums from across the country to be taken up for renovation and re-curation.

93. 150 new train to be introduced on PPP basis; Four stations will be also be redevelopment with the help of PPP.

94. Rs 18,600 crore worth Bengaluru suburban transport project launched; 20% equity will be provided be the Centre.

95. Rs 3,000 crore rupees for skill development.

96. US-like SAT exam to be held in African and Asian countries for benchmarking foreign candidates who wish to Study In India.

97. 150 higher educational institutions to start apprenticeship embedded degree/diploma courses by March 2021.

98. Government will help 20 lakh farmers for setting up solar pumps; Farm market will to be liberalized.

99. 6 million new taxpayers have been added.

100. India is now 5th largest economy in world.

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