Budget 2020: Finance Minister Nirmala Sitharaman presented the budget in Lok Sabha,

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GsMasterMind is presenting the information related to the Budget 2020: Finance Minister Nirmala Sitharaman Presented The Budget In Lok Sabha, Know The Main Things In English. It Mainly Consists Of Tax Provision, In Finance, Declaration For Ladakh In The Budget, G20 Conference Organized, Amazon, In The Field Of Tourism Development, In The Field Of Environment And Climate Change, Art Culture Area, Women Child Development Area, Budget In The Field Of The Industry, Budget In The Field Of Health, In The Field Of Education, Farmer Budget. We Also Provide Daily And Weekly Current Affairs Quiz Of The Top 10 Current Affairs For Students And Readers Preparing For Competitive Exams Like NTA, Bank EXAMS, UPSC, IAS, Etc..

HIGHLIGHTS OF CONTENT:-

  1. Tax provision
  2. In finance
  3. Declaration for Ladakh in the budget
  4. G20 conference organized
  5. Amazon, 
  6. In the field of tourism development:
  7. In the field of environment and climate change:
  8. Art Culture Area:
  9. Women Child Development Area:
  10. Budget in the field of the industry:
  11. Budget in the field of health:
  12. In the field of education:
  13. Farmer Budget

Finance Minister Nirmala Sitharaman has also made a big announcement regarding the bank deposits of customers. He said that now customers will get a guarantee of up to five lakh rupees on bank deposits, ie even after the bank sinks, your five lakh rupees will be completely safe.

The first full budget of the second term of the Modi government has been presented. Finance Minister Nirmala Sitharaman while presenting the budget for the financial year 2020-21 on 01 February 2020 said that the average growth rate during 2014-19 was more than 7.4 percent. Average inflation during this period was 4.5 percent. He said that India has now become the fifth largest economy in the world and the central government’s debt has come down to 48.7 percent of gross domestic product (GDP). 

The Finance Minister has announced new tax rates. In which the middle class is relieved. At the same time, the government has announced to sell a part of its capital in LIC and the entire part of IDBI.

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Highlights related to Budget 2020

@ 1: 45 pm: Finance Minister Nirmala Sitharaman has given the biggest budget speech ever. Earlier, in 2003, Jaswant Singh gave a speech of 02 hours 13 minutes. The Finance Minister’s speech started at 11 am, which lasted more than two and a half hours. 

Tax provision

@ 1: 39 pm: Tax (tax) provision: New construction companies will have to pay 15% corporate tax. The central government insisted on making the tax easier. 10 percent tax will have to be paid for earning from 5 to 7.5 lakh rupees. You will have to pay a 15 percent tax for earning 7.5 to 10 lakh rupees. 20 percent tax will have to be paid for earning from 10 to 12.5 lakh rupees. 25 percent tax will have to be paid for earning up to Rs 12.5-15 lakh. Income tax of more than 15 lakhs will have to pay a 30 percent income tax.

 

Income Tax Slab

The old income tax rate

The new income tax rate

2.5 – 5 lakhs on earning

NA

NA

On earning 5-7.5 lakhs

20%

10%

7.5 – 10 lakhs on earning

20%

15%

10 – 12.5 lakhs on earning

30%

20%

12.5 – 15 lakhs on earning

30%

25%

On earning above 15 lakh and above

30%

30%

@ 1: 38 pm: No deduction will be included in this under the new tax system, those who want to take the deduction can pay tax at the old rates. Tax concession has been given to promote the startup system. The limit of business has been increased from 25 crores to 100 crores.

 

@ 1: 37 pm: ‘Dispute to trust’ scheme will be brought to reduce litigation indirect tax, it will continue till 30 June 2020.

@ 1: 36 pm: It is proposed to extend the additional deduction by another year for the purchase of the cheap house by Rs 1,50,000.

In finance

@ 12: 59 pm: In the finance sector: the remaining capital of IDBI Bank will be sold on the stock exchange. The Finance Minister announced that up to Rs 5 lakh deposits of people in banks will now be safe. Earlier this limit was only 1 lakh rupees. This means that if an account holder gets a rupee, then they are guaranteed to get five lakh rupees. 

 

@ 12: 58 pm: Finance Minister Nirmala Sitharaman said that the 15th Finance Commission has given its report, which the government has accepted. The expenditure in this financial year is estimated at Rs 26 lakh crore.

@ 12: 53 pm: The government has proposed to sell part of its share capital in LIC. The government has proposed to sell part of its share capital in LIC by IPO. The government has kept the projected rate of GDP at 10 percent for the financial year 2020-21.

@ 12: 48 pm: The government will arrange full monitoring on all banks. Concrete steps will be taken to improve the banking system. This year the fiscal deficit is estimated to be 3.8 percent of GDP. A target of 3.5 percent has been set for next year.

Declaration for Ladakh in the budget

@ 12: 35 pm: Ladakh in the budget: Finance Minister Nirmala Sitharaman said that the central government is committed to the development of the northeast. The government will continue to work for the development of Jammu, Kashmir, and Ladakh. It is proposed to allocate Rs 30,757 crore for the recently formed Union States in 2020-21. A budget of Rs 5958 crore has been announced for Ladakh by the government.

G20 conference organized

@ 12: 34 pm: India will organize the G20 conference in the year 2022, for this, 100 crore rupees will be given by the government. 

In the field of tourism development:

@ 12: 30 pm: In the field of tourism development: 2,500 crores will be spent for tourism development. A museum will be built at these five archaeological sites. Hastinapur (UP), Sivasagar (Assam), Dhaulavira (Gujarat), Adichelannur, Rakhigadi (Haryana). Apart from this, a Tribal Museum will be built in Ranchi. India has risen from 65th to 34th position in tourism.

In the field of environment and climate change:

@ 12: 25 pm: In the field of environment and climate change: from 01 January 2021, manufacturing will be focused on keeping the climate in mind. Development works will be done keeping in mind the natural disaster. New plans have been made for clean air in cities. For this, Rs 4400 crore has been allocated. 

@ 12: 24 pm: Several measures will be taken to prevent pollution. 4 thousand crore rupees are being spent so that people can get clean air. The Finance Minister said that the issue of security is the most important in the country.

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Art Culture Area:

@ 12: 20 pm: Art Culture Zone: Such museums will be built which will be world-class. 5 mythologically important sites are being developed. 3150 crores were allocated to the Ministry of Culture.

@ 12: 19 pm: In this budget, it has been proposed to make the Indian Institute of Clutch. Some iconic museums will be built in the country, including Hastinapur in Meerut district.

Women Child Development Area:

@ 12: 10 pm: Women Child Development Sector: ‘Nutrition Campaign’ was started to increase the level of nutrition. A new policy will be introduced for newborns. 35,000 crore for nutritional policy. Rs 33,000 crore was allocated for Scheduled Castes and Tribes.

@ 12: 09 pm: Beti Bachao-Beti Padhao schemes got a lot of support, there has been a big difference in child ratio through this scheme. Information about the nutrition of 10 crore families will be given. More than 6 lakh Anganwadi workers were given smartphones.
@ 12: 08 pm: The marriage age of women was increased, now our government is also discussing the age of girls becoming mothers. A task force will be formed which will prepare a report on this issue in 6 months.

@ 12: 06 pm: Rs. 9500 crore allocated for the benefit of senior citizens and differently-abled.

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Budget in the field of the industry:

@ 12: 05 pm: In the area of ​​industry: Data Center Park will be built. Private sector participation will be important in this. All gram panchayats will be connected with Bharat Net fiber cable. Rs 8,000 crore is being allocated for quantum technology, India is the third-largest country in this field.

@ 12: 04 pm: Infrastructure companies will be appealed to add youth to their startups. Traders should be confident that the government has done justice to their tax.

@ 12: 03 pm: Nirmala Sitharaman announced that the formation of Investment Clearance Cell through which the investors will be helped. A new scheme has been announced by the government for the electronics manufacturing industry. In this, mobile, electronic manufacturing will be promoted.

@ 12: 03 pm: A scheme will be launched to create export hubs in each district. For this, people will be given loans under Nirvik Yojana. There is a target of investing Rs 100 lakh crore in the next five years.

@ 12: 02 pm: In the area of railways: 5 big steps for railways, railways are being connected with solar energy. To connect big cities, the number of trains like Tejas will increase. Delhi-Mumbai Expressway, Chennai-Bengaluru Expressway will be completed soon.

@ 12: 01 pm: 24000 km. The train will be made electronic. The number of Tejas trains will be increased. Bullet train work between Mumbai-Ahmedabad will be expedited. Water development road will be extended, there are plans to extend this route to Assam. Rs 1.70 lakh crore will be invested in transport.

Budget in the field of health:

 @ 11: 58 am: Health sector: The government is taking big action to promote the Fit India movement. The number of hospitals in Ayushman Bharat scheme will be increased, so that help will be provided in T-2, T-3 cities. For this, the help of the PPP model will be taken, in which hospitals will be connected in two phases.

@ 11: 57 am: Rainbow mission being run by the central government will be expanded. Whatever tax is received on the medical device, it will be used to promote medical facilities.

@ 11: 56 am: Campaign will be launched in the country against TB, ‘TB will lose, the country will win’. The government is trying to make the country TB-free by 2025.

@ 11: 55 am: Number of centers will be increased under the Pradhan Mantri Jan Aushadhi scheme. Announcement of about 70 thousand crores for health schemes.

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In the field of education:

@ 11: 54 am: Government is working to improve higher education, students of the world will be given facilities to study in India.

@ 11: 52 am: Students from India will also be sent to countries in Asia, Africa. It is proposed to make National Police University, National University of Judicial Sciences.

@ 11: 50 am: A plan will also be made to establish medical colleges in district hospitals. An internship facility will be provided to young engineers to work in local bodies.

@ 11: 49 am: In the budget, 99,300 crore rupees have been allocated for education. Out of this, 3000 crores will be spent on skill development.

@ 11: 47 am: Teachers, nurses, paramedical staff are required in a big way in the country. Special courses will be made for them so that world-class skills can be made available. 99000 crore rupees will be allocated for education. 

@ 11: 46 am: Forensic University, Police University will be formed. Special medical colleges will be made at the district level.

@ 11: 45 am: Online education will be provided for children from disadvantaged areas of society. New education policy will be announced.

@ 11: 44 am: Education sector: By 2030, India will have the most employed people.

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Farmer Budget

@ 11: 38 am: Special arrangements will be made to deal with solid waste. With the allocation of Rs 3.6 lakh crore, water will be provided from the tap in every house.

@ 11: 36 am: Kisan credit card scheme will be extended for 2021. The government will run a scheme to double milk production.

@ 11: 35 am: Fisheries will be promoted through Blue Economy. Fish processing will be encouraged. Assistance to farmers will be increased under the Deen Dayal scheme.

@ 11: 32 am: Indradhanush mission has been expanded. Priority will be given to areas without Ayushman impaneled hospital. AI will be used so that diseases can be controlled with the help of technology.

@ 11: 29 am: Krishi Udaan scheme will be started. This scheme will be started on International, National route.

@ 11: 28 am: Blessed Laxmi Yojana for women farmers was announced. Under this, women will be mainly linked to seed related schemes. The government will start Kisan Rail and Udaan service.

@ 11: 27 am: Through the PM Kusum scheme, farmers’ pumps will be connected to solar pumps. In this, about 20 lakh farmers will be linked to the scheme. Apart from this, grid pumps of 1.5 million farmers will also be connected to solar.

@ 11: 26 am: Nirmala Sitharaman said that a big scheme will be run for the water systems in 100 districts so that farmers do not face any problem of water. A provision of Rs 15 lakh crore has been made for the agricultural credit space sector.

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@ 11: 25 am:

Farmers will be assisted by NABARD under the village storage scheme. In this, farmers will be able to preserve their produce. Agricultural flying will be started.

@ 11: 24 am: Making a big announcement for farmers, Nirmala Sitharaman said that our government announces a 16 point formula for farmers, which will benefit the farmers. There is a need to open farmers’ markets so that their income will be increased.

@ 11: 23 am: Government will insist on the limited use of chemical fertilizers. Giving the example of Tamil Nadu, the Finance Minister explained the usefulness of the land.

@ 11: 22 am: Solar pumps are being installed to eliminate the dependence of diesel kerosene. 16 lakh farmers will be given assistance in the first phase. Barren land can be used for solar energy systems, which can benefit the rest of the farmers.

@ 11: 21 am: Nirmala Sitharaman said that the insurance scheme is being run for 6.11 crore farmers. The income of farmers will be doubled by the year 2022.

@ 11: 20 am: Nirmala Sitharaman read a lion in Kashmiri during her speech during this. He said in the speech that our country is blooming like Shalimar Bagh, our country is like a lotus blooming in the Dal Lake, like the warm blood of youth, my country – your country – our country – the most beloved country in the world.

@ 11: 19 am: He said that due to the policies of the Modi government, between 2014 and 2019, FDI came to $ 284 billion, which increased the business.

@ 11: 18 am: Nirmala Sitharaman announced that an easy version of Goods and Services Tax (GST) will come in April 2020. This will ease small traders.

@ 11: 17 am: Three important topics of budget: Aspirational India, economic development and caring society.

@ 11: 15 am: Finance Minister Nirmala Sitharaman said that our government is moving forward on the policy of Sabka Saath, Sabka Vikas, and everyone’s trust. India is leading the growing economies in the world today. 

@ 11: 13 am: Nirmala Sitharaman said that with the help of technology, efforts will be made to improve the economy. Also, an effort will be made to bring the country on the path of progress by connecting the youth with technology.

@ 11: 12 am: Nirmala Sitharaman told that 271 million people have been taken out of the poverty line. We have become the fifth largest economy in the world.

@ 11: 11 am: Nirmala Sitharaman said that crores of people have benefited from housing schemes and pension schemes in the country. Our growth rate has been better than in other countries all the time.

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@ 11: 10 am:

GST initially faced difficulties but now in the last 2 years, about 16 lakh new taxpayers have been added. Nirmala Sitharaman described GST as historic. He said that there is something special for every section in the budget 2020-21.

@ 11: 09 am: Union Finance Minister Nirmala Sitharaman said in his speech that Narendra Modi’s government got the majority in the Lok Sabha elections, the results of 2019 are the mandate given on our policies.

@ 11: 06 am: Nirmala Sitharaman paid tribute to former Finance Minister Arun Jaitley and started the budget speech remembering his contribution to the economy.

@ 11: 04 am: Finance Minister Nirmala Sitharaman has started reading her budget speech in Lok Sabha. The proceedings of the Lok Sabha have started.

@ 11: 02 am: Finance Minister Nirmala Sitharaman has presented the budget 2020-21.

@ 10: 57 am: Cabinet approved the budget in the meeting held in Parliament House. Sitharaman is going to present the country’s bookkeeping in the Lok Sabha in a while.

@ 10: 55 am: According to the report, Indian Railways can get a big gift in the budget. According to the report, in the budget, the financial assistance to the railways can increase from 10 percent to 12 percent.

@ 10: 34 am: It will be stamped in the Modi cabinet before the budget is presented in the Lok Sabha. After this, Nirmala Sitharaman will present the budget in Parliament. Nirmala Sitharaman is the first woman Finance Minister, who has full charge of the Finance Ministry.

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@ 10: 22 am: Prime Minister Narendra Modi has also reached Parliament House. Finance Minister Nirmala Sitharaman will present the Union Budget in the Lok Sabha shortly. 

@ 10: 18 am: Nirmala Sitharaman will present her second budget today. Many steps can be announced to increase private investment in railways.

@ 10: 15 am: The second budget of Modi government 2.0 will be presented at 11:00 am. Printed copies of Budget 2020-2021 have been brought to Parliament House. 

@ 10: 07 am: Officials and ministers have started arriving in Parliament House before the budget is presented. Union Minister Jitendra Singh, Prakash Javadekar has reached Parliament House.

@ 10: 01 am: Union Finance Minister Nirmala Sitharaman has reached Parliament House from Rashtrapati Bhavan. Cabinet Secretary Rajiv Gauba has also reached Parliament House. The budget will be formally approved in the meeting.

@ 9: 52 am: Finance Minister Nirmala Sitharaman met President Ram Nath Kovind along with Minister of State for Finance Anurag Thakur at Rashtrapati Bhavan. During this, Sitharaman took approval from the President to present the budget. Before the presentation of the budget, there will be a meeting of the Modi cabinet at around 10:15 pm in the Parliament House.

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