Govt Calls Budget 2020 'Progressive'; Opposition Terms It 'Disappointing & Directionless'
In the Economic Survey 2019-20 tabled on Friday, the country’s GDP growth for 2020-21 is projected at 6-6.5%. While the government called the budget 'reform-oriented', leaders of Opposition termed it 'disappointing and directionless', with no focus on job creation.
Union Minister @smritiirani on #Budget2020 says, Diwali has come early for the middle class. A huge relief has been given to them by way of #taxdeduction#unionbudget2020 #budgetsession2020— GoNewsIndia (@GoNews_India) February 1, 2020
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.@AamAadmiParty leader #SanjaySingh says the #Budget2020 is 'disapponiting and directionless' as it doesn't address the concerns of #youth, #farmers and #women#UnionBudget2020 #BudgetSession2020— GoNewsIndia (@GoNews_India) February 1, 2020
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.@INCindia leader @DeependerSHooda calls #Budget2020 'lip service budget' and the longest ever by a #FinanceMinister#unionbudget2020 #budgetsession2020— GoNewsIndia (@GoNews_India) February 1, 2020
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The key takeaways from the Budget 2020 are: Nominal GDP growth for 2020-21 is estimated at 10%: FM Fiscal deficit seen at 3.8% of GDP in 2019-20 and target estimated at 3.5% for 2020-21. Introduction of new income tax slabs:
Former UP CM @yadavakhilesh on #Budget2020 says the current budget offers nothing for the youth who want jobs and people won't believe that our #GDP could grow at 10% next year#BudgetSession2020 #UnionBudget2020— GoNewsIndia (@GoNews_India) February 1, 2020
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- Tax of only 10% for income between Rs 5 lakh-7.5 lakh income as against prevailing 20% rate.
- 15% for income between Rs 7.5 lakh-10 lakh as against 20% current rate.
- 20% for income between Rs 10-12.5 lakh as against 30% earlier.
- 25% for income between Rs 12.5 lakh-15 lakh against 30%.
- 30% for income above Rs 15 lakh plus income
Allocation of Rs 30,757 crore for 2020-21 for J&K and Rs 5,958 for Ladakh The government will sell a part of its stake in LIC via an initial public offering
#Budget2020 : 16 lakh new taxpayers added to the system. GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted MSME. Consumers have got an annual benefit of 1 lakh crore rupees by GST @nsitharaman pic.twitter.com/Al7nAFobgz— GoNewsIndia (@GoNews_India) February 1, 2020
Deposit Insurance Coverage to be raised from Rs 1 lakh to Rs 5 lakh Gross enrolment of girls is higher than boys. At elementary levels, it is 94.32%, at secondary level 81.32% and higher secondary level 59.7%. For sector comprising agriculture, allied activities, irrigation and rural development, an allocation of Rs 2.83 lakh crores has been made for 2020-2. Agriculture credit target for the year 2020-21 has been set at 15 lakh crore rupees. Allocation of Rs 69,000 crores for allocated for the healthcare sector 100 new airports to be developed by 2024 Rs 27,300 crore for development of industry and commerce Rs 22000 crores to power and renewable energy sector in 2020-21 Rs 85,000 crore for Scheduled Castes and Other Backward Classes in 2020-21; 53,700 crore rupees for Scheduled Tribes Rs 4,400 crore to run programmes for clean air
#Congress leader #AdhirRanjanChowdhury says by selling parts of its holding in #LIC, the government is selling India's silver#UnionBudget2020 #Budget2020 #BudgetSession2020— GoNewsIndia (@GoNews_India) February 1, 2020
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LIVE: BUDGET 2020 https://t.co/R5qhJnPo2T— GoNewsIndia (@GoNews_India) February 1, 2020