Govt Calls Budget 2020 'Progressive'; Opposition Terms It 'Disappointing & Directionless'

by GoNews Desk 4 months ago Views 2003
Amid Economic Slowdown, Nirmala Sitharaman Tables
Finance Minister Nirmala Sitharaman tabled her second Union Budget in Parliament on Saturday as the country reels under one of the worst economic slowdowns.

Budget 2020 comes at a time when India is spiralling downwards in the last five quarters. Meanwhile, market benchmarks Sensex is down by 1,026 points, while Nifty plunged by 396 points.

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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. 

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:

  • 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

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

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