On February 1, 2020, Finance Minister Nirmala Sitharaman presented her second Union Budget on behalf of the NDA-2 government. Nirmala Sitharaman had introduced various modifications, from income tax slab cuts to 16-point action plan for farmers.
Here are the 10 key takeaways from Union Budget 2020.
1. Three themes dominated the Budget 2020 -- aspirational India, economic development for all, and caring society.
2. FM Sitharaman presented a mega 16-point action plan for farmers. The government is committed to doubling farmers' income by 2022, she says while proposing to allocate Rs 2.83 lakh crore for agriculture and rural sectors such as irrigation.
3. Budget 2020 offers cuts on income tax; 10% rate for income of Rs 5-7.5 lakh against earlier 20%. Income tax rates will be significantly reduced for those who forego reliefs, exemptions.
4. Wealth creators will be valued in this country, tax harassment can't be tolerated, says Nirmala Sitharaman.
4. Government proposes amendments in Companies Act to decriminalize civil offences.
5. Budget 2020 revises FY20 fiscal deficit target to 3.8% from 3.3%.
6. Budget 2020 raise Insurance cover for bank depositors to Rs 5 lakh from Rs 1 lakh.
7. Budget 2020 pegs nominal GDP growth rate for 2020-21 at 10%.
8. Task force to be set up for recommending marriageable age for women.
9. A proposal to increase turnover of GeM platform to Rs 3 lakh crore was moved by the FM.
10. A proposal to start scheme for manufacturing cell phones, semi-conductors and other electronic devices.
Sitharaman also sought to simplify tax assessment and verification of registered entities. Do check the Union budget 2020 for more details.