Finance Minister Niramala Sitharaman Presents Budget 2020

Finance Minister Nirmala Sitharaman presented the Budget 2020, announcing immense state funding to help the farm sector of India to get a broader growth backup from lowest in a decade. 

With the announcement of the Budget 2020-21, the Expectations of reforms for reviving India’s economic growth came true.

The bases of the Union Budget was on three prominent themes:

  •  Creation of a caring Society
  •  Economic Development
  •  Aspirational India

“This Budget is to boost people’s income and enhance their purchasing power. Let Businesses be healthy, solvent, and tech-led.

All people should be gainfully employed, and businesses should be healthy for all the minorities, including women and people from SCs and STs. This Budget will help them fulfill their aspirations.”

The proposed Budget 2020 gets changes in the Tax slabs and cut income tax rates for the earnings up to 15 lakhs per year, and this makes it optional for taxpayers who will let go 70 exemptions.

The list of another 30 exemptions that will be allowed is not known yet. With the new Income Tax structure, those earning up to 5 lakhs will not have to pay any Tax.

The major announcement from the Narendra Modi Government was selling the part of its stake in LIC(Life Insurance Corporation), Launching an IPO, Nirmala Sitharaman added that the insurance cover of each individual depositor would be increased from an amount of Rs 1 Lakh to Rs 5 Lakh.

The Government relaxed the Fiscal deficit for FY20 to 3.8 percent of the GDP(Gross Domestic Product), and for FY21, it increased to 3.5 percent.

For the empowerment of Scheduled Caste and OBCs, the Modi Government has allocated 85,000 crores and 53,700 crores for the Scheduled Tribes.

In Infrastructure, a Chennai-Bangalore expressway will come up soon, and over 100 new Airports will be built by 2024. The Government is likely to increase the state spending on Infrastructure and will offer income tax incentives, aiming to get growth back from the lowest of its decade.

In a budget special, a circular from BSE said that the stock market would open for trading on February 1, on account of Union Budget for the financial year 2020-21.

India being the Third largest economy holder in ASIA, is facing strong Headwinds with contraction of investments where India needs to create jobs for the 1.2 million new entrants.

+ posts

An enthusiastic content writer with zeal and impetus to work towards excellence

Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. All the information mentioned in the article is subject to change according to the changing viewpoints. Feel free to reach us at [email protected] for any change or copyright issues.

Note: If you buy something via a link on this page, we might earn a small commission on it.

Deepish Mahajan
Deepish Mahajan
An enthusiastic content writer with zeal and impetus to work towards excellence

Leave A Reply

Please enter your comment!
Please enter your name here

related stories

From post-workout beer to cars as a new personal space, these trends offer businesses a wide range of capitalization opportunities to explore.

Emerging Trends: Performance Beer, Digital Decor, and Cars, a New Personal Space

Post-workout Beer As per Keywords Everywhere, thousands of people are searching for 'drink beer post workout' monthly. It has fermented a new class of post-workout...
With easy internet access and high smartphone penetrations, there has been a shift in rural customers' aspirations opening opportunities for marketers.

Rural Marketing in the Post-COVID Era: A Lucrative Space

There has been a gradual evolution in rural marketing for the past few decades. Since most of the Indian population resides in rural areas,...

Challenges in Indian Startup Ecosystem

The Land Accelerator South Asia 2021 The Land Accelerator is a four-month curated program focused on training and supporting entrepreneurs working to restore land, forests,...
The idle minds and empty hands are using more devices, apps, and postures in the lockdown. We are here for a 30 billion USD industry booming around that.

Sextech: A Booming Billionaire Dollar Industry

Sex has always been a shady space in India. For a culture that takes price in Mind Control, Yoga, and worshiping saints, sex has...
Midea is facing the same fate as many Chinese corporations, asking for funding, going the old-fashioned way, through Kickstarter like Indiegogo.

Midea looks forward towards better development through crowdfunding, what could this mean for the...

Midea is a multinational technology company specializing in HVAC systems, consumer electronics, robotics, and industrial automation, and the digital market. (1) Midea provides a...
Amazon won the fight against labor organizing at its Bessemer, Alabama, warehouse on Friday, with employees opposing the Retail, Wholesale, and Department Store Union 2-to-1.

Will Amazon continue to live the bad light amongst its workers?

The COVID-19 pandemic has wreaked havoc on cultures and economies all over the globe. However,, Inc. has increased, cementing its status as the...
There has also been a boon for retail investors seeking profit and reliable trading platforms. Here are the top Robinhood alternatives in India.

Top Robinhood Alternatives in India

India's new trader breed had light-up Dalal Street in 2020. It was the year when many people across the globe were forced to stay...

Trending: Crypto College Loans, Viridian Vibes, and Bananatex Going Bananas

Students Going Crypto A group of students and advisers from several universities collaborated to built Student Coin in 2018 (1). It is a blockchain framework designed to...