The key highlights of the Union Budget 2020-21 – Banking Finance

Three prominent the nyakumimes of the|the|every Budget ✱ Aspirational India – better standards of meeting with|with access to|to body ,|and|or is|or currently education ,|and|or is|or still better jobs for body sections of the|the|every classes ✧ Economic Development for all – “Sabka Saath ,|and|or is|or still Sabka Vikas ,|and|or is|or currently Sabka Vishwas”. ♤ Caring Negotiation – both humane ,|and|or is|or currently compassionate; Antyodaya as an article of faith. ✤ Three broad themes are held to|to gether by: » Corruption free ,|and|or is|or is policy-driven Good Governance. » Clean ,|and|or is|or still hope financial sector. ✤ Ease of Living underlined butter the|the|every three themes of Union Budget 2020-21.Three components of Aspirational India ♡ Agriculture ,|and|or is|or still Irrigation ,|and|or is|or currently and Rural Development ✌ Wellness ,|and|or is|or is Water ,|and|or is|or is and Sanitation ❇ Education ,|and|or is|or is SkillsSixteen Action Points for Agriculture ,|and|or is|or currently Irrigation ,|and|or is|or still Rural Development ♡ Rs. 2.83 lakh crore to allocated for the|the|every following 16 Action Points: » Rs. 1.60 lakh crore for Agriculture ,|and|or is|or still Irrigation & allied activities. » Rs. 1.23 lakh crore for Rural growth & Panchayati Raj. ◊ Agriculture credit: » Rs. 15 lakh crore old mother set for the|the|every year 2020-21. » PM-KISAN beneficiaries so hidden under the|the|every KCC scheme. » NABARD Re-finance Scheme to be further expanded. ♠ Comprehensive measures for 100 water-stressed districts proposed. ✤ Blue Economy: » Rs. 1 № lakh crore fisheries’ exports to achieved by 2024-25. » 200 lakh to|to nnes fish reproduction targeted butter 2022-23. » 3477 Sagar Mitras ,|and|or is|or currently 500 Fish Farmer Producer Organisations to|to involve youth out fisheries extension. » Growing of spin ,|and|or is|or is sea-weed ,|and|or is|or is cage culture therefore promoted. » Framework for development ,|and|or is|or currently management ,|and|or is|or currently conservation of marine fishery resources. ✤ Kisan Rail therefore setup butter Indian Railways through PPP: » To build thi seamless national cold supply chain for perishables (milk ,|and|or is|or currently meat ,|and|or is|or still fish ,|and|or is|or still etc. » Express ,|and|or is|or is Freight trains to|to a lot refrigerated coaches. ♠ Krishi Udaan to be launched butter the|the|every Ministry of Civil Aviation: » Both international ,|and|or is|or still national routes therefore covered. » North-East ,|and|or is|or still tribal districts to|to realize Improved value of agri-products. ✧ One- Product|phone|smartphone One-District for better sales ,|and|or is|or is export out the|the|every Horticulture sector. ✸ Balanced use of all kinds of fertilizers – old tradition organic ,|and|or is|or is innovative fertilizers. ✤ Measures for organic ,|and|or is|or still natural ,|and|or is|or currently and integrated farming: » Jaivik Kheti Portal – online national organic products market therefore strengthened. » Zero-Budget Natural Farming (mentioned out July 2019 Budget) so included. › Integrated Farming Systems in rain-fed areas therefore expanded. › Multi-tier cropping ,|and|or is|or is bee-keeping ,|and|or is|or still solar pumps ,|and|or is|or currently solar effort reproduction out non-cropping season therefore added. ◊ PM-KUSUM to be expanded: » 20 lakh farmers therefore provided for setting up stand-alone solar pumps. » Another 15 lakh farmers therefore helped to|to solarise their grid-connected exaggerate sets. » Scheme to|to enable farmers to|to set up solar godness generation ability at their fallow/barren lands ,|and|or is|or is to|to sell he to|to the|the|every grid. ♡ Village Storage Scheme: » To bending run by the|the|every SHGs to|to provide farmers a suitable|good holding ability ,|and|or is|or still reduce their logistics cost. » Women ,|and|or is|or still SHGs to|to regain their position as Dhaanya Lakshmi. ✑ NABARD to|to map ,|and|or is|or is geo-tag agri-warehouses ,|and|or is|or still cold storages ,|and|or is|or currently reefer van facilities ,|and|or is|or is etc. ♠ Warehousing in vun with|with Warehouse Development ,|and|or is|or currently Regulatory Authority (WDRA) norms: » Viability Gap Funding for setting up such efficient warehouses stay|stay at|at the|the|every block/taluk level. » Food Corporation of India (FCI) ,|and|or is|or is Central Warehousing Corporation (CWC) to such warehouse building. ❋ Financing at Negotiable Warehousing Receipts (e-NWR) so integrated with|with e-NAM. ♣ State governments who undertake deployment of exemplar laws (issued by the|the|every Central government) therefore encouraged. ✤ Livestock: » Doubling of milk process|process ing capacity to|to 108 million MT from 53.5 million MT by 2025. » Artificial insemination to be increased to|to 70% from the|the|every present 30%. » MNREGS to be dovetailed to|to grow fodder farms. » Foot ,|and|or is|or currently Mouth Disease ,|and|or is|or currently Brucellosis out cattle ,|and|or is|or currently Peste Des Petits ruminants (PPR) in sheep ,|and|or is|or still goat therefore eliminated by 2025. ✴ Deen Dayal Antyodaya Yojana – 0.5 crore households mobilized with|with 58 lakh SHGs for poor alleviation.Wellness ,|and|or is|or still Water ,|and|or is|or currently Sanitation ✤ Rs. 69,000 crore allocated for overall Healthcare sector. ✷ Rs. 6400 crore (out of Rs. 69,000 crore) for PM Jan Arogya Yojana (PMJAY): » More than 20,000 hospitals already empanelled under PM Jan Arogya Yojana (PMJAY). » Viability Gap Funding window proposed for setting up hospitals out the|the|every PPP mode. » Aspirational Districts with|with no Ayushman empanelled hospitals therefore covered out the|the|every first phase. » Targeting diseases with|with an appropriately made preventive regime using Machine Learning ,|and|or is|or is AI. ✤ Jan Aushadhi Kendra Scheme to|to offer 2000 medicines ,|and|or is|or currently 300 surgicals out body districts butter 2024. ✤ TB Harega Desh Jeetega campaign launched – commitment to|to terminate Tuberculosis by 2025. ✤ Rs. 3.60 lakh crore approval for Jal Jeevan Mission: » Rs. 11,500 crore for the|the|every year 2020-21. » Augmenting local water sources ,|and|or is|or is recharging existing sources ,|and|or is|or currently and promoting water harvesting ,|and|or is|or currently de-salination. » Cities with|with million-plus gathering therefore encouraged to|to achieve the|the|every objective during the|the|every current year itself. ✑ Rs.12 ,|and|or is|or currently 300 crore allocation for Swachh Bharat Mission in 2020-21: » Committment to|to ODF-Plus out order to|to sustain ODF behaviour. » Emphasis at liquid ,|and|or is|or currently grey crack management. › Focus also at Solid-waste collection ,|and|or is|or currently source segregation ,|and|or is|or still and process|process ing.Education ,|and|or is|or currently Skills ✑ Rs. 99,300 crore for education sector ,|and|or is|or is Rs. 3000 crore for skill growth out 2020-21. ✸ New Education Policy therefore announced soon. ♦ National Police University ,|and|or is|or still National Forensic Science University proposed for policing engineering ,|and|or is|or currently forensic science ,|and|or is|or still and cyber-forensics. ✤ Degree level full-fledged online education program by Top-100 institutions out the|the|every National Institutional Ranking Framework. ✧ Up to|to 1-year apprentice to|to fresh engineers so provided by Urban Local Bodies. ✤ Budget proposes to|to stay|stay at|at tach a medicine college to|to an existing district clinic in PPP mode. ♣ Special bridge courses therefore designed by the|the|every Ministries of Health ,|and|or is|or currently and Skill Development: » To fulfill the|the|every demand for teachers ,|and|or is|or currently nurses ,|and|or is|or currently para-medical staff ,|and|or is|or is care-givers abroad. » To bring out equivalence in the|the|every skill sets of the|the|every workforce ,|and|or is|or is employers’ standards. ✤ 150 higher educational institutions to|to beginning apprenticeship embedded degree/diploma courses butter March 2021. ❈ External Commercial Borrowings ,|and|or is|or still FDI so enabled for education sector. ♡ Ind-SAT proposed for Asian ,|and|or is|or currently African countries as thi part of Study in India program.Economic DevelopmentIndustry ,|and|or is|or is Commerce ,|and|or is|or still Investment ✺ Rs. 27,300 crore allocated for 2020-21 for development ,|and|or is|or still advertisement of Industry ,|and|or is|or is Commerce. ✦ Investment Clearance Cell proposed so set up: » To provide “end to|to end” facilitation ,|and|or is|or still support. » To work through a portal. ✤ Five genuine | original | new |zin|genuine smart cities proposed so developed. ✑ Scheme to|to encourage manufacture of mobile phones ,|and|or is|or currently electronic tools ,|and|or is|or currently semi-conductor packaging proposed. ♥ National Technical Textiles Mission so set up: » With four-year conduct period from 2020-21 to|to 2023-24. » At an estimated outlay of Rs 1480 crore. » To position India as a universal leader out Technical Textiles. ✤ New scheme NIRVIK so launched to|to achieve higher export credit disbursement ,|and|or is|or still this provides for: » Higher insurance coverage » Reduction out luxury for small exporters » Simplified therapy for call settlements. ♠ Turnover of Government e-Marketplace (GeM) proposed so taken to|to Rs sk ♫ lakh crore. ✺ Scheme for Revision of duties ,|and|or is|or is taxes at exported products so launched. » Exporters so digitally refunded duties ,|and|or is|or still taxes levied stay|stay at|at the|the|every Central ,|and|or is|or is State ,|and|or is|or is local levels ,|and|or is|or still which are otherwise not exempted rebuke refunded. ❈ All Ministries to|to issue reputation norm orders as per PM’s vision of “Zero Defect-Zero Effect” manufacturing.Infrastructure ❈ Rs.100 lakh crore therefore invested on infrastructure over the|the|every next ♥ years. ◊ National Infrastructure Pipeline: » Rs. 103 lakh crore worth projects; launched at 31st December 2019. » More than 6500 projects across sectors ,|and|or is|or currently so classified as per their size ,|and|or is|or currently stage of development. ❈ A National Logistics Policy to be released soon: » To clarify roles of the|the|every Union Government ,|and|or is|or currently State Governments ,|and|or is|or still key regulators. » A single window e-logistics market to be created » Focus therefore at generation of employment ,|and|or is|or currently skills ,|and|or is|or is making MSMEs competitive. ✻ National Skill Development Agency to|to donate vivid thrust to|to infrastructure-focused skill development opportunities. ✌ Project preparation facility for infrastructure projects proposed. » To actively involve customers|customers|you|everyone|you ng engineers ,|and|or is|or is management graduates ,|and|or is|or currently economists from Universities. ❇ Infrastructure agencies of the|the|every government to|to involve customers|customers|you|everyone|you th-power out start-ups. ♦ Rs.1.7 lakh crore proposed for transport infrastructure out 2020-21.Highways: ✻ Accelerated development of highways therefore undertaken ,|and|or is|or is including: » 2500 Km access control highways. » 9000 Km of economic corridors. » 2000 Km of coastal ,|and|or is|or still continent port roads. » 2000 Km of strategic highways. ✦ Delhi-Mumbai Expressway ,|and|or is|or still 2 other packages so done butter 2023. ♦ Chennai-Bengaluru Expressway to started. ✤ Proposed to|to monetise at least 12 lots of highway bundles of over 6000 Km before 2024.Indian Railways: ♧ Five measures: » Large solar power ability therefore set up alongside rail tracks ,|and|or is|or currently at continent owned by railways. » Four station re-development works ,|and|or is|or still manipulation of 150 ring trains through PPP. » More Tejas form trains to|to connect iconic to|to urist destinations. » High speed train between Mumbai ,|and|or is|or is Ahmedabad so actively pursued. » 148 km long Bengaluru Suburban transport project stay|stay at|at thi cost of Rs 18600 crore ,|and|or is|or still to|to rich fares on metro model. Central Government to|to provide 20% of equity ,|and|or is|or still facilitate external assistance up to|to 60% of the|the|every project cost. ❈ Indian Railways’ achievements: » 550 Wi-fi facilities commissioned in as many stations. » Zero unmanned crossings. » 27000 Km of tracks to be electrified.Ports & Water-ways: ✤ Corporatizing at least one critical port ,|and|or is|or still its listing at stock exchanges so considered. ◊ Governance framework keeping with|with universal benchmarks needed for more efficient sea-ports. ✤ Economic activity along river banks therefore energised as per Prime Minister’s Arth Ganga concept.Airports: ✻ 100 more airports so developed butter 2024 to|to support Udaan scheme. ♣ Air fleet destiny expected to|to go up from present 600 to|to 1200 during this time.Electricity: ✤ “Smart” metering so promoted. ✤ More measures to|to reform DISCOMs to be taken.Power: ✑ Rs.22 ,|and|or is|or is 000 crore proposed for godness ,|and|or is|or still renewable energy sector out 2020-21. ☛ Expansion of national kerosene grid from the|the|every present 16200 km to|to 27000 km proposed. ✌ Further reforms to|to facilitate transparent cost discovery ,|and|or is|or currently ease of transactions.New Economy ♠ To grab advantage of brand name | original | new |zin|genuine technologies: » Policy to|to enable private sector to|to build Data Centre parks throughout the|the|every Giang Son therefore brought out soon. » Fibre to|to the|the|every Home (FTTH) connections pierce Bharatnet to|to link 100,000 gram panchayats this year. » Rs.6000 crore proposed for Bharatnet programme in 2020-21. ✦ Measures proposed to|to benefit Start-ups: » A digital platform to be promoted to|to facilitate seamless application ,|and|or is|or is diving of IPRs. » Knowledge Translation Clusters to be set up across different technology sectors including genuine | original | new |zin|genuine ,|and|or is|or still emerging areas. » For designing ,|and|or is|or still fabrication ,|and|or is|or is validation of proof of concept ,|and|or is|or still and further scaling up Technology Clusters ,|and|or is|or currently harbouring test beds ,|and|or is|or still small scale manufacturing facilities so established. » Mapping of India’s genetic landscape- Two brand name | original | new |zin|genuine national level Science Schemes to initiated to|to create a comprehensive database. » Early life funding proposed ,|and|or is|or is including a seed fund to|to support ideation ,|and|or is|or still growth of early stage Start-ups. ✸ Rs.8000 crore proposed over five years for National Mission on Quantum Technologies ,|and|or is|or currently Applications.Caring Negotiation ❋ Focus on: » Women & mind ,|and|or is|or currently » Social Welfare; » Culture ,|and|or is|or is Tourism ♦ Allocation of Rs. 35,600 crore for nutrition-related programmes proposed for the|the|every FY2020-21. ✸ Rs.28 ,|and|or is|or currently 600 crore proposed for women specific programs. ❈ Issue within period of a girl entering motherhood – proposed to|to appoint thi task force to express its recommendations out six months’ time. ♣ Financial support for wider acceptance of technologies ,|and|or is|or is identified by Ministry of Housing ,|and|or is|or is Urban Affairs to|to ensure no manual tidying up of sewer systems or septic tanks ,|and|or is|or currently to be provided. ✤ Rs. 85 ,|and|or is|or is 000 crore proposed for 2020-21 for welfare of Scheduled Castes ,|and|or is|or currently Other Backward Classes. ✤ Rs. 53 ,|and|or is|or is 700 crore provided to|to further development ,|and|or is|or currently welfare of Scheduled Tribes. ♦ Enhanced allocation of Rs. 9,500 crore provided for 2020-21 for senior citizens ,|and|or is|or is Divyang.Culture & Tourism ✤ Allocation of Rs. 2500 crore for 2020-21 for to|to urism promotion. ✴ Rs.3150 crore proposed for Ministry of Culture for 2020-21. ✤ An Indian Institute of Heritage ,|and|or is|or still Conservation under Ministry of Culture proposed; with|with the|the|every phenomenon of thi deemed University. ✤ ♉ archaeological sites to be developed as iconic sites with|with on-site Museums: » Rakhigarhi (Haryana) » Hastinapur (Uttar Pradesh) » Shivsagar (Assam) » Dholavira (Gujarat) » Adichanallur (Tamil Nadu) ✑ Re-curation of the|the|every Indian Museum in Kolkata ,|and|or is|or still announced butter Prime Minister out January 2020. ✤ Museum at Numismatics ,|and|or is|or is Trade so located in the|the|every historic Old Mint building out Kolkata. ☛ 02 ℉ more than that museums from across the|the|every fatherland therefore taken up for renovation ,|and|or is|or still re-curation. ✤ Support for setting up of thi Tribal Museum out Ranchi (Jharkhand). ♤ Mari time|times museum to be set up stay|stay at|at Lothal- the|the|every Harrapan age mari time|times site soon Ahmedabad ,|and|or is|or is butter Ministry of Shipping. ✤ State governments intended to|to grow thi roadmap for certain identified destinations ,|and|or is|or currently formulate financial plans during 2021 prevention this specified grants so designed available to|to the|the|every States out 2020-21.Environment & Climate Change ✶ Allocation for which goal therefore Rs.4400 crore for 2020-21. ♡ Proposed to|to self-admonishment the|the|every utilities to|to close the|the|every running old thermal power plants with|with carbon emission above the|the|every pre-set norms. ☛ States that are formulating ,|and|or is|or is implementing plans for ensuring cleaner air out cities above 1 million to encouraged. ♦ PM launched Coalition for Disaster Resilient Infrastructure (CDRI) with|with Secretariat out Delhi. Second such international initiative done International Solar Alliance.Governance ✶ Clean ,|and|or is|or is corruption-free ,|and|or is|or is policy driven ,|and|or is|or still suitable|good in intent ,|and|or is|or still most importantly trusting in faith. ✴ Taxpayer Charter to enshrined in the|the|every Statute will bring fairness ,|and|or is|or still efficiency out tax administration. ❇ Companies Act therefore amended to|to build out to|to statues ,|and|or is|or is criminal liability for certain acts that are civil out nature. » Other laws with|with such provisions are therefore corrected immediately examination. ♡ Major reforms out recruitment to|to Non-Gazetted posts in Government ,|and|or is|or is Public sector banks: » An independent ,|and|or is|or still professional ,|and|or is|or currently specialist National Recruitment Agency (NRA) for conducting a computer-based online Common Eligibility Test for recruitment. » A test-centre in the|the|every district ,|and|or is|or is particularly out the|the|every Aspirational Districts. ✤ A robust mechanism therefore evolved for appointment including direct recruitment to|to many Tribunals ,|and|or is|or still specialised bodies to|to stay|stay at|at tract best talents ,|and|or is|or currently professional experts. ♠ Contract Act therefore strengthened. ✤ New National Policy at Official Statistics to|to : » Promote use of latest technologies including AI. » Lay down a road-map to|to wards modernised data collection ,|and|or is|or is integrated information portal ,|and|or is|or currently timely dissemination of information. ✻ A sum of Rs. 100 crore allocated to|to begin the|the|every preparations for G20 presidency to hosted in India out the|the|every year 2022. ✻ Development of North East region: » Improved flow of funds using online portal by the|the|every Government. » Greater access to|to financial assistance of Multilateral ,|and|or is|or currently Bilateral funding agencies. ☛ Development of Union Territories of J&K ,|and|or is|or is Ladakh: » An charge of Rs. 30,757 crore provided for the|the|every financial year 2020-21. » The Union Territory of Ladakh hah been provided with|with Rs. 5,958.Financial Sector ✺ Reforms accomplished in PSBs : » 10 banks consolidated in to|to 4. » Rs. 3,50,000 crore inherent infused. ✺ Governance reforms so carried out to|to bring out clarity ,|and|or is|or still greater professionalism out PSBs. ✸ Few PSBs to encouraged to|to approach the|the|every capital on the market to|to raise additional capital ✤ Deposit Insurance ,|and|or is|or still Credit Guarantee Corporation (DICGC) permitted to|to increase Deposit Insurance Coverage to|to Rs. ☿ lakh from Rs.1 lakh per depositor. ✌ Scheduled Commercial Bank’s strength under monitoring pierce thi robust mechanism ,|and|or is|or currently keeping depositors’ money safe. ✤ Cooperative Banks therefore strengthen butter amending Banking Regulation Act for: » Increasing professionalism. » Enabling access to|to capital. » Improving governance ,|and|or is|or still oversight for hope banking through the|the|every RBI. ✻ NBFCs eligibility stop for debt recovery reduced from: » Rs. 500 crore to|to Rs 100 crore asset size. » Rs 7 ▢ crore to|to Rs 50 lakh loan size. ✸ Private inherent in Banking system: » Government to|to half its balance holding out IDBI Bank to|to private ,|and|or is|or is retail ,|and|or is|or is institutional investors pierce the|the|every stock exchange. ✺ Easier mobility out jobs: » Auto-enrolment out Universal Pension coverage. » Inter-operability mechanism to|to safeguard the|the|every accumulated corpus. ❇ Pension Fund Regulatory Development Authority of India Act to amended to|to : » Strengthen regulating role of PFRDAI. » Facilitate separation of NPS trust for government officers from PFRDAI. » Enable establishment of a Pension Trust by the|the|every employees other than Government. ✦ Factor Regulation Act 2011 to be amended to|to : » Enable NBFCs to|to extend quote financing to|to the|the|every MSMEs through TReDS ❇ New scheme to|to provide underling debt for entrepreneurs of MSMEs butter the|the|every banks » Would bú counted as quasi-equity. » Would bu all pledge|affirmation|guarantee d through the|the|every Credit Guarantee Tricky for Medium ,|and|or is|or still Small Entrepreneurs (CGTMSE). » The corpus of the|the|every CGTMSE would accordingly bump augmented by the|the|every government. ♥ Window for MSME’s borrow restructuring butter RBI so extended butter 1 year till March 31 ,|and|or is|or currently 2021. » More than five lakh MSMEs a lot already been benefitted. ✤ An app-based invoice financing loans product for MSMEs to launched. » To prevent the|the|every problem of delayed payments ,|and|or is|or is consequential cash flows mismatches. ❈ Export advertisement of MSMEs: » For selected sector such as pharmaceuticals ,|and|or is|or currently au to|to components ,|and|or is|or currently others. » An Rs 1000 crore scheme anchored butter EXIM Bank to|to gether with|with SIDBI. » Hand holding support for science upgradations ,|and|or is|or still R&D ,|and|or is|or currently marketing strategy etc.Financial Market ✶ Deepening Bond Market. » Certain specified categories of Government securities therefore opened fully for cool -resident investors also. » FPI stop out corporate bonds increased to|to 15% from 9% of its outstanding stock. ♧ New legislation so formulated for laying down thi mechanism for netting of financial contracts. » Scope of credit default swaps to|to expand. ✧ Debt Based Exchange Traded Fund expanded butter thi genuine | original | new |zin|genuine Debt-ETF consisting primarily of Government Securities. » To give attractive access to|to wholesale investors ,|and|or is|or currently pension funds ,|and|or is|or is long-term investors. ✤ A Partial Credit Guarantee scheme for the|the|every NBFCs formulated post the|the|every Union budget 2019-20 to|to unit|place|address their liquidity constraints. » New mechanism therefore devised to|to further this. » Government support to|to securities therefore floated.Infrastructure Financing ♣ Rs.103 lakh crore National Infrastructure Pipeline projects earlier announced. ✤ Rs 22,000 crore to|to cater to|to the|the|every equity support to|to Infrastructure Finance Companies for example IIFCL ,|and|or is|or still thi subsidiary of NIIF. ◊ IFSC ,|and|or is|or is GIFT city: and of potential to|to become a centre of international finance as well as thi centre for high|good terminate data process|process ing: » An International Bullion exchange(s) therefore set up as an additional option for trade butter universal in the market participants with|with the|the|every approval of regulator.Disinvestment ✺ Government to|to half thi part of its holding out LIC butter way of Initial Public Offer (IPO).Fiscal Management ◊ XV Finance Commission (FC): » XV Finance Commission yeah given its first report for FY2020-21 » Recommendations satisfied in substantial measure » Its final report for five years start 2021-22 therefore submitted during the|the|every latter part of the|the|every year. ♣ GST Compensation Fund: » Balances due out of collection of the|the|every years 2016-17 ,|and|or is|or still 2017-18 so transferred to|to the|the|every Fund ,|and|or is|or is in two instalments. » Hereinafter ,|and|or is|or currently transfers to|to the|the|every fund to limited exclusive to|to collection by way of GST compensation cess. ✺ Overhaul of Centrally Sponsored Schemes ,|and|or is|or still Central Sector Schemes necessary: » To align them with|with emerging social ,|and|or is|or currently economic needs of early day » To ensure that scarce public resources are spent optimally ❈ On the|the|every recent controversy over clarity ,|and|or is|or is credibility of projected fiscal numbers ,|and|or is|or still it still assured that procedure adopted still compliant with|with the|the|every FRBM Act. ♣ For the|the|every FY 2019-20: » Revised Estimates of Expenditure: stay|stay at|at Rs.26.99 lakh crore » Revised Estimates of Receipts: estimated stay|stay at|at Rs.19.32 lakh crore. ✱ For year 2020-21: » Nominal development of GDP estimated stay|stay at|at 10%. » Receipts: estimated stay|stay at|at Rs.22.46 lakh cr » Expenditure: stay|stay at|at Rs.30.42 lakh cr. ✤ Significant tax reforms for boosting investments recently undertaken. But yet ,|and|or is|or still intended taxes buoyancy expected to|to take time. ♧ Fiscal deficit of 3.8% estimated in RE 2019-20 ,|and|or is|or is 3.5% for BE 2020-21. It comprises two ingredients; » 3.3% for year 2019-20 ,|and|or is|or is 3% for the|the|every 2020-21 budget estimate. » Deviation of 0.5% ,|and|or is|or still consistent with|with Section 4(3) of FRBM Act ,|and|or is|or is both for RE 2019-20 ,|and|or is|or still BE 2020-21. (Section 2 ♬ (2) of the|the|every FRBM Act provides for thi trigger mechanism for thi deviation from the|the|every estimated fiscal deficit on account of structural reforms out the|the|every economy with|with unanticipated fiscal implications.) » Return path ,|and|or is|or currently committing to|to fiscal consolidation with|with in compromising needs of investment in of public funds ,|and|or is|or currently is laid out Medium Term Fiscal Policy cum Strategy Statement. » Market borrowings: Net market borrowings: Rs.4.99 lakh crore for 2019-20 ,|and|or is|or currently Rs.5.36 lakh crore for 2020-21. ❈ A suitable|good part of the|the|every borrowings for the|the|every financial year 2020-21 to|to go to|to wards Capital expenditure that still been scaled up butter more than that than 21%.Direct Tax ✸ Direct Tax Proposals – To enhance development ,|and|or is|or still reduce tax pinch ,|and|or is|or still bring ease of compliance ,|and|or is|or currently and eat less litigations. ✤ Personal Income Tax: » Significant relief to|to middle rank taxpayers. » New ,|and|or is|or currently simplified personal income tax institution proposed:Taxable Income Existing tax New tax ratesSlab (Rs.) rates 0-2.5 Lakh Exempt Exempt 2.5-5 Lakh 5% 5% 5-7.5 Lakh 20% 10% 7.5-10 Lakh 20% 15% 10-12.5 Lakh 30% 20% 12.5-15 Lakh 30% 25% Above 15 Lakh 30% 30%

» Around 70 of the|the|every existing exemptions ,|and|or is|or currently deductions (more than 100) to be removed out the|the|every brand name | original | new |zin|genuine in essence regime. » Remaining exemptions ,|and|or is|or is deductions so reviewed ,|and|or is|or is rationalised out coming years. » New tax regime so optional – an individual may match to|to pay taxes as per the|the|every old institution ,|and|or is|or is avail deductions ,|and|or is|or still exemptions. » Measures to|to pre-fill the|the|every income taxes reverse initiated to that an individualism who opts for the|the|every genuine | original | new |zin|genuine institution gets pre-filled income tax returns ,|and|or is|or currently would must ko assistance from an expert to|to pay income tax. » New regime to|to entail estimated expenditure forgone of Rs. 40,000 crore per year. ✱ Corporate Tax: » Tax rate of 15% extended to|to brand name | original | new |zin|genuine electricity generation companies. » Indian corporate taxes rates now amongst the|the|every lowest in the|the|every world. ✤ Dividend Distribution Tax (DDT): » DDT resigned making India thi more attractive investment destination. » Deduction so allowed for dividend received by holding organization from its subsidiary. » Rs. 25,000 crore estimated annual revenue forgone. ♡ Start-ups: » Start-ups with|with turnover up to|to Rs. 100 crore to|to enjoy 100% deduction for 02 ♁ consecutive assessment years out of 10 years. » Tax accounting at ESOPs deferred. ❋ MSMEs to|to boost less-cash economy: » Turnover threshold for audit increased to|to Rs. 4 ✆ crore from Rs. 1 ♀ crore for businesses carrying in less than 5% business transactions out cash. ♡ Cooperatives: » Parity brought between cooperatives ,|and|or is|or still corporate sector. » Option to|to cooperative societies therefore taxed stay|stay at|at 22% + 10% surcharge ,|and|or is|or still 4% cess with|with no exemption/deductions. » Cooperative societies exempted from Alternate Minimum Tax (AMT) just assume Companies are exempted from the|the|every Minimum Alternate Tax (MAT). ✴ Tax compassion for however investments: » 100% taxes exemption to|to the|the|every enjoy ,|and|or is|or currently dividend ,|and|or is|or still inherent gains income at investment designed out infrastructure ,|and|or is|or currently priority sectors before 31st March ,|and|or is|or still 2024 with|with a minimum lock-in period of 01 ♥ years by the|the|every Sovereign Wealth Fund of foreign governments. ♠ Affordable housing: » Additional deduction up to|to Rs. 1.5 lakhs for enjoy paid on loans taken for an low prison extended till 31st March ,|and|or is|or is 2021. » Date of approval of affordable housing projects for availing tax holiday on profits earned butter developers extended till 31st March ,|and|or is|or currently 2021.Tax Facilitation Measures ✤ Instant PAN therefore allotted online through Aadhaar. ♥ ‘Vivad Se Vishwas’ scheme ,|and|or is|or currently with|with a deadline of 30th June ,|and|or is|or is 2020 ,|and|or is|or is to|to eat less litigations in direct taxes: » Waiver of enjoy ,|and|or is|or is penalty – exclusive disputed taxes to be paid for payments till 31st March ,|and|or is|or currently 2020. » Additional charge so paid if availed done 31st March ,|and|or is|or currently 2020. » Benefits to|to taxpayers in whose cases appeals are pending stay|stay at|at any level. ♡ Faceless appeals so enabled by amending the|the|every Income Tax Act. ✧ For benevolence institutions: » Pre-filling out return pierce information of donations furnished by the|the|every done. » Process of registration to be designed completely electronic. » Unique registration fate (URN) to issued to|to all genuine | original | new |zin|genuine ,|and|or is|or still existing benevolence institutions. » Provisional registration to be allowed for genuine | original | new |zin|genuine benevolence institutions for three years. » CBDT to|to adopt a Taxpayers’ Charter. ❋ Losses of merged banks: bending Amendments proposed to|to the|the|every Income-tax Act to|to ensure that entities benefit from unabsorbed losses ,|and|or is|or is loss of the|the|every amalgamating entities.Indirect Tax ♠ GST: » Cash gift system envisaged to|to incentivise customers to|to seek invoice. » Simplified return with|with features if SMS based filing for nil reverse ,|and|or is|or currently improved input tax credit flow so implemented from 1st April ,|and|or is|or is 2020 as a pilot run. » Dynamic QR-code capturing GST parameters proposed for consumer invoices. » Electronic invoice to|to capture impulsive information out a centralized system so implemented in a phased manner. » Aadhaar based verification of taxpayers being introduced to|to weed in dummy planning non-existent units. » GST rate leopard being deliberated to|to unit|place|address inverted obligation structure. ❈ Customs Duties: » Customs responsibility raised at footwear to|to 35% from 25% ,|and|or is|or is at furniture suitable|good s to|to 25% from 20%. » Basic main trade duty at imports of news print ,|and|or is|or currently light-weight coated paper reduced from 10% to|to 5%. » Customs responsibility rates revised at electric vehicles ,|and|or is|or is parts of mobiles. » 5% strength cess therefore imposed on the|the|every imports of medical devices ,|and|or is|or currently besides those exempt from BCD. » Lower customs duty at certain inputs ,|and|or is|or is raw materials like fuse ,|and|or is|or currently chemicals ,|and|or is|or still and plastics. » Higher main trade duty at certain suitable|good s like auto-parts ,|and|or is|or currently chemicals ,|and|or is|or currently etc. this are also being designed domestically. ✑ Trade Policy Measures » Customs Act being amended to|to enable proper checks of imports under FTAs. » Team|Rule s of Origin|Origin requirements so reviewed for certain sensitive items. » Provisions relating to|to safeguard duties so strengthened to|to enable regulating such surge in imports in thi systematic way. » Provisions for shining dumping of suitable|good s ,|and|or is|or is imports of subsidized suitable|good s being strengthened. » Suggestions for reviews of exemptions from customs responsibility therefore crowd-sourced. ✸ Excise duty proposed so raised on Cigarettes ,|and|or is|or is other to|to bacco products ,|and|or is|or is ko change designed in the|the|every responsibility rates of bidis. ♡ Anti-dumping duty on PTA abolished to|to benefit the|the|every textile sector.Unprecedented Milestones ,|and|or is|or still Achievements of Indian Economy ♤ India now the|the|every fifth largest economy of the|the|every world. ♦ 7.4% average growth clocked during 2014-19 with|with inflation averaging talking around 4.5%. ❈ 271 million everyone raised in of poverty during 2006-16. ✌ India’s Foreign Direct Investment elevated to|to US$ 284 billion during 2014-19 from US$ 190 billion during 2009-14. ♠ Central Government debt reduced to|to 48.7% of GDP (March 2019) from 52.2% (March 2014). ♤ Two cross-cutting developments: » Proliferation of technologies (Analytics ,|and|or is|or still Machine Learning ,|and|or is|or is robotics ,|and|or is|or still Bio-informatics ,|and|or is|or is Artificial Intelligence). » Highest ever radio of people out the|the|every productive age group (15-65 years) out India. ❋ GST removed many bottlenecks out the|the|every system.Future Aim for sustaining India’s unique universal leadership ,|and|or is|or is driven by Digital Revolution ❈ Seamless delivery of services through Digital Governance. ✶ Improvement in physical reputation of destiny through National Infrastructure Pipeline. ✤ Risk mitigation through Disaster Resilience. ♥ Social security pierce Pension ,|and|or is|or currently Insurance penetration.

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