Budget 2020: Here are the Main Key points & highlights of the budget

Union Budget 2020

Every year on the first day of February our Indian Government present budget for coming financial year and this year also on Feb 1st, Saturday India's Finance minister Nirmala Sithraman present Union Budget for the financial year 2020-21 with the longest-ever budget speech of recorded 160 minutes with breaking his own record of 2 hours 17 minutes in 2019.

So here are the main highlights of the annual budget of the year 2020-21 to understand the whole budget 2020 in detail.

Budget 2020 Main Key Points 

  • New tax regime:  FM Nirmala Sitharaman announced a new Income tax regime for taxpayers with removing tax exemptions, so the taxpayer can not claim more than 70 deductions/exemptions if he/she is paying tax according to new tax rates, which is optional.

  • Bank Deposit Insurance: In the budget 2020 FM also announced the increase of bank deposit insurance from Rs 1 lakh to Rs 5 Lakh per depositor, which means now bank depositor is safer and protected from heavy losses.

  • Health Sector: Government will spend around Rs 69,000 crore on the health sector, with expanding Jan Aushadhi Scheme so its benefits can be provided to all Ayushman Bharat Hospitals by 2025.

  • Infrastructure: Government to build large solar power capacity for Indian Railways, Chennai-Bengaluru expressway and promise to build 100 more airports by 2024 and will also launch a policy called National Logistic Policy.

  • Agriculture Credit availability will be Rs 15 lakh for FY2020-21 to support the agriculture sector and will also expand PM KUSUM Scheme for solar pumps.

  • Village Storage Scheme to store and provide the holding capacity to farmers & villagers, which will be run by SHGs

  • IDBI Bank Disinvestment: Government will sell his remaining stake of  IDBI Bank Ltd in this FY2020-21.

  • Sovereign Wealth Funds: According to Budget 2020 100 % tax exemptions will be granted /Provided on Sovereign Wealth Funds to boost investment.

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