{"id":2734,"date":"2020-02-01T05:45:54","date_gmt":"2020-02-01T05:45:54","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=2734"},"modified":"2020-02-01T12:54:45","modified_gmt":"2020-02-01T12:54:45","slug":"union-budget-2020-21-will-strengthen-optimism-in-india","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/union-budget-2020-21-will-strengthen-optimism-in-india\/","title":{"rendered":"Will Union Budget 2020-21  Strengthen Optimism in India?"},"content":{"rendered":"\n<p>The new union budget 2020-21 is presented by our Finance Minister Nirmala Sitharaman today.  The FM has shown a picture of vibrant India. She has mentioned welfare schemes, sanitation, and water facilities, health care Ayushman Bharat, solar energy use, financial development. Before moving forward she has mentioned the benefits of GST. Her key focus is divided into three points <strong><em>agricultural irrigation and rural development, wellness water, and sanitation facilities, education and digital development. <\/em><\/strong><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/union-budget-2020-21-will-strengthen-optimism-in-india\/#Agriculture_under_Union_Budget_2020\" >Agriculture under Union Budget 2020<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/union-budget-2020-21-will-strengthen-optimism-in-india\/#Economic_Growth\" >Economic Growth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/union-budget-2020-21-will-strengthen-optimism-in-india\/#Healthcare_Sector_in_focus\" >Healthcare Sector in focus<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/union-budget-2020-21-will-strengthen-optimism-in-india\/#Educational_Development\" >Educational Development<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/union-budget-2020-21-will-strengthen-optimism-in-india\/#Women_Empowerment\" >Women Empowerment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/union-budget-2020-21-will-strengthen-optimism-in-india\/#Tourism_Encouragement\" >Tourism Encouragement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/union-budget-2020-21-will-strengthen-optimism-in-india\/#Other_Important_highlights_on_under_the_Union_Budget_2020\" >Other\nImportant highlights on under the Union Budget 2020<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Agriculture_under_Union_Budget_2020\"><\/span>Agriculture under Union Budget 2020<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Farmer income will be doubled by the end year 2022. The FM has mentioned a total of 6.11 Crore farmers are&nbsp;insured under Fasal Bima&nbsp;Yojna. She has made 16 points regarding the development in the field of agriculture. The main pointers were of <strong><em>PM KUSUM Scheme, which reduces&nbsp;dependence on diesel and kerosene and increases reliance on social energy. &#8220;Annadata can be Urjadata. <\/em><\/strong>She further added that a total of 20 lakh farmers can set up standalone solar pumps. The government helps the 15 lakh solarise grid-connected pump sets.&nbsp;Farmers can also use barren land for solar energy and have a livelihood out of it. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Economic_Growth\"><\/span>Economic Growth<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>FM added that <strong><em>NABARD<\/em><\/strong> refinances scheme will expand. The<em><strong> NBFC and cooperative banks<\/strong><\/em> help in lending money and it has been recognizing by the government as well. The agriculture credit for 2020-21&nbsp; has proposed at RS 15 lakh. The FM added to run a <strong><em>Kisan Rail<\/em><\/strong> for farmers through public-private partnerships and also focus on the <strong><em>Kisan Udan<\/em><\/strong> scheme will be stated for the farmers.<\/p>\n\n\n\n<p>She added that 16 lakh new taxpayers were added in the last financial year and the reduction on GST rates has allowed an average household to save about 4% of monthly expenditure. The FM has proposed a new GST return to be implemented from 1<sup>st<\/sup> April 2020. The three theme points of the union budget 2020 were aspirational India, economic development for all and caring society under union budget 2020. <\/p>\n\n\n\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-4-3 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Union Budget 2020-21: Live from Parliament\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/P-J-PyRZC5M?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Healthcare_Sector_in_focus\"><\/span>Healthcare Sector in focus<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Union Budget 2020 is for the healthcare sector development, she has added to cover new diseases and new vaccines under <strong><em>Mission Indradhanush.<\/em><\/strong> There are hospitals under the healthcare <strong><em>Ayushman Bharat scheme<\/em><\/strong> which has benefited the poor in 20,000 hospitals. There are 112 districts that are kept on priority under these schemes. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Educational_Development\"><\/span>Educational Development<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The union budget 2020 covers the education sector in which <strong><em>online education<\/em><\/strong> is offered by the top 100 NIRF ranked institutes and degrees will be offered for the same very soon. For the Asian and African students, the IND-SAT exam will be held for <strong><em>scholarships to &#8216;Study in India&#8217;<\/em><\/strong>. The forensic sciences and Police academy will be set up and the government will spend Rs 99, 300 crores in the education sector. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Women_Empowerment\"><\/span>Women Empowerment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The FM has shown the data indicating the increase in the number of <strong><em>girl children under the scheme of Beti Bachao Beti Padhao. <\/em><\/strong>She stated that enrollment of girls is  59.7 percent at the higher secondary level, 81.32 percent in secondary level and  94.32 percent in elementary levels. The FM has kept the safety and health of women on priority. For pregnant women and lactating women an allocation of Rs 35,600 crore for <strong><em>nutrition-related programs<\/em><\/strong> in FY21. Further, Rs 28,600 crore will be allocated in FY21 by the government for women-linked programs.&nbsp;She fetched the data sharing the there are low maternal mortality rates. Also now <em><strong>6 lakh Anganwadi workers <\/strong><\/em>are equipped to upload status of more than 10 crore households.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tourism_Encouragement\"><\/span>Tourism Encouragement<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In her speech, she has added the value by mentioning <strong><em>five archaeological sites to be developed that are Rakhigarhi (Haryana), Hastinapur (UP), Shiv Sagar (Assam), Dholavira (Gujarat) and Adishanaloor (Tamil Nadu) <\/em><\/strong>in iconic sites with museums. The museums to be taken for recreation including the museum building at Kolkata and a new tribal museum to be set up in Ranchi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Other_Important_highlights_on_under_the_Union_Budget_2020\"><\/span>Other\nImportant highlights on under the Union Budget 2020<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>The proposed audit for <strong><em>MSME business<\/em><\/strong> turnover has now been raised to 5 crores from 1 crore. The minister has also requested RBI to extend the debt recast window of MSME by one year to <strong><em>31 March 2021.<\/em><\/strong><\/li><li>Presently, 4,83,000 <strong><em>direct tax disputes are pending<\/em><\/strong> in the Appellate tribunal which is proposed to bring down in the new budget.<\/li><li><strong><em>Dividend Distribution Tax is proposed to be abolished<\/em><\/strong> as suggested under the union budget 2020 by the FM. Presently, companies require paying Dividend Distribution Tax on dividends to shareholders at 15% with additional surcharge.\u00a0 <\/li><li><strong><em>Income Tax slabs proposed to be revised <\/em><\/strong><\/li><\/ul>\n\n\n\n<table class=\"table table-bordered\"><tbody><tr><td>\n  <b>Income (per annum)<b>\n  <\/td><td>\n  <b>Proposed Tax Rate<b>\n  <\/td><td>\n  <b>Old Tax Rate<b>\n  <\/td><\/tr><tr><td>\n  Up to \u20b92.5 Lakhs\n  &nbsp;\n  <\/td><td>\n  No tax\n  <\/td><td>\n  No tax\n  <\/td><\/tr><tr><td>\n  \u20b92.5 Lakhs to \u20b95 Lakhs\n  &nbsp;\n  <\/td><td>\n  No tax\n  <\/td><td>\n  5%\n  <\/td><\/tr><tr><td>\n  \u20b95 Lakhs to \u20b97.5 Lakhs\n  &nbsp;\n  <\/td><td>\n  10%&nbsp;\n  <\/td><td>\n  20%\n  <\/td><\/tr><tr><td>\n  \u20b97.5 Lakhs to \u20b910 Lakhs\n  &nbsp;\n  <\/td><td>\n  15%&nbsp;\n  <\/td><td>\n  20%\n  <\/td><\/tr><tr><td>\n  \u20b910 Lakhs to \u20b912.5 Lakhs\n  &nbsp;\n  <\/td><td>\n  20%\n  <\/td><td>\n  30%\n  <\/td><\/tr><tr><td>\n  \u20b912.5 Lakhs to \u20b915 Lakhs\n  &nbsp;\n  <\/td><td>\n  25%\n  <\/td><td>\n  30%\n  <\/td><\/tr><tr><td>\n  Above \u20b915 Lakhs\n  &nbsp;\n  <\/td><td>\n  30%\n  <\/td><td>\n  30%\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<div class=\"shadow1\"><strong>Note:<\/strong>The exemptions are provides in the old tax slabs will be removed after the implementation of a new one. <\/div>\n\n\n\n<ul><li>The Finance minster has undertaken very\nsignificant tax reforms for boosting investment. The estimate <strong><em>a\nfiscal deficit of 3.8% in 2019-20 and 3.5% in 2020-21.<\/em><\/strong><\/li><li>Under the Union budget 2020 the government has\nproposed plans to <strong><em>sell the part of its stake in LIC. <\/em><\/strong><\/li><li>The government proposed to <strong><em>establish National Recruitment\nagency for the non gazette posts<\/em><\/strong>. <\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The new union budget 2020-21 is presented by our Finance Minister Nirmala Sitharaman today. The FM has shown a picture of vibrant India. She has mentioned welfare schemes, sanitation, and water facilities, health care Ayushman Bharat, solar energy use, financial development. Before moving forward she has mentioned the benefits of GST. Her key focus is [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":2792,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[153],"tags":[290],"acf":{"service_id":"220"},"authorName":"Soumya Bajpai","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/01\/0.jpg","authorDescription":"Soumya has done LLB (Hons) and has a 2+years experience in writing. Her main interest is in reading judgments, new enactments and amendments taking around in law. She always strives to bring the best to work that she does.","postViews":6992,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/2734"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=2734"}],"version-history":[{"count":48,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/2734\/revisions"}],"predecessor-version":[{"id":2841,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/2734\/revisions\/2841"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/2792"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=2734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=2734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=2734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}