Nirmala Sitharaman's 2020 Budget Speech main points

Nirmala Sitharaman's Budget Speech Live Updates:

Nirmala Sitharaman's Budget Speech updates

·        provide outlay of ₹8,000 crore for quantum computing over five years to break into this technology

·        Customs duty increased on footwear and furniture: FM

·        Sitharaman breaks Budget speech time record

·        Lok Sabha adjourned after Sitharaman ends speech

·        Direct taxes are lowest, simplest and smoothest: Sitharaman

·        FM proposes scheme to bring down litigation in direct taxation scheme; 4.83 lakh direct cases pending in various appellate forums.

·        'Vivad se Vishwas' scheme for direct tax payers whose appeals are pending at various forum: FM

·        Registration of charity institutions to be made completely electronic, donations made to be pre-filled in IT return form to claim exemptions for donations easily: Sitharaman.

·        15th Finance Commission has cut state share of central taxes by one percentage point to 41%.

·        PAN cards will be allotted instantly online soon with Aadhaar: Sitharaman.

·        Tax on Cooperative societies proposed to be reduced to 22 per cent plus surcharge and cess, as against 30 per cent at present: FM

·        Income Tax Act to be amended to enable faceless appeal: FM

·        Budget proposes deferment of tax payment by employees on ESOPs from startups by five years.

·        Date of approval of affordable housing projects for availing tax holiday on profit earned by developers extended by 1 year: FM

·        Income tax rates will not change for those earning above ₹15 lakh and they will continue paying 30%.

·        Around 70 of more than 100 income tax deductions and exemptions have been removed, in order to simplify tax system and lower tax rates: Sitharaman.

·        Govt proposes 100% tax concession to sovereign wealth funds on investment in infrastructure projects: FM

·        Concessional tax rate of 15% extended to power generation companies.

·        DDT (dividend distribution tax) to be removed. Dividend shall be taxed at the hands of the recipients: FM.

·        New income tax rates will be optional: FM Sitharaman

·        Income tax rates will be significantly reduced for those who forego reliefs, exemptions

·        ₹48,000 crore revenue loss due to income tax relief: FM

·        New income tax slab for FY 2020-21: ₹5-7.5 lakh: 10% income tax, ₹7.5 lakh to ₹10 lakh: 15% income tax, ₹10 lakh-12.5 lakh: 20% income tax, ₹12.5 lakh-15 lakh: 25% income tax. For those earning above ₹15 lakh, 30% income tax.

·        Those earning ₹5 lakh will not pay any tax: FM

·        For those earning ₹5 to ₹7.5 lakh, income tax has been reduced to 10% from 20%.

·        New simplified personal income tax regime to lower income tax: FM

·        Income tax reforms to promote growth: FM

·        The collection of taxes go back to the people manifold: FM

·        "The move to increase the deposit insurance from Rs. 1 lakh to Rs. 5 lakh by the RBI subsidiary Deposit Insurance and Credit Guarantee Corporation (DICGC) is great news for the common man. It was a necessary step to boost depositor sentiment following some bank runs. The increase in deposit insurance was overdue. This will certainly give a sense of security to depositors, especially senior citizens, who rely on their deposit interest for regular income needs in their golden years," Adhil Shetty, CEO, BankBazaar.com, said.

·        Govt accepts recommendations of interim report of 15th Finance Commission, final report to be submitted later: FM

·        International bullion exchange to be set up in IF SC GIFT City, says FM

·        Fiscal deficit has been estimated to be 3.8% in 2019-20 and 3.5% for the next year 2020-21.

·        Expected tax buoyancy will take time: FM

·        Receipts: ₹22.46 lakh crore. Expenditure: ₹30.42 lakh crore

·        Nominal growth of GDP for 2020-21 has been estimated at 10%: Sitharaman.

·        National infrastructure project pipeline: ₹22,000 crore already provided as support

·        Certain govt securities will be open for foreign investors: FM

·        Investment limit of FPIs in corporate bonds will be increased from 9% to 15%

·        Government will sell part of its stake in LIC through IPO: Sitharaman

·        Scheme to provide subordinate debt for entrepreneurs of MSMEs to be introduced, says FM.

·        Govt has asked RBI to extend debt restructuring window for MSME by a year to March 31, 2021.

·        Sitharaman stresses on the need for greater private capital in banks.

·        Government pension trust will be separated from PFRDA: FM

·        Balance govt holding in IDBI banks to be sold to pvt retail investors: FM

·        Deposit Insurance and Credit Guarantee Corporation has been permitted to increase deposit insurance coverage to ₹5 lakh per depositor from ₹1 lakh.

·        “An important aspect of ease of living and ease of doing business is fairness. Businesses should have the confidence that things are fair and that the tax administration is efficient. We wish to enshrine a tax payers’ charter in the statute. Our government would like to reassure tax payers that they will not be harassed. Tax harassment cannot be tolerated when we speak about wealth creation," said Sitharaman.

·        Govt proposes ₹30,757 crore for Jammu and Kashmir, and ₹5,958 for Ladakh for fiscal 2020-21: FM

·        Sitharaman proposes major reform in recruitment of non-gazetted staff.

·        Data must have credibility, National Policy on statistics to be brought in, says FM

·        Insurance cover for bank depositors to be hiked to ₹5 lakh: FM

·        Depositors' money is absolutely safe: Sitharaman assures House saying that measures are in place to keep a check on all commercial banks.

·        "Our vision is that all public institutions at the gram panchayat level such as anganwadis, health and wellness centres, government schools, PDS outlets, post offices and police stations -- all will be provided digital connectivity. The fibre to the home (FTTH) connection through BharatNet will link 100,000 gram panchayats this year itself," she said.

·        Govt proposes amendments in Companies Act to decriminalise civil offences: FM

·        Tax payer charter will be part of statute, says FM.

·        India's commitment towards tackling climate change made in Paris conference kick starts from January 1, 2021: Sitharaman

·        India will host G20 Summit this year for which ₹100 crore has been allocated: Sitharaman

·        Wealth creators will be respected in the country: FM

·        Tax harassment cannot be tolerated: FM

·        Sitharaman proposes ₹4,400 crore solution to Delhi's air pollution problem.

·        National security is the top priority of this government: Sitharaman.

·        Foreign direct investment (FDI) into the country has increased to $284 billion during 2014-19 from $190 billion in previous five years.

·        Sitharaman wants to turn every district into an export hub: FM

·        Nirvik (Niryat Rin Vikas Yojana) scheme to provide enhanced insurance cover and reduce premium for small exporters: FM

·        ₹85,000 crore allocated for SCs and OBCs in Budget: Sitharaman.

·        1,150 trains will run under the public private partnership (PPP) mode, also four stations will be redeveloped with the help of the private sector: FM

·        Allocation of ₹9,500 crores for senior citizens and 'Divyang' to be enhanced: FM.

·        The government will also provide 20% equity for Bengaluru suburban transportation project, which is worth ₹18,600 crore. At least one major port could be listed on the stock exchanges, the finance minister said.

·        To improve airways connectivity, 100 more airports will be built by 2024

·        Nirmala Sitharaman proposed to launch a new scheme to make India a hub for electronic manufacturing in line with the “Assemble In India" proposed by the Economic Survey on Friday. “India needs to manufacture networked products which will make India part of the global chain. Electronics industry’s potential in manufacture and job creation is immense. We need to encourage manufacturing of mobile phones, electronic equipment and semiconductor. Details will be announced," Sitharaman said in her Budget speech.

·        ₹35,600 crore for nutrition-related programmes in 2020-21: Sitharaman

·        Ranchi to get a tribal museum.

·        5 archaeological sites will be developed as iconic sites with on-site museum: Sitharaman.

·        Budget allocates ₹85,000 crore for backward class.

·        National Gas Grid to be expanded from 16,200 km to 27,000 km; reforms to be introduced to deepen gas markets, enable ease of transactions and transparent price recovery: Sitharaman

·        There shall be no manual cleaning of sewers. Suitable technology identified: FM

·        "I urge all states and UTs to replace conventional energy meters by pre-paid smart meters in 3 years, this will give consumers the freedom to choose supplier and rate as per their requirements," Sitharaman said.

·        ₹22,000 crore to be provided to power and renewable energy sector in 2020-21: Budget

·        Further reforms for transparent price discovery for natural gas will be undertaken: FM

·        ₹1.7 lakh crore provided for transport infrastructure in 2020-21: Sitharaman

·        ₹6000 crore allotted to Bharat Net programme: FM Sitharaman

·        Beti Bachao, Beti Padhao has yielded tremendous results: FM

·        High-speed train between Mumbai and Ahmedabad will be actively pursued: Sitharaman.

·        National Logistics Policy will soon be released, creating single window e-logistics market: FM

·        Steps will be be taken to attract external commercial borrowing and FDI in the education sector: FM

·        Budget allocates ₹27,300 crore for development of industry and commerce.

·        Indian Railways will set up Kisan Rail through PPP model so that perishable goods can be transported quickly

·        Digital refund of duties and taxes of Centre, states and local bodies to exporters from this year: Sitharaman

·        550 wi-fi facilities have been commissioned at railway stations: FM

·        National Technical Textiles Mission to be introduced, with a four-year implementation period, with an outlay of ₹1,480 crore: FM

·        Scheme for manufacturing of cell phones, semi conductors and other lectronic devices will be announced soon: FM

·        More Tejas-type trains will connect tourist stations: FM

·        Delhi-Mumbai expressway will be completed by 2023

·        FM proposes to expand Jan Aushadhi Kendras in all districts to provide medicines at affordable rates.

·        ₹3.6 lakh crore allocated for Jal Jeevan Mission.

·        Budget 2020 provides an additional ₹69,000 crore for the health sector: FM

·        All infrastructure agencies of the govt to empower youth power: FM

·        Tuberculosis (TB) will be eliminated in India by 2025: Sitharaman

·        Degree level full-fledged online education programme by institutions ranked in top 100: FM

·        A national Textiles Technical Mission will be set up

·        Govt will encourage manufacturing of mobile phones.

·        National Police University and National Forensic University will be set up.

·        Budget proposes the setting up of 5 new smart cities on PPP mode

·        I propose to set up an investment clearance cell: Sitharaman

·        Entrepreneurship has always been the strength of India: FM

·        The government will promote one horticulture crop in one district on cluster basis, she said, adding that horticulture with 311 MT exceeded production of food grains.

·        Budget allocates ₹99,300 crore for education in 2020-21.

·        Budget proposes to start Ind-Sat Exam to promote study in India.

·        A degree level full fledged online education programme to deprived, who cannot afford education: FM

·        Share markets were cautious during Budget presentation. Top gainers in the Sensex pack included Maruti, HUL, Bajaj Finance, UltraTech Cement, TCS, Asian Paints and Bajaj Auto.

·        Proceeds from taxes on medical devices would be used to support setting up of hospitals, says FM