Finance minister Nirmala Sitharaman on Saturday presented the Union Budget 2020-21 in the Lok Sabha.
This Budget centres around three ideas — Aspirational India, Economic development, A Caring Society.
Central government to provide ? 99,300 crore for educational sector in 2021. Sitharaman said new education policy will be revealed soon.
The finance minister slashed the personal income tax rate for individuals for fiscal year 2020-21.
Income tax cuts
- No tax up to Rs 5 lakh
- 10% tax for income between Rs 5-7.5 lakh as against 20%
- 15% tax for income between Rs 7.5-10 lakh as against 20%
- 20% tax for income between Rs 10-12.5 lakh as against 30%
- 25% tax for income between Rs 12.5-15 lakh as against 30%
- 30% tax for income above Rs 15 lakh
Part holding in LIC to be sold
The government will sell a part holding in LIC via an initial public offering.
Bank depositor insurance raised to Rs 5 lakh from Rs 1 lakh
Insurance cover for bank depositors will be raised to Rs 5 lakh from Rs 1 lakh. The Banking Regulation Act will be amended to make bank managements function more efficiently and in a transparent manner.
Rs 85,000 crore for SC/OBC
Rs 85,000 crore for fiscal 2021 for SC and OBCs.
Rs 53,700 crore for STs.
Rs 9,500 crore for divyangs or the differently abled.
High-speed trains planned
More Tejas type trains will connect tourist destinations.
High-speed rail between Mumbai and Ahmedabad will be pursued.
A suburban rail project in Bengaluru is planned.
Degree-level online courses
A degree level full-fledged online education programme will be imparted by institutes among the top 100 ranked ones.
Welfare of senior citizens
Rs 9,000 crore have been allocated for the welfare of senior citizens.
Clean air programme
Rs 4,400 crore to run programmes for clean air.
Govt extends additional Rs 1.5 lakh tax benefit on interest paid on affordable housing loans to March 2021.
Development of iconic sites
Five archaeological sites to be developed at iconic sites with on-site museums.
Optical fibre programme
One lakh gram panchayats will be connected to the optical fibre programme
100 more airports will be developed by 2025 to support the UDAN scheme.