Union Budget 2020: Know 10 Key Takeaways From FM Sitharaman's Speech

Finance Minister Nirmala Sitharaman today presented the Union Budget 2020, focusing on boosting the income of farmers and improving the purchasing power of people.

Several major reforms were announced from allocating Rs 69,000 crore to the healthcare sector and Rs 12,300 crore to cleanliness programme Swachh Bharat Mission to estimating the fiscal deficit at 3.8 per cent. The Finance Minister also earmarked another Rs 3.6 lakh crore towards the supply of piped water to households.

In a surprise announcement, the FM also said that the government plans to sell parts of its holdings on Life Insurance Corporation (LIC) through an initial public offering (IPO).

Key Takeaways From Budget 2020:

1. Budget 2020 is based on three themes - Aspirational India, economic development for all and caring society
2. Budget 2020 presents a 16-point action plan for farmers
3. The government committed to doubling farmers' income by 2022 with an allocation of Rs 2.83 lakh crore for agriculture and rural sectors
4. Promise of a high-speed train between Mumbai and Ahmedabad
5. Wealth creators will be respected in this country, tax harassment can't be tolerated: FM
6. Amendments in Companies Act to decriminalise civil offences
7. Insurance cover for bank depositors to be raised to Rs 5 lakh from Rs 1 lakh
8. The estimated nominal GDP growth rate for 2020-21 at 10 per cent
9. Alternate Income-tax slabs, 10% rate for income of Rs 5-7.5 lakh as against earlier 20%
10. Income tax rates will be significantly reduced for those who forego reliefs, exemption

Also Read Budget 2020: FM Nirmala Sitharaman Is Back With Red 'Bahi Khata'