Budget Highlights and Key Features – 2020

Budget-2020 Highlights

  •  Budget-2020 – 20% reduction in turn around time for trucks.
  • The benefit to MSMEs through the enhanced threshold and composition limits
  • Savings of about 4% of monthly spending for an average household
  • In the last 2yr, 60 lakh new taxpayers added and 105 crores E-way bill Generated.

DIGITAL REVOLUTION

  • Digital Governance
  • Improve the physical quality of life through national infrastructure pipeline
  • Disaster resilience
  • Social security through pension and insurance penetration

INCLUSIVE GROWTH

Budget 2020

Governance guided by “Sabka Saath, Sabka Vikas, Sabka Vishwas” with focus on:

  • Preventive Healthcare: Provision of sanitation and water
  • Healthcare: Ayushman Bharat
  • Clean energy: Ujjawala and Solar Power
  • Financial Inclusion Credit support and Pension Financial Inclusion, Credit support and Pension
  • Affordable Housing
  • Digital penetration

FINANCIAL SECTOR – Budget-2020

 

  • Deposit Insurance Coverage to increase from `1 lakh to `5 Lakh per depositor.
  • Eligibility limit for NBFCs for debt recovery under SARFAESI The act proposed to be reduced to asset size of `100 crores or loan size of `50 lakh.
  • Proposal to sell balance holding of government in IDBI Bank Proposal to sell balance holding of government in IDBI Bank.
  • Separation of NPS Trust for government employees from PFRDAI.
  • Specified categories of government securities would be opened Specified categories of government securities
    for non-resident investors
  • FPI Limit for corporate bonds to be increased to 15 %
  • New debt ETF proposed mainly for government securities.

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Tax proposals – Budget-2020

  • Corporate tax rate of 15% to new domestic companies in the manufacturing and power sector.
  • Tax for sovereign wealth fund of foreign governments and other foreign investments.
  • Tax benefits to Start-ups by way of deduction of 100% of their profits are enhanced by increasing turnover limit and period of eligibility.
  • The concessional tax rate for cooperatives proposed.
  • The turnover threshold for an audit of MSMEs increased.
  • Extension of time limits pertaining to the tax benefits for affordable housing.
  • Issuance of Unique Registration Number to all charity institutions for easy tax compliance.
  • Health cess to be imposed on imports of medical equipment

Agriculture, Irrigation and Rural Development

PM KUSUM Yojana has cover 20 lakh farmers for stand-alone solar pumps and further 15 lakh for the grid is planned for connecting pumps.

  • creation of efficient warehouses on PPP mode.
  • SHG Vill t h SHGs run Village storage scheme to be launch.
  • Integration of e-NWR with e-NAM.

“Kisan Rail” and “Krishi Udaan” to be launch by Indian Railways and Ministry of Civil Aviation

The fish Production target of 200 lakh tonnes by 2022-23.

Education and Skills – Budget-2020

  • 150 higher educational institutions will start apprenticeship embedded courses.
  • Internship opportunities to fresher engineers by urban local area students
  • Special bridge courses to improve skill sets of those seeking employment abroad.
  • Degree level in online education programs for students of deprived sections of the society.
  • Ind-SAT to conduct in Asia and Africa under Study in India 2019-20 (RE) 2020-21 (BE)
  • Knowledge Translation Clusters for emerging technology sectors 166, 168, 170, 172, 174, 176 Translation Clusters for emerging technology sectors
  • Scaling up of Technology Clusters harboring testbeds and small scale manufacturing facilities.
  • National Mission on Quantum Technologies and applications with an outlay of Rs.8000 crore proposed.

Industry, Commerce, and Investment

  • Increasing the manufacturing of mobile phones, electronic equipment, and semiconductor packaging.
  •  National Technical Textiles Mission for a period of 4 years
  • NIRVIK Scheme for higher export credit disbursement launched.
  • Extension of invoice financing to MSMEs through TReDs.
  • A scheme to provide subordinated debt for entrepreneurs of MSMEs
  • Scheme anchored by EXIM Bank and SIDBI to handhold MSMEs in export markets.

Infrastructure

National Logistics Policy to be launch

Roads –  Development of Highways.
Railways –  Four station redevelopment projects
150 passenger trains through PPP mode.
More Tejas type trains for tourist destinations.
Port –  Corporatizing at least one major port.
Air –  more than 100 airports to develop under UDAAN.

For More Info and Details on Budget-2020 Check Here – 2Acts.in

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