IDBI Bank to be privatized post Govt exit
New Delhi: Finance Minister Nirmala Sitharaman said Saturday the government would sell its entire stake in IDBI Bank to private players. After the announcement, shares of IDBI Bank surged over 12 per cent to Rs 38.25, gain of 4.20 per share. It was trading at Rs 38.30 per share at 2:17pm Saturday.
Del-Mum expressway in 3 yrs
New Delhi: To augment infrastructure, an accelerated highways development programme will be taken up that includes 9,000 kms of economic corridor and 2,500 kms of access-controlled highways, Finance Minister Nirmala Sitharaman said Saturday. Besides, 2,000 kms each of coastal roads and strategic highways will be constructed, the finance minister said while presenting the Union Budget 2020-21 in Parliament.
FM Sitharaman cuts short her Budget speech after feeling unwell
New Delhi: Finance Minister Nirmala Sitharaman on Saturday cut short her Budget speech as she felt unwell after speaking for a record 160 minutes in Lok Sabha.
Centre proposes tax cut on cooperative societies
New Delhi: Finance Minister Nirmala Sitharaman Saturday proposed reduction of tax on cooperative societies to 22 per cent plus surcharge and cess, from 30 per cent at present. Presenting the Budget for 2020-21, Sitharaman also announced extending by one year the date of approval of affordable housing projects for availing tax holiday on profit earned by developers.
Dividend distribution tax shifted to individuals
New Delhi: Finance Minister Nirmala Sitharaman Saturday said dividend distribution tax has been shifted to individuals instead of companies. In her second Budget presentation, the Finance Minister said concessional tax rate of 15 per cent has been extended to power generation companies.
New scheme to provide subordinate debt to MSME entrepreneurs
New Delhi: The government Saturday said a scheme will be introduced to provide subordinate debt to MSME entrepreneurs. The government has also asked the Reserve Bank to extend the Debt Restructuring window for micro, small and medium enterprises by a year to March 31, 2021, in measures aimed at imparting a thrust to the MSME sector, Finance Minister Nirmala Sitharaman said.
Rs 8,000 crore for national mission on quantum tech
New Delhi: The government Saturday announced Rs 8,000 crore outlay for developing quantum computing linked technologies under the National Mission on Quantum technologies and Applications. The Ministry of Electronics and IT has signed an agreement with Israel for joint research in 27 possible areas which includes quantum computing as one of the potential segments.
Investment clearance cell for entrepreneurs
New Delhi: Finance Minister Nirmala Sitharaman Saturday proposed to set up an investment clearance cell for entrepreneurs to provide pre-investment advisory, information related to land banks and facilitate clearances. “I propose to set up an investment clearance cell that will provide end-to-end facilitation and support including pre-investment advisory, information related to land banks and facilitate clearances at Centre and also at the state level,” Sitharaman said.
Robust financial sector key to achieve $ 5 trillion economy: FM
New Delhi: Finance Minister Nirmala Sitharaman Saturday said a clean, reliable and robust financial sector is required for achieving the ambitious target of USD 5 trillion economy. A robust mechanism is in place to monitor the health of all commercial banks and asserted that depositors’ money is absolutely safe, Sitharaman said.
Rs 22,000 crore for power, renewable energy sector
New Delhi: The government Saturday proposed a Rs 22,000 crore outlay for renewables and power sector in 2020-21 for realising its goal of 24X7 electricity for all and providing freedom to consumers to choose service provider and tariff. Centre urged all states to convert the conventional electricity meters into pre-paid smart meters in next three years so as to provide consumers a choice of service providers and rate of electricity.
New scheme for exporters to reimburse state levies
New Delhi: With an aim to boost dwindling outward shipments, Finance Minister Nirmala Sitharaman Saturday said a scheme for exporters will be launched this year to reimburse taxes and duties paid by them. It is proposed to digitally refund to exporters, duties and taxes levied at the centre, state, and local levels, she said.
New tax slabs
New Delhi: The FM earmarked 20% tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh, 25% for income between Rs 12.5 lakh and 15 lakh, 30% for above Rs 15 lakh income under new slab. A Concessional tax rate of 15 pc extended to power generation companies.
Tax sops for middle class
New Delhi: The Finance Minister said that those earning up to Rs 5,00,000 per year will not have to pay any tax. The government, on the other hand, proposes 10% tax for income between Rs 5 lakh and Rs 7.5 lakh per anum for those who forego deductions and exemptions. For annual income between Rs 7.5 lakh and Rs 10 lakh per annum, tax rate reduced to 15 per cent from 20%.
5-fold increase deposit insurance cover
New Delhi: Finance Minister Nirmala Sitharaman said Saturday the government has permitted DICGC to raise deposit insurance coverage by five times to Rs 5 lakh. At present, the DICGC provides Rs 1 lakh insurance to a depositor regardless of deposit in case the lender fails or liquidated. Sitharaman also predicted a nominal GDP growth for 2020-21 estimated at 10 per cent. She informed that receipts for 2020-21 pegged at Rs 22.46 lakh crore and expenditure Rs 30.42 lakh crore. She stated that the government proposes to spend Rs 30,757 crore the development of Jammu and Kashmir and Rs 5,958 for Ladakh for fiscal 2020-21.
Change in Companies Act mulled
New Delhi: Finance Minister Nirmala Sitharaman said Saturday that the government plans to amend the Companies Act to decriminalise civil offences. In her second budget presentation, the finance minister said tax harassment cannot be tolerated and added that wealth creators will be respected in the country. Taxpayer’s charter will be part of statute, the finance minister added. She further said national security is top priority for this government.
Sitharaman said Rs 22,000 crore has already provided as support to infrastructure project pipeline. She also states that certain government securities will be open for foreign investors. The government also proposes to increase investment limit of FPIs in corporate bonds from nine per cent to 15%. The government will sell part of its holding in LIC, says FM.
National Recruitment Agency to be set up
New Delhi: The FM tells the House that a National Recruitment Agency will be set up for conducting common online eligibility tests for recruitment to non-gazetted posts. Also says that the government has asked RBI to extend the debt restructuring window for MSME by a year to March 31, 2021.
Rs 103 lakh cr infra projects launched under NIP
To augment India’s infrastructure and create jobs, the government has launched Rs 103 lakh crore infra projects and will release a logistic policy soon, besides accelerating highways construction, Finance Minister Nirmala Sitharaman said Saturday. Presenting the Union Budget in Parliament, Sitharaman said Rs 1.7 lakh crore has been provided for transport infrastructure in 2020-21. The minister said Rs 103 lakh crore projects, under the National Infrastructure Pipeline (NIP), was launched in line with Prime Minister Narendra Modi’s announcement of Rs 100 lakh crore infrastructure investment in five years.
BharatNet gets Rs 6,000 cr, new policy on data centre parks soon
New Delhi: The government Saturday said Rs 6,000 crore will be allocated for the BharatNet programme in 2020-21 to further enhance broadband connectivity in rural areas. With focus on new economy models based on new-age technologies like artificial intelligence (AI) and Internet of Things (IoT), the government also intends to bring out a policy to enable the private sector to build data centre parks throughout the country, Finance Minister Nirmala Sitharaman said.
New scheme to boost electronic equipment manufacturing
New Delhi: The government Saturday said it will introduce a new scheme to encourage domestic manufacturing of mobile phones, electronic equipment and semiconductor packaging in order to make India a part of the global manufacturing chain and boost employment opportunities. “I propose a scheme focussed on the manufacturing of mobile phones, electronic equipment and semiconductor packaging. The details will be announced soon,” Finance Minister Nirmala Sitharaman said while presenting the Budget for 2020-21.
Nirvik scheme to provide insurance cover to small exporters
New Delhi: Finance Minister Nirmala Sitharaman Saturday announced Nirvik (Niryat Rin Vikas Yojana) scheme to provide enhanced insurance cover and reduce premium for small exporters. “To achieve higher export credit disbursement, a new scheme NIRVIK is being launched which provides for high insurance cover, reduction in premium for small exporters and simplified procedures for claim settlements,” she said while presenting Budget 2020-21 here.
Rs 53,700 crore for ST, Senior citizens and Divyangs
New Delhi: The FM says that the government proposes to spend Rs 53,700 crore for welfare of schedule tribes and Rs 9,500 crore for senior citizens and divyangs FY 2021-22. It also allocates Rs 3,150 crore for Ministry of Culture and Rs 2,500 crore for Ministry of Tourism. Five archaeological sites in Haryana, UP, Assam, Gujarat and Tamil Nadu will be developed with on-site museums.
Rs 35,600 crore for nutrition
New Delhi: The FM says that Rs 35,600 crore has been allocated for nutritional related programme in FY21 while Rs 85,000 crore allocated for SCs and OBCs in budget for the same period.
Rs 8,000 crore for development of technology and application
New Delhi: The finance minister says that Rs 8,000 crore outlay has been provided for National Mission on Quantum Technology and Application over five years. All public institutions at gram panchayat levels such as police stations and post offices will be connected digitally within the next three years.
Rs 1.7 lakh crore for development of infrastructure
New Delhi: Sitharaman tells the house that Rs 1.7 lakh crore has been allotted for the development of transport infrastructure in 2020-21 while Rs 22,000 crore has been provided to the power and renewable energy sector for the same period. She also states that the natural gas pipeline grid will be expanded to 27,000 km from over 16,000 km now.
Boost for connectivity
New Delhi: The Delhi-Mumbai Expressway will be completed by 2023, states the minister and adds that the Chennai-Bangalore Expressway will be launched soon. She also states that 550 wi-fi facilities have already been commissioned at railway stations. She tells the house that 1,150 trains to be run in PPP mode while four stations will be redeveloped with help of private sector during the 2020-21 fiscal. Also 100 more airports will be developed by 2025 to support the Udaan scheme. Sitharaman also states that the government is considering corporatisation of at least one major port and listing it on stock exchanges.
Rs 27,300 crore for development and promotion of commerce and industry
New Delhi: The government will provide Rs 27,300 crore for development and promotion of industry and commerce. The FM also proposes National Technical Textile mission with an outlay of Rs 1,480 crore over four years to cut down imports. Another Rs 103 lakh crore infra project pipeline launched in December end, informs the FM
Milk production capacity to be doubled by 2025
New Delhi: The Milk processing capacity in the country will be doubled by 2025 states Sitharaman. She also states that India needs to boost domestic manufacturing and attract investment in electronic manufacturing and the government’s vision is to make each district an export hub.
Boost for PM KUSUM scheme
New Delhi: Finance Minister Nirmala Sitharaman announced expansion of the Pradhan Mantri Kisan Urja Suraksha Utthan Mahabhiyan (PMKUSUM) Scheme under which 20 lakh farmers would be provided funds to set up standalone solar pumps. While presenting the budget for 2020-21, the minister said that 15 lakh farmers would be provided funds to set up grid-connected 15 lakh solar pumps. The previous Modi government in February last year had unveiled the PM KUSUM scheme with an outlay of Rs 34,422 crore. Sitharaman told the Lok Sabha that the scheme has removed farmers’ dependence on diesel and kerosene and linked them to solar energy. The scheme also enables the farmers to set up solar power generation capacity and sell it to the grid.
The PM KUSUM scheme had three components — 10,000 megawatts (MW) of decentralised ground mounted grid-connected renewable power plants (Component-A); installation of 17.50 lakh standalone solar powered agriculture pumps (Component-B); and solarisation of 10 lakh grid-connected solar powered agriculture pumps (Component-C). All three components combined, the scheme had aimed to add a solar capacity of 25,750 MW by 2022.
Swachh Bharat allocation Rs 12,300 crore 2020-21
New Delhi: The government to spend Rs 12,300 crore for Swachh Bharat during the 2020-21 fiscal. The FM also says that steps will be taken to attract external commercial borrowing, FDI in education sector. Rs 99,300 crore allocated for education sector, Rs 3,000 crore for skill development in FY21 states FM.
New education policy soon
New Delhi: The Centre will soon announce a new education policy soon. The government has received over 2 lakh suggestions on it states Sitharaman. The government also proposes to utilise Rs 3.6 lakh crore towards piped water supply to households.
GST encouraged household savings
New Delhi: FM Nirmala Sitharaman says the government has added 60 lakh new taxpayers. Adds that households saved 4 percent on monthly spends after GST implementation.
FM promises Simplified GST from Apr 2020
New Delhi: A simplified return format for GST is being introduced from April 2020, says Finance Minister Nirmala Sitharaman. She added that GST has resulted in gains of Rs 1 lakh crore to consumers and removed inspector raj and also helped the transport sector. “Average household now saves 4 per cent in monthly expense after the rollout of GST,” she said, and added that the Budget for 2020-21 aims to fulfil aspirations of people.
Civil Aviation Ministry to launch Krishi Udaan
New Delhi: Agri credit target for 2020 set at Rs 15 lakh crore informs FM. Also states that integrated farming in rain-fed areas to be expanded. NABARD will map and geo-tab 162mn tonne capacity agriculture warehouses across country. Self Help Groups (SHS) will be allowed to set up village agriculture storage facilities. Krishi Udaan will be launched by Civil Aviation Ministry to transport agri-products to national as well international destinations.
New agriculture norms
New Delhi: FM asks states asked to adopt three central model laws on agriculture land like leasing, marketing and contract farming. Says balanced use of fertiliser will bring about change in prevailing regime of providing incentive for use of chemical fertilizer. Government proposes plans to help farmers use proper manure and little water, encourage balanced use of fertilizers.
Boost for agriculture
New Delhi: Nirmala Sitharaman in her budget speech informs that a scheme to set up solar pumps for 20 lakh farmers will be implemented. Measures to ensure proper supply of water to 100 water-stressed districts in the country will also be taken up on an emergency basis. Agriculture market needs to be liberalized and the government is ready to handhold farmers.
Doubling farmers’ incomes
New Delhi: India is now the fifth largest economy in world. Central Government debt reduced to 48.7% of GDP from 52.2 per cent in March 2014 informed Sitharaman. She also states that the government is determined to double farmers’ incomes by 2022. “We have insured 6.11 crore farmers under Pradhan Mantri Fasal Bima Yojna,” informs FM.
New assurances
New Delhi: Finance Minister lists out welfare schemes like affordable housing scheme, DBT and Ayushman Bharat. Promises ease of living for everyone
GST a historical reform, states FM
New Delhi: Fundamentals of economy strong, inflation well contained, banks cleaned up accumulated loans, states FM. She says GST has been a historic structural reform and it integrated country economically. Simplified return for GST is being introduced from April 2020, states Sitharaman.
Sitharaman again opts for ‘bahi-khata’ to carry budget documents
New Delhi: The Union Cabinet headed by Prime Minister Narendra Modi approved Saturday the Budget for the financial year beginning April 1, that may see measures to lift the economy from the worst economic slowdown in 11 years. Before coming to Parliament for presenting her second budget, Finance Minister Nirmala Sitharaman and her team met President Ram Nath Kovind. She was accompanied by Minister of State for Finance Anurag Thakur and top officials of her ministry including Finance Secretary Rajiv Kumar.
“As per tradition, Finance Minister @nsitharaman calls on President Kovind at Rashtrapati Bhavan before presenting the Union Budget,” tweeted the President of India’s handle along with two photographs from the meeting.
Like last year, Sitharaman opted for a traditional red-coloured ‘bahi-khata’ to carry budget documents.
Facing the worst economic slowdown in more than a decade, Sitharaman is expected to pull out all stops to spur consumer demand and investment, government sources and economists said.
The real gross domestic product (GDP) growth is estimated to fall to an 11-year low of 5 per cent in FY20 from 6.1 per cent in FY19. Estimated nominal growth at 7.5 per cent in FY20 is the lowest since 1975-76 (FY76) as per the FY12-based GDP series.
Budget to boost income
New Delhi: This is a Budget to boost income. Only though higher growth we can achieve that. Let us be innovative with the use of technology,” Finance Minister Nirmala Sitharaman states in her opening speech.
Cabinet approves budget for 2020-2021
New Delhi: Finance Minister Nirmala Sitharaman meets Prime Minister Narendra Modi ahead of the presentation of the Union Budget. The two have a 15-minute discussion. A few minutes later, the Cabinet meets and it approves the budget for 2020-2021. The budget presentation in the Parliament starts.