Finance Minister Nirmala Sitharaman announced massive state funding to help India’s farm sector in Union Budget 2020-21, aiming to get broader economic growth back up from its lowest in a decade.
It has focused on generation of employment and inclusive growth through increased expenditure on rural economy, infrastructure, MSME and healthcare sector.
Tax proposals:
. Concessional corporate tax rate of 15 per cent to new domestic companies in manufacturing and power sector.
. Tax concession for sovereign wealth fund of foreign governments and other foreign investments.
. Tax benefits to Start-ups by way of deduction of 100 per cent of their profits are enhanced by increasing turnover limit and period of eligibility.
. Concessional tax rate for cooperatives proposed.
. Turnover threshold for 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 given these are made significantly in India.
. No tax for income below Rs. 5 Lakh
. 10% tax for income between Rs. 5 lakh to Rs. 7.5 lakh
. 15% tax for income between Rs. 7.5 lakh to Rs. 10 lakh
. 20% tax for income between Rs. 10 lakh to Rs. 12.5 lakh
. 25% tax for income between Rs. 12.5 lakh to Rs. 15 lakh
. 30 % tax for income above Rs. 15 lakh
Agriculture, Irrigation and Rural Development:
. PM KUSUM to cover 20 lakh farmers for stand alone solar pumps and further 15 lakh for grid connected pumps.
. Fish Production target of 200 Lakh tonnes by 2022-23.
. Raise Fishery exports to Rs. 1 lakh crore by 2024-25.
. Agricultural credit target of Rs. 15 lakh crore for 2020-21.
. Doubling of Milk processing Capacity by 2025.
Wellness, Water and Sanitation:
. More than 20 000 empanelled hospitals under More than 20,000 empanelled hospitals under PM Jan Arogya Yojana.
. FIT India movement launched to fight NCDs.
. TB Harega Desh Jeetega” campaign launched to end TB by 2025.
. Expansion of Jan Aushadhi Kendra Scheme to all districts by 2024.
. ODF Plus to sustain ODF behaviour.
Education and Skills:
• About 150 higher educational institutions will start apprenticeship embedded courses.
• Int hi t iti t ternship opportunities to fh i res engineers by urban local bodies.
• Special bridge courses to improve skill sets of those seekingemployment abroad.
New Economy:
• Knowledge Translation Clusters for emerging technology sectors.
• Scaling up of Technology Clusters harbouring test beds and small scale manufacturing facilities.
• National Mission on Quantum Technologies and applications with an outlay of Rs.8000 crore proposed.
Industry, Commerce and Investment:
. Scheme to encourage manufacturing of mobile phones, electronic equipment and semi conductor packaging.
. National Technical Textiles Mission for a period of 4 years.
. Scheme anchored by EXIM Bank and SIDBI to handhold MSMEs in exports markets.
Infrastructure:
• Roads: Accelerated development of Highways.
• Railways: Four station redevelopment projects
• 150 passenger trains through PPP mode.
• More Tejas type trains for tourist destinations.
• Port: Corp g jp oratizing at least one major port.
• Air: 100 more airports to be developed under UDAAN.
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