Nirmala Sitharaman read a budget of 2020 speech of 2 hours 41 minutes this time. He made it clear that people with income up to Rs 5 lakh will not have to pay tax in the new system like the old one. 20% tax has to be paid in slabs ranging from 5 to 7.30 lakh, now only 10% will have to be paid. Tax was also reduced in 3 other slabs. You have to leave 70 concessions to get the benefit.
However, the new income tax rates are optional. The taxpayer can choose from the old and new system. Due to poor health, Sitharaman could not read 2 pages of the budget speech. Sitharaman is the first Finance Minister after Indira Gandhi to present the budget for the second consecutive time.
Government brought big change in economy
Inaugurating the budget speech, Nirmala Sitharaman said, “In May 2019, Prime Minister Narendra Modi got the mandate to form the government again.” He got a chance to serve the public with full humility. This mandate was not just for political stability, but also for economic policies. This is the budget of every woman, every minority, every hope and aspiration of every citizen of the country. Between 2014 and 2019, our government brought major changes in economic policies. Now the basic of the economy is strong. Inflation is under control. Banks have also improved
GST has been most important for the economy of this country. Its chief creator is not among us today. We pay tribute to Arun Jaitley. He used to say that India will remain India when the Center and the states work together for shared prosperity. The consensus among the GST Council is that India can forget the differences for the national interest.
People are able to save money due to GST
GST has benefited in logistics and transport.” Withdrawal of check posts reduced costs by 20%. Inspector Raj is over. Now people are able to save 4% of their family’s monthly expenses due to GST. The GST Council has been working to solve the problems of the people. We have added 6 million new taxpayers. 40 crore returns have been filed. The new return system is also coming into effect from 1 April. A former Prime Minister said that the last person is not getting any benefit. Only 15 paisa out of one rupee are reaching the people. But we have tried to provide direct and complete benefit to the people through Sabka Saath, Sabka Vikas
We have been able to do this through schemes like Ayushman, Ujjwala, Insurance Protection and Affordable Homes. The benefit that used to reach only a few people is now reaching more and more people. India has brought 271 million people out of the poverty line. Our government is working to take the country forward. Two major changes are taking place – technology is changing and the productive workforce is also growing. The efforts that we have made in the last 5 years have helped in moving the country forward.
This budget stands on three themes. Aspirational India, Economic Development for All and Caring Society. Digital Revolution has brought India to the forefront of leadership worldwide.
Kashmiri Najm recited
Sitharaman also recited the Kashmiri language of the poet Dinanath Kaul ‘Nadeem’ – “Our country is like a blooming Shalimar Bagh, our country is like a lotus like blooming in Dal Lake, like the warm blood of young people, my country, your country, Our country, the most beloved country in the world. ”
16 point aspirational india
- “Our government is committed to double the income of farmers.” We have focused on 6.11 crore farmers. There is a need to liberalize the farmers market. There is a need to invest more in agricultural produce, logistics. 16 action points have been made for this.
- “First – to encourage state governments that promote modern laws such as marketing of agricultural produce, implementation of contract farming law.” Second, the water crisis is a big challenge. We will focus on 100 districts facing water scarcity. Third- Annadata also became an energetic person. Fourth – Our government will promote balanced use of fertilizer. This will prevent excessive use of chemical fertilizer. ”
- “The government will help in installing solar pumps to 20 lakh farmers. We will provide grid connected pumps to 1.5 million other farmers. Will also increase solar power generation. If the farmers have vacant or barren land, then they will be able to install solar power generation units so that they can sell the solar power produced from there.
- “Fifth – India has a capacity of 162 MT cold storage. We will promote warehouse construction at the block and taluk level. Food Corporation and Central Warehouse Corporation will also make cold storage on their land. ”
- Sixth- Self-help groups, especially women self-help groups will be able to promote village storage. They will collect the seeds and give them seeds to the farmers in the villages when needed. ”
- ‘Seventh- Indian Railways will build Kisan Rail. She will arrange for storage in trains.
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- “Eighth – Agricultural flying will also begin. This will be done through the aviation ministry. This will boost agricultural produce from the northeast and tribal areas. ”
- “Ninth – Food is more than the target in horticulture. We will promote a product in a district by dividing it into clusters. “” Tenth- will promote integrated farming system. Zero budgets will encourage farming and organic farming. “11th – Financing on Negotiable Warehousing Receipts will focus.”
- “12th – Non-banking finance companies are active now.” NABARD scheme will be extend. In 2021, 15 lakh crore rupees have kept for agricultural credit.
- “13th – Will eliminate livestock diseases.” Will use MNREGA in it. Milk will double the processing capacity. 53 MT to 108 MT will do. ”
- “14th – Will work on fisheries.”
- “To increase fish production to 200 lakh tons by 15th – 2023”.
- “16th – Deendayal will promote self-help groups under Antyodaya Yojana”.
- “2.83 lakh crores will be spend on agriculture related activities, irrigation and rural development.”