Union Budget 2020: Big relief for middle class due to cut in Income tax rates

New Delhi:  Finance Minister Nirmala Sitharaman presented  the Union Budget for the financial year 2020-21 at the Lok Sabha on Saturday. She said, the Budget is aimed at boosting the income of people and enhancing their purchasing power.

Live updates from the Parliament:

11.00 AM :

Nirmala Sitharaman begins her Budget speech. House is in session. Speaker Om Birla is in the Chair. Finance Minister Nirmala Sitharaman rises to lay on the table the report of the 15th Finance Commission.

11.07 AM:

GST has been most historic, says the Finance Minister.

11.15 AM:

Poverty: The Finance Minister said  that in between 2006-2016, about 271 million people were pulled out of poverty. We are now the 5th largest economy in the world.

11.18 AM:

The Finance Minister recites a patriotic poem on Kashmir. First Sitharaman recited it in Kashmiri and then provided its Hindi translation as follows: ‘Hamara watan khilte huye shalimar bagh jaisa,Hamara watan dal jheel mein khilte huye kamal jaisa,Naujawano ke garam khoon jaisa, Mera watan tera watan hamara watan, Duniya ka sabse pyara watan’. The poem is by Pandit Deenanath Kaul.

11.25 AM:

For farmers: Big boost to use of solar energy by farmers. Sitharaman says: Pump sets to be linked to solar panels. 20 lakhs farmers to be given standalone solar pump. another 15 lakhs will be helped with solar energy. This is a major step in making farmers having barren lands to set up solar power panels and they can sell it to the grid and make living out of it.

11.30 AM:

FM on Dhanya Laxmi scheme: Sitharaman presents Dhanya Laxmi scheme for the women self-help group. These groups called Dhanya Laxmi to be assisted by NABARD and Mudra scheme.

11.33 AM:

FM on Farmers’ plight: our govt. proposes comprehensive measures for 100 water-stressed districts. Our govt. is committed to doubling farmers’ income by 2022.  the Finance Minister announced 16 action points for doubling farmers’ income by 2022. Among the measures to achieve the ambitious target, she raised the allocation for agriculture, allied activities and rural development sector to Rs 2.83 lakh crore in FY21.

11.35 AM:

Horticulture sector: FM say, For the horticulture sector, with its current produce of 311 million metric tonnes exceeds the production of foodgrains. For better marketing and exports we will support States which support ‘one product, one district’.

11.37 AM:

FM on Krishi Udaan scheme: Nirmala Sitharaman says government will launch Krishi Udaan scheme for domestic and international routes. NABARD refinance scheme to be further expanded. To build a seamless national cold supply chain for perishables, Indian Railways will set up Kisan Rail through PPP model so that perishable goods can be transported quickly, she also said.

11.40 AM:

Here are a few new initiatives announced. FM said, Comprehensive measures for 100 water-stressed districts being proposed in this budget; agricultural credit target has been set at Rs 15 lakh crore.

11. 47 AM:

GDP: Finance Minister Nirmala Sitharaman said Central government’s debt reduced to 48.7% of GDP in 2019 from 52.2% and has clocked a GDP growth of 7.4% over 2014-19 & FDI increased from $119 bn in 2009-14 to $ 284 billion.

11.50 PM:

FM on FDI: India’s FDI got elevated to the level of $284 billion during 2014-19 from $190 billion that came in during the years 2009-14.

11.53 AM:

FM on healthcare sector:  We have Shortage of qualified medical doctors both general practitioners and specialists. She proposed to attach a medical college to a district hospital in PPP mode. More details of the scheme to be worked out soon.

12.01 PM:

Fund for industry: FM Nirmala Sitharaman proposes to provide Rs 27,300 crore for development for industry and commerce for the year 2020-21.

12. 03 PM:

National Institutional Ranking Framework: FM says a degree-level full-fledged online education programme to be offered by institutes.

12.05 PM:

FM on Railways: Electrification to be done more vigorously. Delhi-Ahmedabad Bullet train to be pursued. Solar panel to be set up alongside the railway tracks on the land owned by the rail departments. The government also proposes a Bengaluru suburban rail project at a cost of ₹18,600 crore.

12.08 PM:

FM on Aviation: 100 more airports to be added under UDAN scheme, aircraft fleet to be doubled.

12.10 PM:

FM on unemployment: Huge employment opportunities exist for India’s youth in construction, operation & maintenance of infrastructure; ‘Project Preparation Facility; will involve young engineers, management graduates and economists from our universities.

12.13 PM:

FM on Beti Bachao Beti Padhao: Beti Bachao Beti Padhao has yielded tremendous results. Girls are benefiting from the scheme. Important not to politicize issues related to women.
12. 18 PM:
LS Speaker Om Birla intervenes: Light ruckus in Lok Sabha and LS Speaker Om Birla intervenes asking opposition members to be patient.


12. 22 PM:

Tourism: 5 archaeological sites will be developed with onsite museums in these locations: – Rakhigarhi Haryana- Hastinapur UP- Shibsagar in Assam- Dholavira in Gujarat- Adichennaloor in Tamil Nadu.

12.26 PM:

FM on Senior citizens & ‘Divyang’: The Govt will enhance allocation of Rs 9500 crores for senior citizens and ‘Divyang’. She also proposed to provide Rs 35,600 crores for nutrition-related programmes for 2020-21.

12.30 PM:

FM on Tamil Poet Thiruvalluvar: Thiruvalluvar says there are 5 jewels of a country – No major illness, should have wealth, fields should have good crop, people should have happiness and there should be security and safety. Recitation of this by the FM earned uproar by DMK members.

12.33 PM:

FM on SC/STs and OBCs: Rs. 85,000 crore for Scheduled Castes and Other Backward Classes in 2020-21; 53,700 crore rupees for Scheduled Tribes.

12.37 PM:

Online common test for non-gazetted posts: FM Sitharaman says a common online test will be held for all non-gazetted posts across the country, especially in the aspiration districts. National Recruitments agency will be established.

12.40 PM:

FM on Taxpayers: Tax harassment can’t and will not be tolerated. Will enshrine taxpayers charter in the statutes to boost confidence. To decriminalise some norm violations under companies act. 


12.43 PM:

Bank depositors Insured money raised from 1 lakh to 5 lakh: A robust mechanism is in place to check the health of all scheduled and commercial banks. Insured money raised from 1 lakh to 5 lakh for each depositor, said FM Nirmala Sitharaman.

12.46 PM:

For J&K and Leh: Government is fully committed to supporting new UTs of J&K and Ladakh; Allocation of Rs 30,757 crores for 2020-21 for Jammu and Kashmir and Rs 5,958 crores for Ladakh: FM Sitharaman

12.49 PM:

FM on Pension: FM Nirmala Sitharaman announces auto-enrollment to be infused in universal pension coverage.


India to boost mobile phones, chip manufacturing: FM said, India needs to manufacture network products (NP). This will bring more investment and generate employment. By integrating ‘Assemble in India for the world’ into Make in India, India can create 4 crore well-paid jobs by 2025 and 8 crore by 2030. Exports of network products, which is expected to equal $7 trillion worldwide in 2025, can contribute a quarter of the increase in value-added for the $5 trillion economy by 2025.

01.10 PM:

Big Announcements on income tax: New personified income tax regime announced:10% income tax rate for income between 5 -7.5 lakhs15% income tax rate for income between 7.5-10 lakhs20% income tax rate for income between 10 -12.5 lakhs25% income tax rate for income between 12.5-15 lakhs Incomes above 15 lakhs remain at 30%No tax for income up to five lakhs.

01,20 PM:

FM finishes Budget speech: FM Nirmala Sitharaman presented a record-breaking longest-ever Budget speech. It was of 2 hours 41 mins.

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