Union Budget 2020: Here's what You Need to Know

New Delhi, February 1, 2020:

Finance Minister Nirmala Sitharaman's interspersed her 160-minute long marathon Union Budget speech with a Kashmiri verse, and quotes from Tamil poets and references to Saraswati-Sindhu civilization.

In her long speech, the Finance Minister announced new simplified GST returns from April 2020, while also informing that the FDI has been elevated during the period 2014-2019 to $284 billion.

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The Finance Minister also announced a 16 points action plan for agricultural & irrigation sector under aspirational India, and informed that a new Education Policy would be announced soon. ECB and FDI will open in education sector degree level full fledged online programs will be started, the Finance Minister announced.

In the educational sector, the Finance Minister also proposed the setting up of a National Police University & Forensic university and the injection of Rs 99,300 cr for the education sector.

The Union Government is also planning to develop 5 cities under its "smart city project", and has resolved to develop each district into an "export hub".

Meanwhile, Rs 27,300 crore has been allotted for promotion of industry and commerce, and a national logistics policy will also be released soon, along with the provision of digital refund of duties to exporters.

The Union Government has also announced the setting up of solar panels on barren land planning is on to introduce more Tejas-type trains to connect iconic cities. Moreover, as per the budget 100 more airports are to be developed by 2024.

The Finance Minister has also proposed to states to replace old electric meters with smart pre-paid electric meters, which will give flexibility to consumer to choose service provider. Meanwhile, the Government has proposed Rs 22,000 crores for the power and renewable energy sector.

Moreover, the Government has proposed Rs 28,600 crores in this budget specific to women, along with the proposal of Rs 6,000 crore for 'Bharat Net'. The Finance Minister has also proposed Rs 85,000 crores for the scheduled castes and other backward classes, while Rs 53,700 crore has been earmarked for the upliftment of the Scheduled Tribe community.

The Union Government has also proposed to set up an Indian Institute of Heritage & culture as a deemed university, and proposed Rs 2,500 crores for the development of the tourism sector.

Under the revised income tax rates, tax of only 10% will be charged for income of ₹5 lakh-7.5 lakh as against prevailing 20% rate. From ₹7.5 lakh-10 lakh income, a tax rate of 15% against 20% prevailing rate. For income ₹10-12.5 lakh, a rate of 20% will be charged as against 30% earlier. For income between ₹12.5 lakh and ₹15 lakh will be taxed at 25% as against current levels of 30%. For those at ₹15 lakh plus income, tax rate will remain at 30%.

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