India’s Finance Minister Nirmala Sitharaman presented Union Budget 2020 in the Parliament today. Her speech had several important announcements about the future of economy and financial sector. Below are the key annuncements of Budget 2020:
- Reduced Income tax slabs: 10% for income between Rs 5-7.5 lakh; 15% for Rs 7.5-10 lakh; 20% for Rs 10-12.5 lakh; 30% for Rs 15 lakh and more. No tax for those earning up to Rs 5 lakh.
- Bank Deposit guarantee raised to Rs 5 lakh from the current Rs 1 lakh
- The government allocated Rs 28,600 crore for programmes specifically for women.
- Rs 27,300 crore allocated for development and promotion of industry and commerce.
- Rs 99,300 crore allocated for the Education sector, Rs 3,000 crore for skill development in FY21.
- Approval of Rs 3.6 lakh crore for Jal Jeevan Mission to provide safe drinking water to rural India.
- Rs 69,000 crore allocated for healthcare initiatives in India.
- Rs 2.83 lakh crores allocated for the Agriculture sector, which includes: irrigation, rural development, Panchayati Raj.
Here’s how Twitteratti is reacting on #UnionBudget2020.
1.
Relaxing personal income tax rules is a good move.
This will increase purchasing power in the low to mid-segment, ultimately driving the overall consumption.#UnionBudget2020 https://t.co/ArITXNyQU3
— Sumit Gupta (CoinDCX) (@smtgpt) February 1, 2020
2.
High speed connectivity between Bengaluru & Chennai – two of South India's biggest cities – is a great step in further enhancing region's prosperity!
Mark my words: With Suburban, Metro and Road infra, Bengaluru will become undisputed leader in industry & innovation#Budget2020
— Tejasvi Surya (ಮೋದಿಯ ಪರಿವಾರ) (@Tejasvi_Surya) February 1, 2020
3.
https://twitter.com/Shehzad_Ind/status/1223510934506704897
4.
Boom!
Dramatic drop in personal income tax for all but the highest categories, esp down from 20% to 10% & 30% to 20% will be a huge boost to consumer sentiment, consumption & the economy.
Will stand out in a budget that already makes huge bets on infra & reform🙏🙏
— Baijayant Jay Panda (Modi Ka Parivar) (@PandaJay) February 1, 2020
5.
Increase in deposit insurance from Rs. 1 lakh to Rs. 5 lakh by RBI subsidiary Deposit Insurance and Credit Guarantee Corporation.
A security to depositors, especially senior citizens, who rely on their deposit interest for regular income needs in their golden years.#Budget2020
— Amrita Bhinder 🇮🇳 (@amritabhinder) February 1, 2020
6.
Sep 2019 was historic for bringing down #CorporateTaxRate for existing Cos from 30% to 22%&for new Cos to 15%#Budget2020 will go down as boldest ever,for abolishing #DividendDistributionTax of 15%
Govt to forego 25000 Cr due to this move,but BIG +ve for investors#Modinomics💪
— Sanju Verma (Modi Ka Parivar) (@Sanju_Verma_) February 1, 2020
Source: Trak & FinancialExpress
(This is a developing story)
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