Budget session 2020 : We have estimated nominal growth of GDP for year 2020-21 on the trends available, at 10%: FM

Nirmala Sitharaman says customs duty on footwwear anf furniture is being raised. She added Make in India is giving dividends. Have made progress in medical equipments too, says FM. Government will provide health services to all. A health cess will be imposed on import of medical equipment, says FM. 

FM Nirmala Sitharaman says for affordable housing, the deduction of Rs 1,50,000 will be extended to loan sanction by one year. Tax holiday on profits of developers involved in affordable housing projects will be extended by one year to March 2021. 

FM Nirmala Sitharaman says to ease deduction donation it is proposed to pre-fill information of those donating. This will result in hassle free claims for the individuals claiming tax exemptions.

FM Nirmala Sitharaman: We propose to bring a personal income tax regime, where income tax rates will be reduced, so now, person earning between Rs 5-7.5 lakhs will be required to pay tax at 10% against current 20%.

FM: We have estimated nominal growth of GDP for the year 2020-21 on the trends available, at 10%.

Subordinate debt for entrepreneurs of MSMEs will be provided and will be treated as quasi-equity, says FM. More than 5 lakh MSME benefited from debt restructuring last year. Government has asked RBI to consider extending window of debt structuring by one year to March 2021 for this purpose. 

FM Nirmala Sitharaman says governance and financial inclusion is needed. Governance should be clean and corruption free, she says. Trusting every citizen including aspirational youth, farmers, senior citizens and hard-working women is key, added FM. 

Finance Minister Nirmala Sitharaman: 5 archaeological sites to be developed as iconic sites with on-site museums -Rakhigarhi, Hastinapur, Shivsagar, Dholavira and Adichanallur

To achieve higher export credit disbursement – NIRVIK to be launched – high insurance cover, lower premium, simplification of claim settlement through the digital network” – currently premiums are up to 90% of the individual bill- this can be reduced further. Likely negative for general insurance companies such as ICICI Lombard and New India Assurance. 

No change in Ayushman Bharat allocation, at Rs 6,400 crore – a negative,” says CRISIL. 

Doubling of airlines’ fleet will help cater to the high traffic growth. But the crucial link here is the availability of pilots. Nearly all airlines face pilots shortage. Govt needs to have scheme to have more trained pilots.

An allocation of Rs 8,000 crore has been set up for the National Mission on Quantum Computing and Technology.

The Delhi-Mumbai Expressway will be completed by 2023

A long time requirement for the agri sector has been heeded by the govt in its commitment to build seamless cold supply chain for perishables. This is important taking into account that we are very low in cold chains and most are for potato and skewed towards potato growing regions. 

A total of 12 lots of highway bundles will be monetised by 2024, says FM Nirmala Sitharaman.

FM Sitharaman proposes allocation of Rs 27,300 crore for industry and commerce In FY21 

A new scheme Nirvik will be offered for exporters. This will have lower premiums and a faster claims settlement. Refund to exporters the duties levied including electricity and VAT which have been not refunded. This will be launched this year itself, says FM. Each district will have to be developed as an export hub. The governments e-marketplace has a lot of opportunities for SMEs. A total allocation of Rs 27,300 crore for development of industry and commerce in FY21, says FM.

Nirmala Sitharaman in her Budget Speech said that for sector comprising agriculture, allied activities, irrigation and rural development, an allocation of Rs 2.83 lakh crores has been made for 2020-21.

FM says there is a holistic vision of healthcare. Mission Indradhanush has been extended to cover new diseases and new vaccines. Fit India is part of it, she said. There are 20,000 empanelled hospitals in Ayushman Bharat and need more in Tier 2 and 3 cities to benefit poor in these areas. PPP mode hospitals will be set up under viability gap funding to look at areas where there are no hospitals. This will be 112 aspitational districts where first priority will be given.

FM: GST resulted in efficiency gains in transport and logistics sector

Finance Minister Nirmala Sitharaman said that GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted Micro, Small & Medium Enterprises (MSME). Consumers have got an annual benefit of 1 lakh crore rupees by GST/

Nirmala Sitharaman’s family including her daughter Parakala Vangmayi arrive in Parliament

PM Narendra Modi, Amit Shah arrive at the Parliament