Union Finance Minister Nirmala Sitharaman, flanked by her deputy Anurag Thakur (to her right) and a team of officials, shows a folder containing the Union Budget documents as she arrives at Parliament
Facing one of the steepest slides in growth and just into the first year of its second term, the NDA-2 government decided to play safe when it came to imparting a positive impulse to the economy.
Union Budget 2020-21, presented by Finance Minister Nirmala Sitharaman Saturday, carried a visible imprint of the Prime Minister’s fiscal conservatism, inasmuch as it kept a tight leash on expenditure, tacitly admitting there was little headroom for higher spending. In doing so, however, the Budget reconciled to a new normal of sub-par growth, almost conceding it was unable to do the heavy lifting, particularly at a time when private investment has failed to revive, consumption has collapsed, and exports have shown no signs of a pick-up. For 2020-21, it projected a nominal growth rate of 10 per cent. Sitharaman’s only significant intervention related to the overhaul of the personal income tax structure.
Here's The Indian Express' full coverage on Budget 2020 Union Budget 2020 on Personal Finance In bid to boost spending, new I-T slabs with lower rates — exemptions foregone DDT scrapped, compliance onus on investors
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More New I-T plan to benefit those who avoid deduction, exemption Tour packages, overseas remittances under tax net
Tax outgo under the two plans
High-salaried to be hit: Employer’s annual share to PF, NPS over Rs 7.5 lakh will be taxed Union Budget 2020 on The Fisc Govt maintains protectionist stance; hikes import duties on over 100 categories of products Govt invokes clause in FRBM Act to raise fiscal deficit target to 3.8% from 3.3% Finance Commission recommends 41% share of taxes for states; 1% for J&K, Ladakh in FY21 Union Budget 2020 on the corporate sector Turnover limit for audit of MSME accounts now at Rs 5 crore In line with scheme for indirect taxes, window for direct tax dispute resolution Story continues Fraudulently availing GST input credit void of invoice non-bailable, cognizable offence Corporate tax concessions extended to new electricity generation firms
How companies pan across tax rates
Tax on ESOPs for startup staff deferred; period of profit deduction claim extended Union Budget 2020 on the financial sector Govt asks RBI to extend MSME loan recast scheme International bullion exchange in GIFT City may lead to better price discovery Rs 5 lakh insurance in case bank goes bust; cover hiked from Rs 1 lakh now Liquidity push – New debt ETF with G-secs for retail investors Divestment goal ambitious Rs 2.1 lakh cr, an LIC IPO
Finance Minister Nirmala Sitharaman holds Union Budget 2020-21 to present in the Lok Sabha, in New Delhi Express photo by Prem Nath Pandey
Opinions on Union Budget 2020 P Chidambaram writes: Take-away from Budget speech is that the BJP has given up on reviving the economy Tavleen Singh writes: The Budget speech shows no signs of India dumping socialism and statism just yet Express Editorials on Union Budget 2020 Budget is an admission of government’s limitations in fast-tracking growth Fiscal speeches rely too much on ancient texts, but news that Indus script has been deciphered must gladden hearts. Union Budget 2020 on infrastructure Greater private sector play in Railways, smart cities Promise of more connectivity, but no good news for telecom firms in Budget 2020 150 pvt trains on Railways map; Tatas ‘interested’ Govt plans over 15,000-km highways Union Budget 2020 on farm sector FCI borrowings to be more than Centre’s food subsidy bill Protection makes dairies happy Union Budget 2020 explained
What the Union Budget says on education
Union Budget 2020 on health sector Health gets Rs 7.6K crore boost, govt plans to set up hospitals in public-private mode Little raise for higher education amid fee hikes by universities Nutrition mission gets a push, task force to fight maternal mortality Political reactions on Union Budget 2020 Budget has vision and action, will generate jobs: PM Modi Trinamool, Left tear into Budget: From economic crisis to disaster Insipid, govt has given up on reviving economy: Congress Longest-ever Budget speech had poetry and history too Poet Nirmala Sitharaman quoted: Kashmiri, Leftist, close to Abdullah Union Budget 2020: Special to Express Examining the FM’s plan to double farmers’ income in two years Several measures to simplify tax structure, but no magic wands Budget turned a blind eye to reality of economic slowdown Union Budget 2020 on Defence and Home Rs 30,757 cr for J&K, panel for hike in UT share Fund push for Chabahar port, nominal cut in MEA outlay Rs 5,029 cr for Minority Affairs in Budget, up by 7 per cent Budget 2020: Marginal rise in defence allocation, no special outlay for dept under CDS Govt plans to set up varsity for heritage and conservation Other stories on Budget 2020 Nirmala Sitharaman interview: ‘We want to gradually remove everything called exemptions’