Union Budget 2020: Finance minister Nirmala Sitharaman is back with ‘bahi-khata’ ( a kind of a ledger wrapped in a red coloured cloth) to present first Budget of Modi 2.0 government. Notably, Sitharaman had used bahi-khata (ledger) for her maiden budget presentation. On the day of the Union Budget presentation in 2019, Sitharaman had ditched the briefcase and opted for traditional bahi khata.
The Union Budget comes at a time when the GDP rate has slowed to 4.5 per cent — the weakest pace since 2013. So, in her Budget speech scheduled at 11 AM, Sitharaman is expected to announce bold reforms (Union Budget 2020 Full Coverage) that could curb the slowdown. The duration of budget speech usually ranges from 90 to 120 minutes.
Meanwhile, speculations are rife that the Narendra Modi-led government may revamp income tax slabs in the Budget 2020. Besides, various sectors such as e-commerce, health, agriculture, education, Information Technology (IT), and manufacturing among others expect major policy initiatives which will drive growth and support development and expansion.
In the interim Budget in February 2019, there was some relief given to taxpayers but it primarily benefited only those whose income was below Rs 5 lakh. It was announced that there will be no tax liability if the net taxable income does not exceed Rs 5 lakh.