New Delhi: Union Finance Minister Nirmala Sitharaman on Saturday presented the Union Budget 2020 in Parliament. Notably, this was her second and the Modi 2.0 government’s first budget.Also Read - Union Budget 2020: Nirmala Sitharaman Cuts Short Her Longest Speech After Speaking For 2 Hours 41 Minutes
While speaking in Parliament during the Budget session, she announced a major tax cut which will benefit the crores of taxpayers. Also Read - Union Budget 2020: Govt to Roll Out System for Instant Allotment of PAN Through Aadhaar
Those earning up to Rs 5 lakh in a year will pay no tax, the minister announced. For income between Rs 7.5 lakh and Rs 10 lakh per annum, the tax rate has been reduced to 15 per cent from 20 per cent. For income between Rs 10 lakh to Rs 12.5 lakh, tax rated brought down to 20 per cent from 30 per cent. Also Read - Union Budget 2020: Government Proposes Cut in Tax on Cooperative Societies to 22 Per Cent
Speaking on the education sector, Sitharaman said that a degree-level full-fledged online education programme will be offered by the country’s top 100 educational institutions to students belonging to deprived sections of the society and those who do not have access to higher studies.
Here’s the full coverage link
She also said that the government has allocated Rs 99,300 crore for the education sector in 2020-21 and about Rs 3,000 crore for skill development.
Further, in a major rural push, the government has allocated a massive Rs 2.83 lakh crore for agriculture and allied sectors, as sought by the BJP in its pre-Budget meet with Nirmala Sitharaman on January 9.
For agriculture, allied activities, irrigation and rural development, the whopping allocation has been made for 2020-21. In fact, ‘Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan’ (PM-KUSUM) will be expanded to provide 20 lakh farmers in setting up standalone solar pumps, said Sitharaman.
The Budget speech claimed to set the agricultural credit target at Rs 15 lakh crore.
Here’s the full text of Budget Speech