India Union Budget 2020 Highlights: Part B of FM Sitharaman’s Budget speech came with huge changes. Drastic changes on the lines of corporate tax changes made a few months back were made to personal income taxes which some feel may complicate the tax regime for the salaried middle class. DDT, a huge pain point for corporates and shareholders was removed, but, the markets were down. They were perhaps expecting more. Cooperatives can also now be taxed at 22 per cent without exemptions. The power sector was extended tax benefits. A new amnesty scheme Vivaad se Vishwas scheme was introduced to reduce litigation in direct taxes. This follows an amnesty scheme Sabka Vishwas that just got concluded to reduce litigation in indirect taxes. An LIC IPO was proposed and a fiscal deficit of 3.8 per cent was projected for the current financial year. There will be a PSB reform to boost competition, there were measures to deepen the bond market.
Data centre parks, huge national gas grid, fibre to home through the grand BharatNet scheme, Quantum technologies were some of the key buzzwords of the expansive speech being delivered by FM Nirmala Sitharaman in Lok Sabha. She also proposed reform measures for the electricity sector which is reeling under huge distribution losses by proposing a plan to install smart and prepaid meters. Earlier she laid out a 16 point program and an extensive list of measures to lift the rural economy.
Meanwhile, wealth creation was the predominant theme of the Economic Survey tabled in Parliament on the first day of the Budget session, 24 hours before the Lok Sabha Live speech of FM Nirmala Sitharaman. The Budget 2020 also comes at a time when the Coronavirus is threatening to wreck chances of a global recovery. In India, most sectors are in the grip of a slowdown and are expecting the Modi government to unveil big-bang reforms in the FM Sitharaman budget proposals of Union Budget 2020. Financial Express Online brings to you minute by minute updates of the Union Budget 2020 Bahi Khata. Stay tuned for Budget 2020 LIVE updates: