Here are the top 5 points from Budget 2020:
The income tax rate has been revised as follows: 5 per cent tax for income between Rs 2.5-5 lakh, 10 per cent tax for income between Rs 5-7.5 lakh as against 20 per cent, 15 per cent tax for income between Rs 7.5-10 lakh as against 20 per cent, 20 per cent tax for income between Rs 10-12.5 lakh as against 30 per cent, 25 per cent tax for income between Rs 12.5-15 lakh as against 30 per cent, and 30 per cent tax for income above Rs 15 lakh. According to calculations by analysts, people may save Rs 78,000 a year if they are earning up to Rs 15 lakh a month.
The insurance limit of deposits in banks has been raised to Rs 5 lakh from Rs 1 lakh. This will ease worries among depositors, especially after the recent crisis in the Punjab and Maharashtra Co-operative Bank and a similar financial body in Bengaluru. The customers of these banks cannot withdraw beyond a limit imposed by the Reserve Bank of India.
The announcement to set up a "Kisan Rail" is likely to help farmers and consumers as perishable goods can be transported faster and cheaper. "To build a seamless national cold supply chain for perishables, inclusive of milk, meat and fish, the Indian Railways will set up a Kisan Rail - through PPP (public-private partnership) arrangements. There shall be refrigerated coaches in Express and Freight trains as well," Ms Sitharaman said.
More airports will come up, the Finance Minister said. "Air traffic has been growing rapidly in the country as compared to global average. One hundred more airports would be developed by 2024 to support Udaan scheme. It is expected that the air fleet number shall go up from the present 600 to 1,200 during this time," she said.
The government plans to start a programme where urban local bodies across the country would provide internship opportunities to fresh engineers for up to a year. This is likely to help young engineers land jobs. A degree level full-fledged online education programme is another top announcement. "This shall be offered only by institutions ranked within top 100 in the National Institutional Ranking framework. Initially, only a few such institutions would be asked to offer such programmes," Ms Sitharaman said.
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