Union budget 2020 | One Liners | Civils OnliEd

UNION BUDGET 2020                     ONE

        Union Budget 2020

One Liners

The Finance Minister, Smt. Nirmala Sitharaman presents the Union Budget for the fiscal year 2020-21 in the Parliament on 1 February 2020

R.K. Shanmukham Chetty - Presented the first Union Budget of Independent India

Indira Gandhi - The first female presented budget in the parliament

Morarji Desai - Presented the Budget the maximum number of times

 

Union budget 2020

•   Fund is allocated for Swachh Bharat Mission in 2020-21 - 12,300 crore
•   Fund is allocated for the power and renewable energy sector- 22,000crore
•   India will host G20 presidency in 2020
•  Fund is allocated for National Textile Mission – 1,480 crore
•  Fund is allocated for senior citizens and Divayang – 9,000 crore
•   Five archaeological sites to be developed at iconic sites with the on-site museum -  Rakhigarhi (Haryana), Hastinapur (Uttar Pradesh) Shivsagar (Assam), Dholavira (Gujarat) and Adichanallur (Tamil Nadu)
•  Fund is allocated for Cultural Ministry – 3,150 crore
• 100 airports to be developed by 2024 to support UDAAN scheme
•  Fund is allocated for transport infrastructure in 2020-21 – 1,70,000 crore
•  Fund is allocated for the development and promotion of industry and commerce in 2020-21 – 27,300 crore
•   Fund is allocated for Jal Jeevan Mission – 3.6 lakh crore
•  Fund is allocated for the health care sector – 69,000 crore
•   Fund is allocated for National Mission on Quantum Computing and Technology – 8,000 crore
•   Fiscal deficit target for FY21- 3.5% of GDP
•  Fund is allocated for skill development – 3,000 crore
• Fund is allocated for the welfare and development of Scheduled Tribes – 53,700 crore
• Fund is allocated for welfare and development of schedule class and other backward classes – 85,000 crore
• Insurance cover increased per depositor – 5 lakh (Under DICGC)
• Fund is allocated for Bharat net program in 2021 – 6,000 crore
•  Fibre to home connections through Bharat net will link 1,00,000 panchayats this year

India is set to become $5 trillion economy by the end of 2024

Government is to double farmers’ income by 2022

• Agriculture credit target – 15 lakh crore

·  Kisan Rail - will be set up by the government for agriculture so that goods can be quickly transported across the country

•   Amount is allocated for irrigation and rural development – 2.83 lakh crore

Ind-SAT exam for Asian and African countries to help make India a higher education destination

• The government proposed to expand the national gas grid from present 16,200 km to 27,000 km
• In the next 3 years, Government energy meters to be replaced by prepaid ‘smart meters’
• ·   Krishi UDAAN will be launched by civil aviation ministry for exports in agriculture
• 15% concessional tax rate extended to power generation companies
•  In order to boost MSMEs, the turnover threshold for audit raised to 5 crore from 1 crore
•   By 2023 Delhi Mumbai expressways and two other corridors will be completed
•  1 lakh crore consumers have got benefitted by GST
•   6 million taxpayers have been added to GST
•   112-Aspirational Districts will be covered for AYUSHMAAN Treatment
•    National Recruitment Agency - Independent body; will set up for the recruitment to non-gazetted posts through the computer-based online process
•  By 2024 will be Expansion of Jan Ausadhi Kendra scheme to all districts will be completed
•   By 2030 India will have the largest working-age population in the world
•   Amount is announced for National Infrastructure pipeline projects – 103 lakh crore
• 150 higher education institutes will have apprenticeship programs by March 2021

·   Jharkhand - Tribal museum is going to set up

•         The proposed changes in tax slabs are listed in the following table:

Taxable Income Slab (Rs.)	Existing Tax Rates	New Tax Rates
0-2.5 Lakh	Exempt	Exempt
2.5-5 Lakh	5%	5%
5-7.5 Lakh	20%	10%
7.5-10 Lakh	20%	15%
10-12.5 Lakh	30%	20%
12.5-15 Lakh	30%	25%
Above 15 Lakh	30%	30%

•         30% of people will pay with the income above 15 lakh

I have covered all the important expected MCQs important from the examination point of view. I hope you would like the information provided above and if we miss anything do let us know in the comment section below. SOURCE: PIB

Also Read:  Economic survey 2020