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Union Budget 2020-21
February 4 , 2020
1789 days
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- The Union Minister of Finance Nirmala Sitaraman has presented the Budget 2020-21.
- The Budget is based on three prominent themes:
- Aspirational India.
- Economic Development for all.
- Caring Society - both humane and compassionate.
Budget
- Union Budget of India is the country’s comprehensive Annual Financial Statement.
- The Union Budget consists of a detailed account of the government’s finances, its revenues and expenditures.
- As mentioned in Article 112 of the Indian Constitution,
- the Union Government lays a statement of its estimated receipts and expenditure for that year, From April 1 to March 31, before both the Houses of Parliament.
Highlights
- India is now the fifth largest economy of the world in terms of GDP.
- Nominal growth of GDP - 10% (2020-21).
- Fiscal deficit - 3.8% of GDP (2019-20), 3.5% of GDP (2020-21).
- Revenue deficit- 2.7% of GDP (2020-21).
- 15th Finance Commission has cut state share of central taxes to the states by one percentage point to 41%.
- New tax slabs and lower income tax rates.
- 5% health cess to be imposed on imports of medical equipment.
- A budget allocation of ₹2.83 lakh crore for 16 action points on Agriculture.
- Bank deposit insurance cover has been increased from ₹1 lakh to ₹5 lakh per depositor.
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