IndianMascot
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The fiscal deficit target of FY20 touched 3.8% of GDP.
Direct Taxes:
- New Income Tax Regime for Individual Tax Payers.
- No Income Tax for Income under 5 Lacs
Slab New Current
Indirect Tax & Corporate Tax:
- Dividend Distribution Tax (DDT) Abolished
- Taxes on ESOPs for Start-ups Deferred By 5 Year
- Health Cess Introduced The Import of Medical Equipment
- New Digital Scheme for Tax Litigation
- Custom Duty Raised on Footwear and Furniture
- Swach Bharat Mission – Rs. 12,300 Crore to be allocated
- Health Sector – Rs. 69,000 Crore to be allocated
- Jal Jeevan Mission – Rs. 11,500 Crore to be allocated
- Rural Income Incentive – Rs. 1.23lac Crore to be allocated for Rural development, Panchayat Raj
- Education Sector Allocation of Rs. 99,000 Crore
- Five new Smart cities projects proposed in collaboration with states in PPP (Public Private Partnership).
- Clean and reliable financial sector is critical to the economy. Financial architecture to keep evolving.
- 3,50,000cr capital infusion so far in PSU banks by government.
- To safeguard depositors money and all SCBs being monitored to ensure depositors money is safe.
- Deposit insurance coverage from INR 1,00,000 earlier to INR 5,00,000 now
- Agricultural Credit target has been set up at INR 15 trillion.
- Propose Raising Fish Production to 200 Lac tons
- NABARD Refinance Scheme to be expanded
- Kisan Credit Scheme has be Proposed
- Milk Processing Capacity to be increased to 108 Tonnes From 53 Tonnes – Positive For Dairy
- Allocation for Irrigation and Rural Development - Rs. 2.83 Trillion (~1.3% of GDP).
- Reinstated commitment towards 102 lakh cr pipeline in infrastructure constituting 6,500 projects across sectors. These new projects would include housing, safe water, healthcare, education institution, transportation, logistics, irrigation etc.
- Aim to improve ease of living through National Infrastructure pipeline. Also reforms for maintenance and development of these infra projects to be brought in. NIP will be a big employment generation source.
- Project preparation facility to be set-up for infrastructure pipeline. It will direct all infra agencies.
- Focus on monetization of road assets. Plan to monetize 12 blocks of highways projects involving 6000 km before FY 2024. This is in-line with expectation.
- Centre to provide 20% equity in Bangalore sub-urban transport project. To launch 18,600 cr worth of urban development projects in Bengaluru.
- 100 more airports to be developed by 2024 under ‘Udaan’.
- 7 lakh cr allocated to transport sector for FY21. Against 1.5 lakh cr last year.
- Affordable Housing Tax Exemption on interest paid at Rs. 1.5 lacs ( announced last year) extended by a year
- Technical Textiles Mission - To attempt to reverse big imports of technical textile by manufacturing in India with a Technical Textile Mission which has a 4 year implementation period till 2024 with an outlay of INR 1,480 Cr.
- Focus on adding value added exports – especially mobiles, electronics and semi-conductors to boost employment.
- Government Plans to sell a part of its holding and raise funds via the LIC IPO.
Via: Edelweiss