When it comes to the economy, dark days do loom large over India. May it be growth (lowest since 2008), inflation (highest in the last six years), or revenue collection (lowest in 10 years), the Indian economy is faltering. Hence, there is little leeway that can be assumed in the incumbent Union Budget 2020 (the first of the decade) if the economy needs to be boosted.
While presenting the decade's first Budget for India, finance minister Nirmala Sitharaman said on Saturday in Parliament:
Taxation
• AADHAR based tax verification introduced
• Review of customs duty exemptions in September 2020
• GST refund process simplified
• Electronic invoice implementation in phases
• New digital scheme for tax litigation
• PAN to be instantly allotted online against Aadhar
• Vivaad se Vishwas Scheme: Defaulter to pay only disputed tax and no penalty or interest by 31 March 2020, post which additional amount can be paid till June 2020
• Measure to promote affordable housing - tax holiday extended for developers
• Concession on real estate transactions
• Turnover threshold for audit raised to Rs 5 crore from 1 crore
• Company audit requirements eased
• Taxes on ESOPs (employee stock ownership) in start-ups deferred by 5 years
• 100% per cent tax exemption
• Corporate Tax at 15%
• Dividend Distribution Tax removed, dividend taxed only for recipients
• No tax for 0-5 lakh
• 30% above 15 lakh
• 25% for income between Rs 12.5-15 lakh
• 20% for income between Rs 10-12.5 lakh
• 15% for income between Rs 7.5-10 lakh
• 10% for income between Rs 5-7.5 lakh, against the prevailing 20%
• A new, optional simplified personal income tax regime for those not seeking exemptions
Major steps and initiatives taken by the government in finance
• 3.8 percent fiscal deficit estimated
• GDP nominal growth expected at 10 per cent
• Govt to sell part of holding LIC via IPO (initial public offering)- partial LIC disinvestment
• Partial credit guarantee for NBFCs
• New law for netting of financial contracts
• Mechanism to end liquidity crisis
• NRIs (non resident Indians) can invest in certain govt securities
Aspirational India: Caring society
• App-based invoice financing loans for MSMEs
• Amendment to Factoring Regulation Act to aid MSMEs
• Pension Fund Regulatory and Development Authority (PFRDI) Act amendments
• No criminal liabilities for civil acts
• Auto-enrolment in universal pension scheme
• 5958 cr allocated for Ladakh
• 30757 cr allocated for J&K
• Insurance for depositors raised to 5 lakh from 1 lakh
• Robust mechanisms in place to monitor all PSU banks
• Depositors’ money safe
• 100 cr for hosting G20 in 2022
• National Recruitment Agency to be set up
• Tax payers’ charter to be enshrined in statutes
• Amendments for Companies Act
• Tax payer charter proposed to free citizens from tax harassment
• Businesses should have confidence that system is fair
• 4400 crore allocation for clean air and climate change policy
• Aim to reduce carbon footprint - Warning to old thermal plants
• Committed to preserve environment, tackle climate change
• 23150 crore for culture ministry
• 2500 crore for tourism sector
• Institute of Heritage and Conservation to come up soon
• Aim to set up more museums
• 5 archaeological sites to be made iconic
• Proposal to end manual scavenging
• 53700 crore for welfare of STs
• 85000 crore for SCs and OBCs for 2021
• 35600 crore for nutritional schemes
• Gross enrollment ratio of girls higher than boys in elementary level
• Beti Bachao, Beti Padhao - tremendous results
Aspirational India: Infrastructure and economic development
• Further reforms for transparent price discovery for natural gas
• 22000 crore for power sector
• 8000 crore for quantum technology in next 6 years
• Two national level science schemes
• Expand Jan Aushadhi Scheme
• 1 lakh gram panchayats to be connected via Bharat Net
• 6000 crore for Bharat Net
• Data Centre parks to be set up across the country
• National Gas Grid to be expanded
• Reforms to help stressed DISCOMS (distribution companies)
• Delhi-Mumbai Expressway by 2023
• 100 more airports by 2024
• Plans to energise economic activity along river banks
• Need to enhance sea ports
• High Speed Mumbai-Ahmedabad train
• More Tejas-type trains
• 4 station redevelopment projects under PP model
• 2000 km of strategic highways to be built, 11000 km of track electrification
• Accelerated development of highways
• National Logistics Policy to be released soon
• Big push on infrastructure - 100 lakh crore
• National Technical Textiles Mission to be set up
• 1480 crore outlay for textile sector
• 27300 crore for industrial development by 2021
• Digital refund of duties for exporters
• Boost domestic manufacturing - electronic equipment, mobile phone, medical devices
• 5 new smart cities in collaboration with states
• Investment clearance cell to be set up for end to end facilitation
• Entrepreneurship has been the strength of India
Aspirational India: Education and skills
• High need for medical teachers and paramedics
• Internships for engineers in panchayats
• Rs 99300 cr for education sector
• Large hospitals to be encouraged to start PG courses
• Attach medical colleges to district hospitals
• National police university to be set up
• IND-SAT programme for overseas students for studying in India
• New courses in 159 universities by 2026
• Focus on education for jobs
• Propose a fresh education policy
• Urban local bodies should give opportunities to new engineers
• Education needs more finances
Aspirational India: Healthcare
• AI (artificial intelligence) to be used for Ayushman Bharat Scheme
• 69000 crore for health sector
• Propose to set up more hospitals
• Holistic vision for national healthcare
Aspirational India: Agriculture, Irrigation and rural development
• Need to liberalise farm markets
• 108 million metric tonne milk production by 2021
• 2.83 lakh cr allocation for agriculture and irrigation
• Propose raising fish production to 200 lakh tonne
• Zero budget national farming
• NABARD refinance scheme to be expanded
• Village credit card scheme
• Agriculture credit target for 2020 set at Rs 15 lakh crore
• Village storage scheme for farmers, zero budget natural farming
• Dhanya Lakshmi scheme for women in villages
• Krishi Udaan by civil aviation ministry for air transport of such commodities over longer distances
• Indian railways to set up 'kisan rail'
• Govt to provide help to geo-tag warehouses
• Financial inclusion has helped raise farm incomes
• Plan for 100 water stressed districts
• Scheme for 20 lakh farmers to set up solar pumps
• Doubling farm income - model agricultural land leasing act, balanced use of fertilisers, solar pumps for 20 lakh farmers
Budget 2020 and its three focuses
• Budget's first focus is 'Aspirational India'. Second focus: economic development for all. Third focus: building a caring society.
• FDI at 284 billion dollars, achieved 7.84% growth
• GST formalised the economy
• Efficiency gained in logistics
• 16 lakh new tax payers added
• Fundamentals of economy hold strong
• Scaled up implementation of pro-poor schemes
Key challenges FM faces
• India needs to grow by 9 per cent to 10 per cent a year to become the $5 trillion economy by 2024, as projected by the government. The government is now forecasting growth will come in at 5 per cent
• The IMF, which had originally predicted 6.1 per cent growth for India in 2019, has revised that downwards to 4.8 per cent
• The government’s likely to miss its fiscal deficit target for the current fiscal year of 3.3 per cent and hike its target to as much as 4 per cent for the next financial year
• India will struggle to achieve 5 per cent GDP growth in 2020 - Economist Steve Hanke, Johns Hopkins University
• Investment is forecast to grow at less than 1 per cent -- the lowest since 2004-05
• India's unemployment rate rose to 7.5 per cent during September-December 2019 quarter, according to data released by think-tank Centre for Monitoring Indian Economy
Comments
Hahahah... What a joke!!!
What these RSS Terrorists contributed for India? They supported British. If you search in history Muslims taught them everything. Even they were not knowing how to bath, how to wear clothes, how to cook, how to build buildings. All the food recipe they learnt from Muslims. These aryans run away from Iran and now looting our India. All the Buildings and culture they are using were built by Muslims. What did they build??? Toilets????
AS PER WIKIPEDIA,
The Mughal Empire (Urdu: مغلیہ سلطنت, translit. Mughliyah Salṭanat)[7] or Mogul Empire,[8] self-designated as Gurkani (Persian: گورکانیان, Gūrkāniyān, meaning "son-in-law"),[9] was an empire in the Indian subcontinent, founded in 1526. It was established and ruled by a Muslim dynasty with Turco-Mongol Chagatai roots from Central Asia,[10][11][12] but with significant Indian Rajput and Persian ancestry through marriage alliances;[13][14] only the first two Mughal emperors were fully Central Asian, while successive emperors were of predominantly Rajput and Persian ancestry.[15] The dynasty was Indo-Persian in culture,[16] combining Persianateculture[8][17] with local Indian cultural influences[16] visible in its traits and customs.[18]
The Mughal Empire at its peak extended over nearly all of the Indian subcontinent[5] and large parts of Afghanistan. It was the second largest empire to have existed in the Indian subcontinent, spanning four million square kilometres at its zenith,[4] after only the Maurya Empire, which spanned five million square kilometres. The Mughal Empire began a period of proto-industrialization,[19]and Mughal India became the world's largest economic power, with 24.4% of world GDP,[20] and the world leader in manufacturing,[21] producing 25% of global industrial output up until the 18th century.[22] The Mughal Empire is considered "India's last golden age"[23] and one of the three Islamic Gunpowder Empires (along with the Ottoman Empire and Safavid Persia).[24]
The beginning of the empire is conventionally dated to the victory by its founder Babur over Ibrahim Lodi, the last ruler of the Delhi Sultanate, in the First Battle of Panipat (1526). The Mughal emperors had roots in the Turco-Mongol Timurid dynasty of Central Asia, claiming direct descent from both Genghis Khan (founder of the Mongol Empire, through his son Chagatai Khan) and Timur (Turco-Mongol conqueror who founded the Timurid Empire). During the reign of Humayun, the successor of Babur, the empire was briefly interrupted by the Sur Empire. The "classic period" of the Mughal Empire started in 1556 with the ascension of Akbar the Great to the throne. Under the rule of Akbar and his son Jahangir, the region enjoyed economic progress as well as religious harmony, and the monarchs were interested in local religious and cultural traditions. Akbar was a successful warrior who also forged alliances with several Hindu Rajput kingdoms. Some Rajput kingdoms continued to pose a significant threat to the Mughal dominance of northwestern India, but most of them were subdued by Akbar. All Mughal emperors were Muslims; Akbar, however, propounded a syncretic religion in the latter part of his life called Dīn-i Ilāhī, as recorded in historical books like Ain-i-Akbari and Dabistān-i Mazāhib.[25]
The Mughal Empire did not try to intervene in the local societies during most of its existence, but rather balanced and pacified them through new administrative practices[26][27] and diverse and inclusive ruling elites,[28] leading to more systematic, centralised, and uniform rule.[29] Traditional and newly coherent social groups in northern and western India, such as the Marathas, the Rajputs, the Pashtuns, the Hindu Jats and the Sikhs, gained military and governing ambitions during Mughal rule, which, through collaboration or adversity, gave them both recognition and military experience.[30][31][32][33]
The reign of Shah Jahan, the fifth emperor, between 1628 and 1658 was the golden age of Mughal architecture. He erected several large monuments, the best known of which is the Taj Mahal at Agra, as well as the Moti Masjid, Agra, the Red Fort, the Jama Masjid, Delhi, and the Lahore Fort. The Mughal Empire reached the zenith of its territorial expanse during the reign of Aurangzeb and also started its terminal decline in his reign due to Maratha military resurgence under Shivaji Bhosale. During his lifetime, victories in the south expanded the Mughal Empire to its greatest extent, ruling over more than 150 million subjects, nearly one quarter of the world's population at the time, with a GDP of over $90 billion.[34][35]
By the mid-18th century, the Marathas had routed Mughal armies and won over several Mughal provinces from the Punjab to Bengal.[36] Internal dissatisfaction arose due to the weakness of the empire's administrative and economic systems, leading to its break-up and declarations of independence of its former provinces by the Nawab of Bengal, the Nawab of Awadh, the Nizam of Hyderabad and other small states. In 1739, the Mughals were crushingly defeated in the Battle of Karnal by the forces of Nader Shah, the founder of the Afsharid dynasty in Persia, and Delhi was sacked and looted, drastically accelerating their decline. During the following century Mughal power had become severely limited, and the last emperor, Bahadur Shah II, had authority over only the city of Shahjahanabad. He issued a firman supporting the Indian Rebellion of 1857 and following the defeat was therefore tried by the British East India Company for treason, imprisoned and exiled to Rangoon.[37] The last remnants of the empire were formally taken over by the British, and the Government of India Act 1858 let the British Crown formally assume direct control of India in the form of the new British Raj.
Aryan cowboys who invaded India, enslved the original inhabitants destroying their culture, imposed Vedic divisive foreign inhuman cast system. India is still suffering from their terror mindset. They are the people who supported the British and responsible for death of millions of Indian freedom fighters. These traitors who licked the British boots, now lecuring us about patriotism. When Mughals came to this land, there was no India, they built India and contributed richly to its history. If these anti-human gang cant digest the truth, let them NOT use any of the Mughal or Muslims contribution and jump into Sarayu or Ganga enmasse.
If Owais is committing intolerance, Oh Blind, deaf, dumb BJP chelas, puffets, what the hell is happening specially in UP, is it tolerance? Killing in the name of gow rakshaks, killing small children, is it tolerance?
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