Budget Summaries
Budget 2020 Summary
2020-06-09 19:09:54
- Government debt 48.7% of GDP
- Budget themes - Aspirational India, Economic Development and Caring Society
- Aspirational India consists of 3 plans {Agriculture, Irrigation, Rural dev}; {Wellness, water and Sanitation} and {Education and Skills}
- Expand PM KUSUM to 20 lakh farmers setting up stand-alone solar pumps
- Geotagging of agri warehousing, cold storage etc by NABARD. VGF to warehouses, states to give land on PPP basis.
- Village Storage scheme run by SHGs
- Kisan Rail - refrigerated coaches through PPP
- Krishi Udaan by Mo Civil Aviation
- one product one district - for horticulture, cluster basis approach
- Agriculture credit target for year Rs 15 lakh crore, double milk capacity by 2025, remove FMD
- FIT India - against non-communicable disease, Jal Jeevan Mission, Swacch Bharat
- New Education Policy, ECB and FDI to deliver high quality education
- fully online degree level education program only by top 100 NIRF institutes
- INDSATstudy in India scholarship
- Medical college to an existing district hospital in PPP mode
- Economic Development
- Investment Clearance cell - provide end to end facilitation and support, pre investment advisory etc
- 5 new smart cities in collaboration in PPP mode
- scheme to promote mfd of mobile phones, electronic equipments, medical devices etc
- National Technical Textiles Mission dec reliance on US imports 4 yr allocation of 1480cr
- NIRVIK scheme, digital refunding to exporters
- Infrastructure
- National Infra Pipeline, project preparation facility for infra projects, youth in start up
- National Logistics Policy, Accelarated Development of Highways
- Monetise 12 lots of highway bundles by 2024
- Corporatizing at least 1 major port and list it on stock exchange
- Arth Ganga - to energise economic activity along river banks
- Replace conventional energy meters with prepaid smart meters in next 3 yrs
- Expand National Gas grid, facilitate transparent price discovery, ease of transactions
- New Economy
- Data policy to enable private sectors to build Data centres in country
- Bharatnet program
- Provide braodband connectivity to all Gram Panchayats.
- Biggest problem is Right of Way : where for laying underground wires challenges occur.
- digital platform to facilitate seamless application and capture of IPRs, mapping IN genetic landscape
- Quantum technology
- Caring Society
- replace manual cleaning of sewers
- Five archaeological sites - Rakhigarhi (Haryana), Hastinapur (Uttar Pradesh) Shivsagar (Assam), Dholavira (Gujarat) and Adichanallur (Tamil Nadu)
- Tribal museum in Ranchi, Maritime museum at Lothal
- WEF travel and tourism index rank 65,
- CDRI, close thermal power plants with high emission above pre-set norms,
- Implementation of NDC under Paris agreement from 1st jan 2021
- Governance
- National Recruitment Agency and Common Eligibility Test for appointment to non-gazetted post
- National Policy on Official Statistics would use latest tech like AI
- Financial Sector
- DICGC 1lk to 5 lk, limit for NBFC to recover debt under SARFAESI dec from 500cr - 100cr asset size and loan size from 1cr - 50 lkh
- IDBI bank will become private
- Credit Guarantee Trust for Medium and Small Entrepreneurs (CGTMSE) for working capital
- Fin Markets
- certain categories of G Sec to be open for non-resident investors
- Limit of FPI on corporate bonds to be inc from 9% to 15%
- New Debt ETF consisting of government securities
- Infra Financing
- Inter. Bullion Exchange in GIFT city, Rupee Derivatives to be trades in IFSC
- Sell part of LIC through IPOs
- Fiscal Mgt
- Overhaul of Centrally Sponsored Scheme and Central sector schemes to ensure scare public resources are spent optimally
- Rs 22,000 cr allocated for equity to certain specified infra fin companies to spur growth impulses in the economy
- Corporate tax for new companies inf mfd sector at 15%, 22% for existing coys
- For Individual taxpayers that forego certain deduction and exemption
- 10% rate income b/w 5lk - 7.5 lk from 20%
- 15 % from 7.5-10 lkh against 20% now
- 12.5 - 15lk rate of 25% against 30%
- 15 lkh above at 30%
- Dividend Distribution Tax removed to be taxed only in the hands of the recipient
- 100% tax exemption in interest, dividend and capital gains to Sovereign Wealth Funds for investment made in infra and other notified sectors min lock in 3 yrs
- Amend Income Tax Act to enable faceless appeals and faceless assessment
- Health cess on import of medical equipment
Budget 2021 Summary
2021-04-07 12:37:27
- First ever paperless Budget
- 6 Pillars
Health and Wellbeing
- PM Aatmanirbhar Swasth Bharat Yojana - dev capacity in primary, secondary and tertiary level, 6 yr time
- Mission Poshan 2.0 improve content, delivery, outreach and outcome
- Jal Jeevan Mission Urban - universal water supply
- Urban Swacch Bharat Mission 2.0 - complete faecal sludge mgt, source segregation, Reduce single plasti use, bio remediation
- Vaccine, Pneumococcal vaccine to avert 50,000 child deaths
- Voluntary Vehicle Scrapping policy, fitness test for old vehicles
Physical and Capital Infra
- Atmanirbhar Bharat - PLI scheme for mfg coys to become part of global supply chain, economies of scale, provide jobs
- Mega Investment Textiles Park MITRA scheme - 7 parks to be created
- NIP expanded funding through creating
- institutional structures - DFI to be made, debt financing by FPIs
- monetizing assetsNational Monetization Pipeline for Brownfield projects, dashboard to track progress, monetise railway infra, sports stadiums
- enhance share in central/state budgets
- Traffic Mgt sys in 4-6 lane highways
- National Rail Plan for IN 2030, Western Dedicated Freight Corridor be commissioned by June 2022
- More share of public transport in Urban areas, Metrolite and MetroNeo technology
- Customers can chose electricity distribution company, result based incentives for discoms, National Hydrogen Energy mission
- PPP mode for operation of ports, scheme to promote flagging of merchant ships, subsidy to IN coys
- Ujjwala scheme extended, independent gas transport system
- Single code for securities market, new institutional framework to dev Bond market, Setting up regulated Gold exchanges regulated by SEBI, charter of rights for Fin investors
- FDI in Insurance sector now 74%
- ARC and Asset Mgt Coy be set up
- Recap of 20,000 to PSBs
- Min loan size for debt recovery under SARFAESI act dec from 50 to 20 lkh
- LLP Act to be decriminalised
- Change definition of small coys to ease compliance min paid up capital 2cr turnover 20cr
- Incentivise One person companies
- Estimated Disinvestment of 1.75 lkh cr this year
- NITI to decide coys for strategic disinvestment
- SPVs to monetize idle land
- Treasury Single Account sys, Separate Adm structure to streamline EoDB for Co-op societies
Inclusive Dev for Aspirational IN
- SWAMITVA Yojana - Survey of villages and Mapping w/ improvised tech to bring transparency to land ownership
- Op Green scheme for 22 products, Agri Credit inc
- Agri Infra fund for APMCs
- Modern harbours for inland and marine fishing
- Kochi, Chennai, Vizag, Paradip , Petuaghat to be dev as economic hubs
- Promote seaweed cultivation
Reinvigorating Human Capital
- Higher Education Commission, 15,000 schools to include all components of NEP
- 750 Eklavya Model schools, Post Matric Scholarship scheme for SC
- National Apprenticeship Training Scheme NATS - partnerships w/ UAE, JP
Innovation and R&D
- National Research Foundation to improve reac
- National Language Translation Mission NTLM, Deep Ocean Mission, New Space IN Ltd
Min Govt, Max Governance
- Reform Tribunals, National Commission for allied Healthcare professionals, National Nursing and midwifery commission bill
- Special scheme for Tea workers esp women and children
Tax
- National Faceless Income tax appellate Tribunal Centre
- Attract Forex : Infra debt funds could issue Zero Coupon Bonds
- Agriculture Infra and Dev Cess AIDC on items like Petrol, diesel, gold etc
- Turant Customs initiative for faceless, paperless, contactless customs
Fiscal Position
