Govt Has Announced Many Measures to Push Employment: PM on Budget
Catch all the Budget 2020 live updates here.
Prime Minister Narendra Modi said on Saturday, 1 February, that the government has announced many measures in the Union Budget to push employment in the country.
“This Budget has vision and action. New reforms announced in the Budget will give a push to the economy,” Modi said.
The Budget 2020 has proposed a new income tax regime with lower tax slabs. However, the new regime, which is an optional one, will come at the cost of a majority of exemptions that taxpayers can now avail.
- Addressing the media after the Budget presentation, FM Sitharaman said that the government intends to remove all I-T exemptions in the long run
- Sensex plummeted 987.96 points to end at 39,735, while Nifty fell over 300 points on Saturday
- The Government missed the fiscal deficit target for FY20
- Insurance cover for bank deposits has been raised from Rs 1 lakh to Rs 5 lakh
- 100 new airports will be developed by 2024
- FM proposed laws against taxpayer harassment
FM Sitharaman to Present Budget at 11 AM
Finance Minister Nirmala Sitharaman will present her first full budget at the Parliament at 11 am.
On Friday, the government released the Economic Survey for 2019-20 and projected a GDP growth rate of 6 to 6.5 percent for the fiscal year 2020-21.
Budget2020: Opposition Parties to Meet Post Budget Presentation
Opposition parties are likely to meet after the Budget presentation on 1 February to evolve a joint strategy for the upcoming Parliament session starting on Friday, 31 January.
Various parties have already held their individual strategy meets for the budget session of Parliament and would soon get together to evolve a joint strategy to corner the government on key issues concerning the common people, according to sources.
These include the protests and opposition over the amended citizenship act, price rise and inflation besides the poor state of the economy and rising unemployment.
Budget 2020: Economic Survey Pegs Growth at 6-6.5%
Finance Minister Nirmala Sitharaman tabled the Economic Survey in the Parliament on Friday, 31 January, pegging growth rate for financial year 2020-21 at 6-6.5 percent.
Later, Chief Economic Adviser and author of Economic Survey Krishnamurthy Subramanian presented it, stating that the theme of the survey this year was wealth creation.
Budget 2020: FM Nirmala Sitharaman Arrives in Finance Ministry
Finance Minister Nirmala Sitharaman arrives at the Ministry. She will present her second Budget later in the day.
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