Summary of Union Budget 2020-21

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Summary of Union Budget 2020-21

“In May 2019, PM Narendra Modi earned a big majority to form the government again,” Finance Minister Nirmala Sitharaman remarked when introducing the union budget to parliament on February 1st, 2020. 

India’s people have unambiguously provided their janaadesh for not only political stability but also for our economic agenda. 

GDP Budget

The expected receipts for 2020-21 are 22.46 lakh crore rupees.

The amount spent totals 30.42 lakh crore rupees.

The estimated fiscal deficit is 3.8 percent of GDP, compared to a target of 3.3 percent.

The audit turnover criteria have been raised from Rs. 1 crore to Rs. 5 crores.

GDP growth for the years 2020-21 is expected to be nominally 10%.

For FY 21, the revised expenditure estimate is Rs. 26.99 lakh crore.

The corporate tax rate in the United States is the lowest in the world at 15%.

Second Budget

The second budget of Prime Minister Narendra Modi’s second term focuses on three themes: Aspirational India, Economic Development, and a Caring Society. In FY21, the central government will allocate Rs 99,300 crore to the educational sector. According to Sitharaman, a new education policy will be announced soon. By lowering income tax rates, the budget aimed to enhance rural income and increase people’s spending power.

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