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Photos| Union Budget 2020: Highlights from Nirmala Sitharaman’s speech

In her second budget speech, Union finance minister Nirmala Sitharaman presented the annual budget for the year 2020-21 in Parliament today.

Updated on: Feb 01, 2020 6:05 PM IST

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Finance Minister Nirmala Sitharaman with MoS Anurag Thakur as she heads to Parliament to present the budget. For a second time, Sitharaman again opted for a bahi khata, a traditional cloth wrapped ledger. The budget was expected to bring cuts in personal income tax and sops, especially for rural and agriculture sectors, in order to give a push to the economy. (Ajay Aggarwal / HT Photo)

Updated on Feb 01, 2020 6:05 PM

Finance Minister Nirmala Sitharaman with MoS Anurag Thakur as she heads to Parliament to present the budget. For a second time, Sitharaman again opted for a bahi khata, a traditional cloth wrapped ledger. The budget was expected to bring cuts in personal income tax and sops, especially for rural and agriculture sectors, in order to give a push to the economy. (Ajay Aggarwal / HT Photo)

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Ahead of the presentation by Nirmala Sitharaman at 11 am, copies of the document were brought to the Parliament. The government had released the Economic Survey on Friday that projected the India’s growth rate at 6%-6.5% for 2020-21 fiscal year. (Mohd Zakir / HT Photo)

Updated on Feb 01, 2020 6:05 PM

Ahead of the presentation by Nirmala Sitharaman at 11 am, copies of the document were brought to the Parliament. The government had released the Economic Survey on Friday that projected the India’s growth rate at 6%-6.5% for 2020-21 fiscal year. (Mohd Zakir / HT Photo)

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Nirmala Sitharaman told the parliament that nominal GDP growth for 2020-21 is estimated at 10%. Presenting the budget, she said receipts for 2020-21 are pegged at Rs 22.46 lakh crore while expenditure at Rs 30.42 lakh crore. The revised estimated expenditure for FY20 has been pegged at Rs 26.99 lakh crore and receipts at Rs 19.32 lakh crore. (Kunal Patil / HT Archive)

Updated on Feb 01, 2020 6:05 PM

Nirmala Sitharaman told the parliament that nominal GDP growth for 2020-21 is estimated at 10%. Presenting the budget, she said receipts for 2020-21 are pegged at Rs 22.46 lakh crore while expenditure at Rs 30.42 lakh crore. The revised estimated expenditure for FY20 has been pegged at Rs 26.99 lakh crore and receipts at Rs 19.32 lakh crore. (Kunal Patil / HT Archive)

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“Those earning between Rs 7.5 lakh and Rs 10 lakh will pay an income tax of 15%. For income between Rs 10 to Rs 12.5 lakh, the new tax rate is 20% and for income between Rs 12.5 lakh and Rs15 lakh, the revised tax rate will be 25%,” said the minister on I-T rates. Around 70 of more than 100 income tax deductions and exemptions have been removed, in order to simplify tax system and lower tax rates. (Pradeep Gaur / Mint Archive)

Updated on Feb 01, 2020 6:05 PM

“Those earning between Rs 7.5 lakh and Rs 10 lakh will pay an income tax of 15%. For income between Rs 10 to Rs 12.5 lakh, the new tax rate is 20% and for income between Rs 12.5 lakh and Rs15 lakh, the revised tax rate will be 25%,” said the minister on I-T rates. Around 70 of more than 100 income tax deductions and exemptions have been removed, in order to simplify tax system and lower tax rates. (Pradeep Gaur / Mint Archive)

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The finance minister hailed the Goods and Services Tax in her speech. “GST has resulted in efficiency gains in transport and logistics sector, inspector raj has vanished, it has benefitted MSME. Consumers have got an annual benefit of Rs one lakh crore by GST” she said. The FM said that a simplified return for GST is being introduced from April 2020. (Arun Sharma / HT Archive)

Updated on Feb 01, 2020 6:05 PM

The finance minister hailed the Goods and Services Tax in her speech. “GST has resulted in efficiency gains in transport and logistics sector, inspector raj has vanished, it has benefitted MSME. Consumers have got an annual benefit of Rs one lakh crore by GST” she said. The FM said that a simplified return for GST is being introduced from April 2020. (Arun Sharma / HT Archive)

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Onions for sale at APMC Onion Potato in Navi Mumbai. The minister explained that Budget 2020 aims to boost income and purchasing power of people and said the three threads on which it is woven are “aspirational India, economic development for all and caring society.” (Bachchan Kumar/ HT Photo )

Updated on Feb 01, 2020 6:05 PM

Onions for sale at APMC Onion Potato in Navi Mumbai. The minister explained that Budget 2020 aims to boost income and purchasing power of people and said the three threads on which it is woven are “aspirational India, economic development for all and caring society.” (Bachchan Kumar/ HT Photo )

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A boy walks past an oil tanker train stationed in Ghaziabad. In her budget speech, Nirmala Sitharaman has said that the Indian Railways will set up Kisan Rail through PPP model to build a seamless national cold supply chain for perishables and for their quick transportation. ‘One product for one district’: the FM highlighted on better marketing and export specialisation. (Anushree Fadnavis / REUTERS)

Updated on Feb 01, 2020 6:05 PM

A boy walks past an oil tanker train stationed in Ghaziabad. In her budget speech, Nirmala Sitharaman has said that the Indian Railways will set up Kisan Rail through PPP model to build a seamless national cold supply chain for perishables and for their quick transportation. ‘One product for one district’: the FM highlighted on better marketing and export specialisation. (Anushree Fadnavis / REUTERS)

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Detailing agricultural reforms Sitharaman said, “Farm markets need to be liberalised, farming need to be made more competitive, handholding of farm-based activities need to be provided, sustainable cropping patterns and more tech needed.” She also announced that farmers with fallow or barren land will be helped to set up solar power generation units and also sell surplus power to the grid. (ANI)

Updated on Feb 01, 2020 6:05 PM

Detailing agricultural reforms Sitharaman said, “Farm markets need to be liberalised, farming need to be made more competitive, handholding of farm-based activities need to be provided, sustainable cropping patterns and more tech needed.” She also announced that farmers with fallow or barren land will be helped to set up solar power generation units and also sell surplus power to the grid. (ANI)

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Presenting the budget, the finance minister said an amount of Rs 99,300 crore was allocated for education and another amount of Rs 3,000 crore for skill development. Emphasising a focus on quality education in the country, Sitharaman announced “degree-level full-fledged online education programme to be offered by institutes in top 100 in National Institutional Ranking Framework.” (Arvind Yadav / HT Photo)

Updated on Feb 01, 2020 6:05 PM

Presenting the budget, the finance minister said an amount of Rs 99,300 crore was allocated for education and another amount of Rs 3,000 crore for skill development. Emphasising a focus on quality education in the country, Sitharaman announced “degree-level full-fledged online education programme to be offered by institutes in top 100 in National Institutional Ranking Framework.” (Arvind Yadav / HT Photo)

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PMC account holders protest in front of a branch in Bandra. The finance minister announced a raise in the Rs 1-lakh insurance cover limit to Rs 5 lakh for greater protection of depositors’ money in banks. A robust mechanism is in place to monitor health of all schedule commercial banks and depositors money is absolutely safe, she said. (Satyabrata Tripathy / HT Photo)

Updated on Feb 01, 2020 6:05 PM

PMC account holders protest in front of a branch in Bandra. The finance minister announced a raise in the Rs 1-lakh insurance cover limit to Rs 5 lakh for greater protection of depositors’ money in banks. A robust mechanism is in place to monitor health of all schedule commercial banks and depositors money is absolutely safe, she said. (Satyabrata Tripathy / HT Photo)

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A labourer welds at a factory in Dasna. In her budget speech, the finance minister said that India’s new economy is based on innovation. She emphasised that India needs to boost domestic manufacturing. A scheme focussed on encouraging manufacture of mobile phones, electronic equipment and semiconductor packaging will be introduced, she said. (Adnan Abidi / REUTERS)

Updated on Feb 01, 2020 6:05 PM

A labourer welds at a factory in Dasna. In her budget speech, the finance minister said that India’s new economy is based on innovation. She emphasised that India needs to boost domestic manufacturing. A scheme focussed on encouraging manufacture of mobile phones, electronic equipment and semiconductor packaging will be introduced, she said. (Adnan Abidi / REUTERS)

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In a big push digital connectivity saying data centre parks across the country will be encouraged, Sitharaman said, “All public institutions at the gram panchayat level will all be given digital connectivity and Fiber to home will link 1 lakh gram panchayats.” (Rupak De Chowdhuri / REUTERS)

Updated on Feb 01, 2020 6:05 PM

In a big push digital connectivity saying data centre parks across the country will be encouraged, Sitharaman said, “All public institutions at the gram panchayat level will all be given digital connectivity and Fiber to home will link 1 lakh gram panchayats.” (Rupak De Chowdhuri / REUTERS)

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The budget has so far been unable to bring cheer to the market and the BSE Sensex fell over 700 points, reported news agency IANS. Around 1.30 pm, the Sensex touched an intra-day low of 40,015.37, 708.12 points lower than the previous close. However, it recovered from the low and at 1.39 pm was trading at 40,188.53, lower by 534.96 points from the previous close of 40,723.49. (Punit Paranjape / AFP)

Updated on Feb 01, 2020 6:05 PM

The budget has so far been unable to bring cheer to the market and the BSE Sensex fell over 700 points, reported news agency IANS. Around 1.30 pm, the Sensex touched an intra-day low of 40,015.37, 708.12 points lower than the previous close. However, it recovered from the low and at 1.39 pm was trading at 40,188.53, lower by 534.96 points from the previous close of 40,723.49. (Punit Paranjape / AFP)

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