財政部長尼爾瑪拉·西塔拉曼（Nirmala Sitharaman）周六在議會上提交了2020年聯邦預算。她宣布啟動新的個人所得稅制度，該制度可以幫助中產階級節省稅款，並取消股息分配稅（DDT）。這是Sitharaman預算演講的全文。
尊敬的演講者
我開始提出2020-2021年預算。
介紹
2019年5月，莫迪總理獲得了重任，再次成立了政府。在他的領導下，我們將以新的活力，竭盡全力為印度人民服務。
2.印度人民毫不猶豫地給予他們揚揚的敬意，不僅因為政治穩定，而且對我們的經濟政策抱有信心。這是增加他們的收入和增加他們的購買力的預算。只有通過更高的增長，我們才能實現這一目標，並讓我們的年輕人富有成效地工作。使用技術，讓我們的業務創新，健康，有償付能力。
3.對於在世紀之交出生的當今青年，對於每一個尋求更好生活的等級種姓和等級部落成員，對於每個希望站起來並受到重視的婦女，對於我們社會中少數群體的每個人而言–這份預算案旨在解決您的願望和希望。
4.我們希望通過輕柔的新技術為蓬勃發展的經濟打開遠景。這個充滿活力的印度將是一個充滿愛心的社會，將照顧其弱勢群體，老年人和弱勢群體。
5.在2014-19年度，我們的政府帶來了治理模式的轉變。這種轉變的特點是雙重關註：根本的結構改革和包容性增長。
6.經濟基本面強勁，確保了宏觀經濟穩定。通貨膨脹已得到很好控制。銀行在過去十年中徹底清理了累積的貸款，然後對其進行了資本重組。通過IBC向公司提供了出口。在經濟正規化方面採取了若干步驟。
7.在結構改革中，商品和服務稅（GST）是我國歷史最悠久的。它的首席建築師今天不在我們身邊。我向有遠見的領導人已故的什里·阿倫·賈特利·吉致敬。在推出GST時，他曾說過，我引用：
「這將是印度，中心和各國將為實現共同繁榮的共同目標而協調努力。憲法修正案的一致通過以及商品及服務稅委員會的共識，凸顯了印度可以為國家利益超越狹narrow的政治。實行商品及服務稅後，國家和中心都不會失去主權。相反，他們將把主權集中在間接稅的決定上。」
8.秉承這種歷史性結構改革的願景，商品和服務稅已逐漸成熟，已成為使國家經濟一體化的稅種。它已將眾多稅款和徵稅合併為一種稅，並促進了經濟的正規化。這導致了物流和運輸部門的效率提高。由於取消了GST中的檢查站，卡車的周轉時間已大幅減少了20％。可怕的督察拉吉也消失了。
9.它還通過提高閾值和組成限制為MSME帶來了顯著收益。幾乎每種商品的有效稅收發生率都大幅下降。通過多次降低稅率，每年為消費者帶來了10億克朗的收益。相當於將總稅收減少10％。現在，由於降低了商品及服務稅的稅率，普通家庭每月的開支節省了約4％。
10.在這個成熟階段，商品及服務稅確實面臨某些挑戰。這是自然而然的，因為過渡令人生畏。 GST理事會一直積極解決過渡期間的問題。在過去的兩年中，我們增加了超過600,000名新的納稅人，總共提交了約4億美元的納稅申報表，上載了80億美元的發票，併產生了10.5億美元的電子方式賬單。與利益相關者進行了廣泛的接觸。從2020年4月1日起，將引入簡化的新退貨系統。
11.一位前任總理曾經對福利計劃的成果未能達到預期的公民表示關切–普通的和應得的公民只收到為他送來的每盧比15披薩。在「薩布卡·薩特，薩布卡·維卡斯，薩布卡·維什瓦斯」的指導下，我們的政府和總理加快了速度，擴大了直接使窮人和處境不利者受益的計劃和方案的實施。我僅列舉幾個例子： ）嵌入了直接收益轉移（DBT）的福利計劃;（b）提供基本需求和預防性保健措施的衛生和水;（c）通過Ayushman Bharat的保健;（d）通過Ujjwala的清潔能源和太陽能；（e）金融包容性，信貸支持，對脆弱群體的保險保護和養老金計劃；（f）通過寬頻和UPI進行數字滲透；（g）通過PMAY為所有人提供可負擔住房。
取得的里程碑是前所未有的，全球認可的並與國際指數相對應。
12.這一戰略改變了一些人獲得多數利益的既定秩序，並受到了人民的讚賞。這產生了非常積極的成果。我們已經從1950年代的略高於4％的增長率發展到1980年代和1990年代的6％。但是，在2014-19年度，我們預計通貨膨脹率平均增長7.4％，平均約為4.5％。值得一提的是，在上一個千年的最後兩個十年中，通貨膨脹率接近9％，而在2009-14年度期間則為10.5％。在2006-16年間，印度使貧困人口增加了2.71億，我們都應該為此感到自豪。
13.我們現在是世界第五大經濟體。印度的外國直接投資從2009-14年的1900億美元增加到2014-19年的2840億美元。一直以來困擾我們經濟的中央政府債務，已從2014年3月的52.2％降至2019年3月的GDP的48.7％。
14.在這種背景下，我國政府將努力使國家向前發展，以便我們能夠躍升到健康，繁榮和福祉的新高度。我們將努力為每個公民帶來輕鬆的生活。
15.我很想在兩個跨領域的發展背景下提出這一預算：
a）技術的擴散，特別是分析，機器學習，機器人技術，生物信息學和人工智慧；和
b）處於生產年齡段（即印度的15-65歲）的人數最高。
16.這種結合是當代印度所特有的。同樣，在全球範圍內，如果全球化程度在不斷縮小，貨幣政策的效力也會引發爭議。在過去的五年中，我們所做的努力以及青年人的精力，熱情和創新是前進的動力。印度的企業家精神在幾百年的風風雨雨中風起雲湧，激發了我們的動力。我們認識到需要支持和進一步激發這種精神。
17.該預算圍繞三個突出的主題：
第一：有抱負的印度，社會各階層尋求更好的生活水平，並獲得健康，教育和更好的工作。
第二：總理敦促「薩布卡·薩特，薩布卡·維卡斯，薩布卡·維什瓦斯」中指出，人人享有經濟發展，這將需要在整個經濟領域進行改革，同時，這將意味著為私營部門創造更多的空間，它們將共同確保更高的生產率和更高的效率。
和
第三：我們將成為一個既人道又富有同情心的關愛社會。 Antyodaya是一種信仰。
18.數字革命使印度在全球範圍內處於獨特的領導地位，將迎來下一波浪潮。我們的目標是：
•通過數字治理實現服務的無縫交付
•通過國家基礎設施管道改善生活質量
•通過抗災能力降低風險
•通過養老金和保險滲透的社會保障。
這些倡議及其組成部分中的每一個都將以國際標準為基準，並且指數將很快公布。
19.總結一下我的介紹性發言，這位預算髮言人先生致力為所有公民提供「生活便利」，如前所述，在三個主要主題下，即「有抱負的印度」，「經濟發展」和「關愛印度」捧著一束鮮花是兩隻手–一是無腐敗，政策驅動的良好治理，二是乾淨健全的金融部門。
20.前面所述的三個主題構成了我隨後演講的基礎。它們是花束的花朵，凸顯了「輕鬆生活」的總體概念，需要提升我們的總理什里·納倫德拉·莫迪（Shri Narendra Modi）所說的治理，有關財務的章節以及隨後的稅收B部分提供了必要的基礎。預算為明年及以後奠定了指南。
在此之前，我先詳細闡述三個主題，在此我想背誦克什米爾語中的一小節經文：
SaunWatanGulzarShalamaarHyur
達爾·曼茲（Dal Manz）PolvunPamposhHyuv
納烏萬·安洪（VavhunKhumaarHyuv）
MyonWatan，ChyonWatan
南德邦尼SaunWatan
（我們所做的一切，都是我們為這個美麗的國家所做的一切）
潘迪特·迪納納特·庫爾的詩
理想印度
21.我將介紹與以下方面有關的計劃和計劃：（1）農業灌溉與農村發展（2）健康，水和衛生與（3）教育和技能
農業，灌溉與農村發展
22.我們的政府致力於實現到2022年農民收入增加一倍的目標。我們通過KUMUM提供了能源主權，並通過Paramparagat Krishi Vikas Yojana提供了主權。我們為在Fasal Bima Yojana項目下受保的611萬農民提供了恢復力。專註於豆類的種植，通過Krishi Sinchai Yojana擴大微灌溉，提高了該國的自力更生。通過PM-KISAN直接向農民提供任何年度收入補充。通過PMGSY的連通性，金融包容性有助於提高農場收入。
22（1）。可以通過提高農業競爭力來確保農民的繁榮。為此，需要開放農產品市場。農場和牲畜市場的扭曲需要消除。購買農產品，物流和農業服務需要大量投資。需要為諸如牲畜，養蜂場和漁業之類的農場活動提供大量支持和支持。農民希望獲得涵蓋存儲，融資，加工和營銷的集成解決方案。
23.採用可持續的種植方式和引進更多技術是我們計劃不可或缺的部分。通過與各國合作，可以實現所有這些以及更多。
以下16個行動要點表明了我們的關注重點：
23（1）。我們建議鼓勵那些實行以下中央政府已經頒布的示範法的州政府：
a）2016年示範農業土地租賃法
b）《 2017年農產品和牲畜營銷示範法（促進和便利化）》;以及
c）2018年《農產品和牲畜合同農業和服務示範法（促進和便利）》
23（2）。現在，與水資源壓力有關的問題已成為全國範圍內的一個嚴重問題。我國政府正在對一百個缺水地區提出綜合措施。
23（3）。在2019年7月的預算演講中，我曾說過“annadata”也可以是“urjadata”。 PM-KUSUM計劃消除了農民對柴油和煤油的依賴，並將泵組與太陽能相連。現在，我建議擴大該計劃，為200萬農民提供安裝獨立太陽能泵的機會。此外，我們還將幫助另外15萬名農民對他們的併網泵組進行太陽能照明。此外，一項使農民能夠在其荒蕪/荒蕪的土地上建立太陽能發電能力並將其出售給電網的計劃將付諸實施。
23（4）。我國政府應鼓勵平衡使用各種肥料，包括傳統的有機肥料和其他創新肥料。這是改變現行激勵機制的必要步驟，該機制鼓勵過度使用化肥。
உண்
ஆத்திச்சூடி–82
布米蒂魯西翁
-明智的泰米爾老婦聖詩人Aauvaiyar – Sangam時代
「 Aaathichoodi」第81節
這句話的意思是，一個人必須「先耕種然後吃飯」，一個人下班後就必須吃飯。
23（5）。印度估計有1.62億噸的農業倉儲，冷藏，冷藏車設施等產能。NABARD將進行演習，以進行製圖和地理標記。此外，我們建議根據倉庫發展和監管局（WDRA）規範創建倉儲。我們的政府將提供可行性缺口資金，用於在區塊/塔魯克級別建立這樣的高效倉庫。如果各國可以在土地上提供便利並採用PPP模式，則可以實現這一目標。印度食品公司（FCI）和中央倉庫公司（CWC）也應在其土地上進行此類倉庫建設。
23（6）。作為一種向後鏈接，建議由SHG實施「鄉村存儲計劃」。這將為農民提供良好的保管能力，並降低其物流成本。婦女，自助團體應重新擔任「 Dhaanya Lakshmi」的職務。
23（7）。為了建立一條無縫的全國性易腐品冷庫供應鏈，包括牛奶，肉和魚，印度鐵路公司將通過PPP安排建立「基桑鐵路」，在快車和貨運列車中應有冷藏教練也一樣
23（8）.KrishiUdaan將由民航部在國際和國內航線上發射。這將極大地幫助提高價值實現，特別是在東北和部落地區。
23（9）。園藝部門目前的產量為3.11億噸，超過了糧食穀物的產量。為了更好地進行市場營銷和出口，我們建議支持國家，這些國家將以集群為基礎，將重點放在「一個產品一個地區」。
23（10）。雨育地區的綜合農業系統應予以擴大。將增加多層種植，養蜂，太陽能水泵，非作物季節的太陽能生產。零預算自然農業（2019年7月預算中提到）也應包括在內。 「 jaivikkheti」門戶網站–全國有機產品在線市場也將得到加強。
23（11）。流通倉庫收據（e-NWR）的融資已超過600億盧比。這將與e-NAM集成。
23（12）。非銀行金融公司（NBFC）和合作社活躍於農業信貸領域。 NABARD再融資計劃將進一步擴大。 2020-21年的農業信貸目標已定為15千萬克朗。 KCC計劃將涵蓋PM-KISAN的所有合格受益人。
23（13）。我國政府計划到2025年消除口蹄疫，牛布魯氏菌病以及綿羊和山羊瘟病小反芻動物（PPR）。人工授精的覆蓋率將從目前的30％增加到70％。 MNREGS將與發展飼料農場相吻合。此外，到2025年，我們將推動牛奶加工能力從5350萬噸增加到1.08億噸。
23（14）。藍色經濟：我國政府建議建立海洋漁業資源開發，管理和保護的框架。
23（15）。沿海地區的青年通過魚類加工和銷售而受益。我建議到2022-23年將魚類產量提高到2000萬噸。還將促進藻類，海藻和網箱養殖的發展。
我們的政府將通過3477 SagarMitras和500個魚農生產者組織，使青年參與漁業推廣。我們希望到2024-25年將漁業出口提高到10億克拉。
23（16）。在DeenDayal Antyodaya Yojana減貧計划下，動員了58萬戶SHG。我們將進一步擴展SHG。
24.現在，對於上述16個不同步驟的資金分配，現將其分為兩個不同類別：
對於由農業及相關活動，灌溉和農村發展組成的部門，2020-21財年的撥款約為28.3億克朗。其分裂，除其他外；
a）農業，灌溉及相關活動-1600000萬億
b）農村發展和潘賈亞蒂（Panchayati Raj）-`123,000萬千萬
健康，水和衛生
在「有抱負的印度」下，我現在將談論健康，水和衛生。
25.我們對醫療保健具有整體看法，可以轉變為公民的健康。 Indradhanush任務已擴大到涵蓋12種此類疾病，包括五種新疫苗。 FIT印度運動是與生活方式問題相關的非傳染性疾病鬥爭的重要組成部分。已經啟動了重點突出的安全水（賈爾·傑萬任務）和全面衛生計劃（斯瓦什·巴拉特任務），以支持健康願景。這將減輕窮人的疾病負擔。
26.目前，在PM Jan Arogya Yojana（PMJAY）的領導下，有20,000多家經驗豐富的醫院。根據該計劃，我們在二級和三級城市中需要更多的貧困人口。
26（1）。建議設置可行性差距資金窗口，用於以PPP模式建立醫院。在第一階段中，將覆蓋那些志向高遠的地區，目前在該地區沒有阿尤什曼（Ayushman）實力雄厚的醫院。這也將為青年提供大規模的就業機會。醫療器械稅收收入將用於支持這一至關重要的健康基礎設施
26（2）。通過使用機器學習和AI，在Ayushman Bharat計劃中，衛生當局和醫療兄弟會可以通過適當設計的預防方案來針對疾病。
27.發起了「 TB Harega Desh Jeetega」運動，我建議加強這些努力，以實現我們對在2025年結束結核病的承諾。
28.我建議到2024年將「揚·奧沙迪·肯德拉計劃」擴大到所有提供2000種藥品和300名外科醫師的地區。
我已為衛生部門提供了約690億盧比的資金，其中包括總理揚·阿羅吉亞·約哈納（PMJAY）的640億盧比。
29.我國政府致力於實施ODF Plus，以維持ODF的行為並確保不留下任何人。現在，在液體和灰水管理方面還需要做更多的工作。重點還將放在固體廢物收集，源頭分類和處理上。
Swachh Bharat任務的總撥款在2020-21財年約為1,230億盧比。
30.為了向所有家庭提供自來水，總理從紅堡宣布了賈爾·傑文特派團。我們的政府已為此任務批准了360億克朗。該計劃還強調增加當地水源，補充現有水源，並將促進集水和淡化海水。在今年本身，將鼓勵人口超過一百萬的城市實現這一目標。
在2020-21年間，該計劃的預算為
1150億。
教育和技能
《理想印度》下的第三個也是最後一個項目是教育和技能。
31.到2030年，印度將成為世界上工作年齡人口最多的國家。他們不僅需要識字，而且還需要工作和生活技能。與國家教育部，國會議員和其他利益相關者就教育政策進行了對話。還收到了超過20萬條建議。新教育政策即將公布。
32.人們認為，我們的教育系統需要更多的資金流入，以吸引有才能的教師，創新和建立更好的實驗室。因此，將採取步驟來採購外部商業借款和外國直接投資，以便能夠提供更高質量的教育。
33.普通專業（相對於服務或技術專業）的學生需要提高就業能力。到2021年3月，大約150所高等教育機構將開始學徒制嵌入式學位/文憑課程。
34.政府提議啟動一項方案，通過該方案，全國各地的城市地方機構將為應聘的工程師提供長達一年的實習機會。
35.為了向社會貧困階層的學生和那些無法接受高等教育的學生提供優質的教育，建議啟動學位級別的全面在線教育計劃。僅由在「國家機構排名」框架中排名前100名的機構提供。最初，只有少數此類機構被要求提供此類計劃。
36.印度應該是高等教育的首選目的地。因此，根據其「印度研究」計劃，擬在亞洲和非洲國家舉辦Ind-SAT，該標準將用於對獲得印度大學高等教育獎學金的外國候選人進行基準評估。
37.在警務科學，法醫科學，網路法證學等領域，正在提議建立一所國家警察大學和一所國家司法科學大學。
38.無論是全科醫生還是專科醫生，都缺乏合格的醫生。為了滿足這個要求；
38（1）。建議以PPP模式將醫學院附接到現有的地區醫院。那些完全允許醫院為醫學院提供設施並希望以優惠價格提供土地的州，將能夠獲得可行性缺口資金。該計劃的細節將得到解決。
38（2）。國家考試委員會授予PG醫學資格;國家委員會文憑和研究員（DNB / FNB）。因此，政府將鼓勵有足夠能力的大型醫院向國家考試委員會提供住院醫生DNB / FNB課程。
39.國外對教師，護士，醫務人員和護理人員的需求巨大。但是，他們的技能往往很多時候都不符合僱主的標準，因此需要提高。我建議由衛生，技能發展部和專業機構共同設計特殊的銜接課程，以實現同等水平。還需要包括各國的語言要求。所有這些都應通過特殊的培訓包來實現。
我國政府提議在2020-21財年為教育部門提供約99,300千萬盧比，為技能發展提供約300億盧比。
經濟發展
工業，商業和投資
薩拉斯瓦蒂－信德文明和哈拉潘海豹的行會非常出色。它們屬於公元前3300年。印度語腳本象形文字已被解密。與貿易和貿易有關的辭彙顯示了印度在過去的一千年中如何繼續發展豐富的技能，冶金，貿易等。進入國庫。
40.創業精神一直是印度的力量。即使到了今天，年輕人也放棄了其他地方的綠色牧場，為印度的發展做出了貢獻。他們冒險冒險，並提出了破壞性的解決方案來應對不斷惡化的挑戰。同樣，成熟的老工業正在重新適應不斷變化的全球和國內形勢。我們認識到我們青年的知識，技能和承擔風險的能力。他不再是求職者。他是工作的創造者。現在，我們希望創造更多機會，並消除他前進道路上的障礙。
我建議成立一個投資清算小組，該小組將通過門戶網站提供「端到端」的便利和支持，包括投資前諮詢，與土地儲備有關的信息，並促進中心和州一級的清算。
41.有必要最大限度地提高三個單獨開展的經濟活動的利益：（1）即將到來的經濟走廊； （二）振興製造業活動； （3）技術和理想水平的要求。我們必須從他們的融合中受益。因此，建議以PPP模式與國家合作開發五個新的智慧城市。將選擇根據上述原則提供最佳選擇的此類站點。
42.印度需要製造網路產品。這將使其成為全球價值鏈的一部分。反過來，這將獲得更多投資，並為我們的青年創造更多就業機會。
42（1）。電子製造業競爭非常激烈，印度已顯示出其成本優勢。這個行業在創造就業機會方面潛力巨大。印度需要促進國內製造業並吸引電子價值鏈上的大量投資。在這裡，我提出一個計劃，重點鼓勵手機，電子設備和半導體封裝的生產。詳細信息將在以後宣布。
42（2）。通過適當的修改，該方案也可以適用於醫療設備的製造
43.印度每年進口大量技術紡織品，價值160億美元。為了扭轉這種趨勢並使印度成為技術紡織品的全球領導者，提議設立一個國家技術紡織品代表團，其實施期為2020-21年至2023-24年，為期四年，預計支出為148億盧比。
44.我國總理在紅堡會議上談到「零缺陷-零影響」製造業時談到了質量和標準，去年9月，我呼籲工業界有時限採用所有必要的強制性技術。標準及其有效執行：今年所有部門將發布質量標準訂單。
45.為了實現更高的出口信貸支付，正在啟動一項新的計劃，即NIRVIK，該計劃提供更高的保險範圍，減少小型出口商的保費和簡化索賠解決程序。
46.提議以數字方式退還出口商在中央，州和地方各級徵收的關稅和稅款，例如用於運輸的燃料的電費和增值稅，這些關稅和稅收在任何其他現有機制下都不會免除或退還。這項針對出口產品的關稅和稅收返還計劃將於今年啟動。
47.總理的願景是每個地區都應發展成為出口樞紐。中心政府和州政府的努力正在加在一起，體制機制正在建立。
48.政府電子市場正在為在該國建立統一採購系統而前進，該系統為貨物，服務和工程的採購提供了一個單一的平台。它為中小型和微型企業（MSME）提供了絕佳的機會。該平台上已有32.4萬個供應商。它提議將其營業額提高到3千萬克朗。
我提議在2020-21財年提供約27,300千萬用於發展和促進工商業。
在「經濟發展」主題下，第二個重點是基礎設施。
基礎設施
49.尊敬的議長，主席先生，總理在2019年獨立日演講中強調，未來5年將在基礎設施上投資1000億克朗。作為一項後續措施，我於2019年12月31日啟動了1030億千萬美元的國家基礎設施管道建設。它由跨部門的6500多個項目組成，並根據其規模和發展階段進行分類。
這些新項目將包括住房，安全飲用水，獲得清潔和負擔得起的能源，所有人的醫療保健，世界一流的教育機構，現代化的火車站，飛機場，巴士總站，地鐵和鐵路運輸，物流和倉儲，灌溉項目等國家基礎設施管道計劃改善該國每個公民的生活便利。它還將對這些基礎設施項目的開發，運營和維護進行一般性和部門性改革。
印度年輕人在基礎設施的建設，運營和維護方面存在巨大的就業機會。國家技能發展局將特別注重基礎設施方面的技能發展機會。
50（1）。我建議為基礎設施項目建立項目準備設施。該計劃將積極吸引來自我們大學的年輕工程師，管理專業畢業生和經濟學家。
50（2）。還建議指示政府的所有基礎設施機構讓青年力量參與初創企業。他們將幫助在公民的優質公共基礎設施中推出增值服務。
51.國家後勤政策將很快發布。除其他外；它將闡明聯邦政府，州政府和主要監管機構的作用。它將創建一個單一窗口的電子物流市場，並將側重於創造就業機會，技能和使MSME更具競爭力。
52.將加快發展高速公路。這將包括開發2500公里的出入口控制高速公路，9000公里的經濟走廊，2000公里的沿海和陸路港口公路和2000公里的戰略高速公路。
德里-孟買高速公路和其他兩個項目將在2023年完成。欽奈-班加羅爾高速公路也將啟動。
53. FASTag機制鼓勵我們使高速公路更加商業化，以便NHAI可以籌集更多資源。我建議在2024年之前將至少十二批超過6000公里的高速公路捆綁貨幣化。
54.印度鐵路公司在履行職責時為國家服務。
a）在本屆政府上任100天之內，它已經在許多站點啟用了550個Wi-Fi設施。
b）消除無人過境
c）旨在使27000 Km的軌道電氣化。
這將要求優化成本。鐵路的經營盈餘很小。關於印度鐵路公司，我想強調以下五項措施：
•在鐵路擁有的土地上，在鐵軌旁建立大型太陽能發電能力。正在考慮一項提案。
•將通過PPP模式完成四個車站的重建項目，並運營150列旅客列車。邀請私人參與的過程正在進行中。
•更多的Tejas型火車將連接標誌性的旅遊目的地。
•孟買到艾哈邁達巴德之間的高速火車將得到積極的追趕。
•148公里長的班加羅爾郊區運輸項目，成本為
`18,600千萬，將是地鐵模型的票價。 Central Government would provide 20% of equity and facilitate external assistance up to 60% of the project cost.
55.Our sea-ports need to be more efficient. Technology has to used to improve performance. A governance framework keeping with global benchmarks needs to be put in place.
This government would consider corporatizing at least one major port and subsequently its listing on the stock exchanges.
56.Inland Waterways received a boost in the last five years. The Jal Vikas Marg on National Waterway-1 will be completed. Further, the 890 Km Dhubri-Sadiya connectivity will be done by 2022.
Developing waterways has its impact on the eco-system on both the banks of the river. Our Prime Minister has conceptualised 「Arth Ganga”. Plans are afoot to energise economic activity along river banks.
57.Air traffic has been growing rapidly in the country as compared to global average. One hundred more airports would be developed by 2024 to support Udaan scheme. It is expected that the air fleet number shall go up from the present 600 to 1200 during this time.
I propose to provide about ` 1.70 lakh crore for transport Infrastructure in 2020-21.
58.Taking electricity to every household has been a major achievement. However, the distribution sector, particularly the DISCOMS are under financial stress. The Ministry intends to promote 「smart” metering. I urge all the States and Union Territories to replace conventional energy meters by prepaid smart meters in the next 3 years. Also, this would give consumers the freedom to choose the supplier and rate as per their requirements.
Further measure to reform DISCOMs would be taken.
I propose to provide about ` 22,000 crore to power and renewable energy sector in 2020-21
59.In the upstream sector of oil and gas, the Open Acreage Licensing Policy (OALP) is a success having awarded 1,37,000 sq km for exploration to private sector and to the CPSEs. City gas distribution rights are also awarded.
60 (1).Further, it is proposed to expand the national gas grid from the present 16200 km to 27000 km, and
60 (2).To deepen gas markets in India, further reforms will be undertaken to facilitate transparent price discovery and ease of transactions.
New Economy
61.The new economy is based on innovations that disrupt established business models. Artificial intelligence, Internet-of-Things (IoT), 3D printing, drones, DNA data storage, quantum computing, etc., are re-writing the world economic order. India has already embraced new paradigms such as the sharing economy with aggregator platforms displacing conventional businesses. Government has harnessed new technologies to enable direct benefit transfers and financial inclusion on a scale never imagined before.
62.It is now a cliché – 「data is the new oil” and it is true that Analytics, Fintech and Internet of Things (IOT) are changing the way we deal with our lives. To take advantage of this, I propose:
62 (1).To bring out soon a policy to enable private sector to build Data Centre parks throughout the country. It will enable our firms to skilfully incorporate data in every step of their value chains.
62 (2). Our vision is that all 「public institutions” at Gram Panchayat level such as Anganwadis, health and wellness centres, government schools, PDS outlets, post offices and police stations will be provided with digital connectivity. So, Fibre to the Home (FTTH) connections through Bharatnet will link 100,000 gram panchayats this year.
It is proposed to provide ` 6000 crore to Bharatnet programme in 2020-21.
63.We need to expand the base for knowledge-driven enterprises. Intellectual property creation and protection will play an important role. Several measures are proposed in this regard, which will benefit the Start-ups.
63 (1). A digital platform would be promoted that would facilitate seamless application and capture of IPRs. Also, in an Institute of Excellence, a Centre would be established that would work on the complexity and innovation in the field of Intellectual Property.
63 (2). Knowledge Translation Clusters would be set up across different technology sectors including new and emerging areas.
63 (3).For designing, fabrication and validation of proof of concept, and further scaling up Technology Clusters, harbouring such test beds and small scale manufacturing facilities would be established.
63 (4). Mapping of India』s genetic landscape is critical for next generation medicine, agriculture and for bio-diversity management. To support this development, we will initiate two new national level Science Schemes, to create a comprehensive database.
63 (5). The government proposes to provide early life funding, including a seed fund to support ideation and development of early stage Start-ups.
64.Quantum technology is opening up new frontiers in computing, communications, cyber security with wide-spread applications. It is expected that lots of commercial applications would emerge from theoretical constructs which are developing in this area.
It is proposed to provide an outlay of ` 8000 crore over a period five years for the National Mission on Quantum Technologies and Applications.
Caring Society
In our third theme we focus on Women &Child, Social Welfare; Culture and Tourism and also on Environment and Climate Change.
Women & Child, Social Welfare
65.I am pleased to inform the House that 「Beti Bachao Beti Padhao” has yielded tremendous results. Gross enrolment ratio of girls across all levels of education is now higher than boys. At elementary level, it is 94.32 % as against 89.28% for boys. At Secondary level, it is 81.32 % as compared to 78 %, At higher secondary level girls have achieved a level of 59.70 % as compared to 57.54 % for boys.
66.Health of mother and child are closely corelated. Nutrition is the critical component of health. To improve the nutritional status of children (0-6 years), adolescent girls, pregnant women and lactating mothers, our Prime Minister launched a 「Poshan Abhiyan” in 2017-18. More than six lakh anganwadi workers are equipped with smart phones to upload the nutritional status of more than 10 crore households. The scale of these developments is unprecedented.
67.Women』s age of marriage was increased from fifteen years to eighteen years in 1978,by amending erstwhile Sharda Act of 1929. As India progresses further, opportunities open up for women to pursue higher education and careers. There are imperatives of lowering MMR as well as improvement of nutrition levels. Entire issue about age of a girl entering motherhood needs to be seen in this light. I propose to appoint a task force that will present its recommendations in six months』 time.
I propose to provide `35600crore for nutrition-related programmes for the financial year 2020-21.
68.In continuing with our government』s commitment to the welfare of women, this budget provides for about ` 28,600crore for programs that are specific to women.
69. Our government is determined that there shall be no manual cleaning of sewer systems or septic tanks. Suitable technologies for such tasks have been identified by the Ministry of Housing and Urban Affairs. The Ministry is working with urban local bodies for the adoption of these technologies. We will now take this to its logical conclusion through legislative and institutional changes. Financial support for wider acceptance of such technologies will be provided.
70In furthering this government』s commitment towards the welfare of Scheduled Castes and Other Backward classes, I propose a budget provision of about`85,000crore for 2020-21.
71. In furthering development and welfare of Scheduled tribes, I provide in the Budget for the year 2020-21 an amount of about `53,700crore.
72.This government is mindful of the concerns of senior citizens and Divyang. Accordingly, an enhanced allocation of about `9,500 crore is being provided for 2020-21.
Culture & Tourism
73.Our government proposes to establish an Indian Institute of Heritage and Conservation under Ministry of Culture; it shall have the status of a deemed University to start with. Acquisition of knowledge in disciplines such as museology and archaeology are essential for collecting and analysing scientific evidence of such findings and for dissemination through high quality museums. Currently lack of trained man-power is a handicap for both these disciplines. This also affects tourism.
74.Five archaeological sites would be developed as iconic sites with on-site Museums. They are: Rakhigarhi (Haryana), Hastinapur (Uttar Pradesh) Shivsagar (Assam), Dholavira (Gujarat) and Adichanallur (Tamil Nadu).
75.Our Prime Minister in January 2020 announced re-curation of the Indian Museum in Kolkata, which is the oldest in the country.
75 (1).In the historic Old Mint building Kolkata, a museum on Numismatics and Trade will also be located. Four more museums from across the country shall be taken up for renovation and re-curation so that a world class experience can be offered to visitors. Our government shall also support setting up of a Tribal Museum in Ranchi (Jharkhand).
75 (2).A maritime museum would be set up at Lothal- the Harrapan age maritime site near Ahmedabad, by Ministry of Shipping.
I propose to provide ` 3,150crore for Ministry of Culture for
2020-21.
76.India has moved up from rank 65 in 2014 to 34 in 2019 in the Travel & Tourism Competitive Index (World Economic Forum). Foreign exchange earnings grew 7.4% to `1.88 lakh crores for the period January to November 2019 from `1.75 lakh crores
Growth of tourism directly relates to growth and employment. States have a critical role to play. I expect the State governments to develop a roadmap for certain identified destinations and formulate financial plans during 2021 against which specified grants will be made available to the States in 2020-21.
For purpose of tourism promotion, I propose to allocate ` 2,500 crore for 2020-21.
Environment & Climate Change
77.In September 2019, the Prime Minister has launched the Coalition for Disaster Resilient Infrastructure (CDRI) with its Secretariat in Delhi. This global partnership is the second such international initiative after the launch of International Solar Alliance in 2015. This Global Partnership will help in addressing a number of Sustainable Development Goals (SDGs), as also the aims of Sendaiframework. It will enhance climate change adaptation with a focus on disaster resilient infrastructure
78.India submitted its Nationally Determined Contribution, under the Paris Agreement in 2015 on a 「best effort” basis, keeping in mind the development imperative of the country. Its implementation effectively begins on 1st January 2021. Our commitments as action will be executed in various sectors by the Departments/Ministries concerned through the normal budgeting process.
79.There are yet, thermal power plants that are old and their carbon emission levels are high.
For such power plants, we propose that utilities running them would be advised to close them, if their emission is above the pre-set norms. The land so vacated can be put to alternative use.
80.In large cities having population above one million, clean air is a matter of concern. The government proposes to encourage such States that are formulating and implementing plans for ensuring cleaner air in cities above one million. Parameters for the incentives would be notified by the Ministry of Environment, Forests and Climate change. Allocation for this purpose is `4400 crore for 2020-21.
நல்ல நாடு
பிணியின்மை, செல்வம் விளைவின்பம் ஏமம்
அணியென்ப நாட்டிவ் வைந்து.
குறள்- 738
(The meaning of this kural is that Freedom from illness, wealth, produce, happiness and protection (to subjects); these five, are the ornaments of a kingdom).
Governance
81.Hon』ble Speaker, Sir, all the while I have explained the colour and composition of the bouquet of flowers – schemes and programmes. They were grouped under Aspirational India, Economic Development and Caring India. Now I speak about the two hands that will hold them. One such hand is Governance – clean, corruption-free, policy driven and good in intent and most importantly trusting in faith. Trusting every citizen, the aspirational youth, the hard-working women, the risk-taking entrepreneur, the ever hopeful and untiring farmer or the wise and old senior citizen. Many among them are taxpayers. Others may not be taxpayers today. Our Prime Minister has laid before us Ease of Living as a goal to be achieved on behalf of all citizens. An important aspect of both ease of living and ease of doing business is fairness and efficiency of tax administration. We wish to enshrine in the statutes a 「taxpayer charter” through this budget. Our government would like to reassure taxpayers that we remain committed to taking measures so that our citizens are free from harassment of any kind.
82.There has been a debate about building into statutes, criminal liability for acts that are civil in nature. Hence, for Companies Act, certain amendments are proposed to be made that will correct this. Similarly, other laws would also be examined, where such provisions exist and attempts would be made to correct them.
83.The Government intends to introduce major reforms in recruitment to Non-Gazetted posts in governments and public sector banks. At present, candidates have to appear for multiple examinations conducted by multiple agencies at different points of time, for similar posts This places enormous burden on time, effort and cost of young people. To mitigate their hardship faced, it is proposed to set up a National Recruitment Agency (NRA) as an independent, professional, specialist organisation for conduct of a computer-based online Common Eligibility Test for recruitment to Non-Gazetted posts. A test-centre in every district, particularly in the Aspirational Districts would be set up.
84.For speedy disposal of commercial and other disputes, Government has constituted various Tribunals and specialised bodies. It is proposed to evolve a robust mechanism for appointment including direct recruitment to these bodies to attract best talents and professional experts.
85.A stable and predictable business environment is a key objective of this government. There is also a strong argument for ensuring that contracts are honoured. India has a sound framework related to Contracts Act. We shall deliberate upon strengthening it.
86.There is a growing need for the Indian Statistical system to meet the challenges of real time monitoring of our increasingly complex economy. Data must have strong credibility. The proposed new National Policy on Official Statistics would use latest technology including AI. It would lay down a road-map towards modernised data collection, integrated information portal and timely dissemination of information.
87.I am happy to inform that India will host G 20 presidency in the year 2022- the year of 75th anniversary of independence of Indian Nation. During this presidency, India would be able to drive considerably the global economic and development agenda. For this historic occasion, I allocate a sum of ` 100 crore to begin the preparations.
88.North Eastern region has a very high priority in Government』s Developmental agenda. Government is ensuring smooth access to financial assistance from multilateral and bilateral funding agencies to help introduce innovative and global best practices. Central Government has effectively used an online portal to reduce gestation period of online. This has improved the flow of funds to the northeast region.
89.The Government is fully committed to supporting the all-round development of the newly formed Union Territories of J&K and the Union Territory of Ladakh. Accordingly, an amount of `30,757 crore has been provided for the Financial Year 2020-21. An amount of `5,958 crore has been provided for the Union Territory of Ladakh.
Financial Sector
90.If Governance was described as one of the pair of hands holding the bouquet consisting of Aspirational India, Economic Development and Caring India, the other is the Financial Sector. A clean, reliable and robust financial sector is critical to the economy. In our efforts to achieve the USD 5 trillion economy, the financial architecture should keep evolving and move from strength to strength.
91.We had earlier approved consolidation of 10 banks into four. In the last few years, Government of India has infused about` 3,50,000 crore by way of capital into Public Sector Banks for regulatory and growth purposes. Governance reforms would be carried out in these banks, so that they become more competitive.
A few among them will be encouraged to approach capital market to raise additional capital.
92.I wish to inform this august House that robust mechanism is in place to monitor the health of all Scheduled Commercial Banks and that depositors』 money is safe.
Further, the Deposit Insurance and Credit Guarantee Corporation (DICGC) has been permitted to increase Deposit Insurance Coverage for a depositor, which is now `one lakh to `five lakh per depositor.
93.To strengthen the Cooperative Banks, amendments to the Banking Regulation Act are proposed for increasing professionalism, enabling access to capital and improving governance and oversight for sound banking through the RBI.
94.The limit for NBFCs to be eligible for debt recovery under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002 is proposed to be reduced from ` 500 crore to asset size of ` 100 crore or loan size from existing ` 1 crore to ` 50 lakh.
95.In the last few years, the government has taken concrete steps to bring our banking system to be robust. However, there is a need for greater private capital. Accordingly, it is proposed to sell the balance holding of Government of India IDBI Bank to private, retail and institutional investors through the stock exchange.
96.There is a need to take further steps to bring in transparency and greater professionalism in Public Sector Banks. The government will take appropriate measures.
97.To help easy mobility while in jobs, we wish to infuse into the Universal Pension coverage with auto enrolment; also, we wish to place such mechanisms which can enable inter-operability and provide safeguards for the accumulated corpus.
Regulating role of PFRDAI requires strengthening. Necessary amendments would be carried out in Pension Fund Regulatory Development Authority of India Act that will also facilitate separation of NPS trust for government employees from PFRDAI. This would also enable establishment of a Pension Trust by the employees other than Government. I am confident that this will motivate citizens to plan for their old age.
98.MSMEs are vital to keep the wheels of economy moving. They also create job, innovate and are risk takers. Several measures for the MSMEs have been taken in the past few years. There are more steps proposed in this budget also.
98(1).I propose to make necessary amendments to the Factor Regulation Act 2011. This will enable NBFCs to extend invoice financing to the MSMEs through TReDS, thereby enhancing their economic and financial sustainability.
98(2).Working capital credit remains a major issue for the MSMEs. It is proposed to introduce a scheme to provide subordinate debt for entrepreneurs of MSMEs. This subordinate debt to be provided by banks would count as quasi-equity and would be fully guaranteed through the Credit Guarantee Trust for Medium and Small Entrepreneurs (CGTMSE). The corpus of the CGTMSE would accordingly be augmented by the government.
98(3).More than five lakh MSMEs have benefitted from restructuring of debt permitted by RBI in the last year. The restructuring window was to end on March 31, 2020. Government has asked RBI to consider extending this window till March 31, 2021.
98(4).An app-based invoice financing loans product will be launched. This will obviate the problem of delayed payments and consequential cash flows mismatches for the MSMEs.
99.Many mid-size companies are successful domestically but not in export markets. For selected sectors such as pharmaceuticals, auto components and others, we propose to extend handholding support – for technology upgradations, R&D, business strategy etc. A scheme of ` 1000 crore will be anchored by EXIM Bank together with SIDBI. Both these institutions would contribute ` 50 crore each. This ` 100 crore would be achieved towards equity and technical assistance. Debt funding of `900 crore from banks would be made available.
Financial Markets
100.Last year, in the budget speech, I had mentioned about deepening the bond market. To achieve the aspirational growth rate,we would require flow of capital in our financial system. A lot of work has been done on this in consultation with the RBI.
Hon』ble Speaker, Sir, I am pleased to inform this House of the developments:
100(1).Certain specified categories of Government securities would be opened fully for non-resident investors, apart from being available to domestic investors as well.
100(2).The limit for FPI in corporate bonds, currently at 9% of outstanding stock, will be increased to 15% of the outstanding stock of corporate bonds.
100(3).To improve investors』 confidence and to expand the scope of credit default swaps, we propose to formulate a legislation, to be placed soon before the House, for laying down a mechanism for netting of financial contracts.
101.The Debt-based Exchange Traded Fund (ETF) recently floated by the government was a big success. Government proposes to expand this by floating a new Debt-ETF consisting primarily of government securities.
This will give retail investors access to government securities as much as giving an attractive investment for pension funds and long-term investors.
102.To address the liquidity constraints of the NBFCs/HFCs, post the Union budget 2019-20, the government formulated a Partial Credit Guarantee scheme for the NBFCs. To further this support of providing liquidity, a mechanism would be devised. Government will offer support by guaranteeing securities so floated.
Infrastructure Financing
103.Government』s commitment for investment in infrastructure was reiterated when `103 lakh crore National Infrastructure Pipeline projects were announced. I would also like to inform that about ` 22,000 crore has already been provided, as support to Infrastructure Pipeline. This would cater for equity support to Infrastructure Finance Companies such as IIFCL and a subsidiary of NIIF. They would leverage it, as permissible, to create financing pipeline of more than `1,00,000 crore. This would create a major source of long term debt for infrastructure projects and fulfil a long awaited requirement.
104.IFSC, GIFT city has the potential to become a centre of international finance as well as a centre for high end data processing:
104 (1).GIFT IFSC has an approved Free Trade zone for housing vaults. It already has 19 insurance entities, 40 banking entities. It has also provided for setting up of precious metals testing laboratories and refining facilities. With the approval of the regulator, GIFT City would set up an International Bullion exchange(s) in GIFT-IFSC as an additional option for trade by global market participants. This will enable India to enhance its position worldwide, create jobs in India and will lead to better price discovery of gold.
104 (2).In recent years there has been a surge in trading volumes of Indian rupee in the offshore financial centres. The Government and RBI has taken various measures to permit Rupee derivatives to be traded in the International Financial Services Centre at GIFT city, Gujarat.
Disinvestment
105.Listing of companies on stock exchanges discipline a company and provides access to financial markets and unlocks its value. It also gives opportunity for retail investors to participate in the wealth so created. The government now proposes to sell a part of its holding in LIC by way of Initial Public Offer (IPO).
Fiscal Management
106.XV Finance Commission has given its first report pertaining to Financial Year 2020-21. In the spirit of co-operative federalism, I am pleased to announce that we have, in substantial measure, accepted the recommendations of the Commission. The commission would submit its final report to the President during the latter part of the year, for five years beginning 2021-22.
107.It is decided to transfer to the GST Compensation Fund balances due out of collection of the years 2016-17 and 2017-18, in two instalments. Hereinafter, transfers to the fund would be limited only to collection by way of GST compensation cess.
108. A fundamental overhaul of Centrally Sponsored Schemes and Central Sector Schemes is necessary, to align them with emerging social and economic needs of tomorrow, and to ensure that scarce public resources are spent optimally.
109.Recently there has been a debate over transparency and credibility of the projected fiscal numbers. Let me assure the House that the procedure adopted is compliant with the FRBM Act. This is also consistent with the practices hitherto followed.
However, for greater clarity, I have enumerated those central Government debt that are not part of market borrowing and are used to fund the expenditure at the annexes. Servicing of interest and repayment of these debts as hitherto, are done out of Consolidated fund of India.
110.Revised Estimates of Expenditure for the Financial Year 2019-20 are at a level of ` 26.99 lakh Crore and the receipts are estimated at `19.32lakh crore.
We have estimated nominal growth of GDP for year 2020-21, on the basis of trends available, at 10%. Accordingly, receipts for the year 2020-21 are estimated at ` 22.46 lakh cr and, keeping in mind commitment of the Government towards various schemes and need for improvement in quality of life, level of expenditure has been kept at ` 30.42 lakh crore.
During the year Government has unfailingly worked towards keeping up the capital expenditure. Actually, there is substantial enhancement. All the flagship schemes of the government have been fully provided for. Details may be seen at the annexes to the printed copy of my speech.
111.Every budget must appropriately address the issue of fiscal deficit. Recently Government has undertaken very significant tax reforms for boosting investments. However, expected tax buoyancy will take time.
We estimate a fiscal deficit of 3.8% in RE 2019-20 and 3.5% for
BE 2020-21. This estimation is consistent with Government』s abiding commitment to macroeconomic stability. It comprises of,
(a)3.3% for year 2019-20, and 3% for the 2020-21 budget estimate;
(b)Section 4 (2) of the FRBM Act provides for a trigger mechanism for a deviation from the estimated fiscal deficit on account of structural reforms in the economy with unanticipated fiscal implications. Therefore, I have taken a deviation of 0.5%, consistent with Section 4(3) of FRBM Act, both for RE 2019-20 and BE 2020-21.
Accordingly, the return path is being laid before the parliament as a part of Medium Term Fiscal Policy cum Strategy Statement. This fiscal path commits us to the path of fiscal consolidation without compromising the needs of investment out of public funds.
Accordingly, net market borrowings for the year 2019-20 would be
` 4.99 lakh crore and for the year 2020-21, it would be `5.36 lakh crore.
112.A good part of the borrowings for the financial year 2020-21 would go towards Capital expenditure of the Government that has been scaled up by more than 21%. As, I had previously mentioned another about ` 22,000 crore have been allocated for equity to fund certain specified infrastructure finance companies, who would leverage it manifold and provide much needed long-term finance to Infrastructure sector. That should spur growth impulses in the economy.
I would, now, move to Part B of my speech.
PART B
Direct Tax
113.Mr Speaker, Sir, our Government has spearheaded radical fiscal measures to ensure that India』s economy continues to tread the path of high growth. These are times when countries are competing with each other like never before to become the most attractive destination for doing business. Therefore, to make sure that India stays globally competitive and a favoured destination for investment, we took a bold historic decision of reducing the corporate tax rate for new companies in the manufacturing sector to an unprecedented level of 15%. Similarly, for the existing companies, the rate has also been brought down to just 22%. As a result, our corporate tax rates are now amongst the lowest in the world. This will enable companies to expand their businesses and make fresh investments in the coming future. Though we will have loss of substantial revenue due to these measures in the short-run, I am certain that our economy will reap huge returns on this score in due course.
प्रजानामेवभूत्यर्थंसताभ्योबलिमग्रहीत्।
सहस्रगुणमुत्स्रष्टुमादत्तेहिरसंरविः॥
Surya, the Sun, collects vapour from little drops of water. So does the King.
They give back copiously. They collect only for people』s wellbeing.
[Verse 18, Sarga 1 Raghuvamsa by Kalidasa]
114.In continuation of the reform measures already taken so far, the tax proposals in this budget will introduce further reforms to stimulate growth, simplify tax structure, bring ease of compliance, and reduce litigations.
115.Personal Income Tax and simplification of taxation
•In the interim Budget of 2019, our government exempted individuals having income up to ` 5 Lakh from paying any income tax. Presently, an individual pays 20% on income between ` 5 Lakh to ` 10 Lakh and 30% on income above ` 10 Lakh. Further, currently the Income Tax Act is riddled with various exemptions and deductions which make compliance by the taxpayer and administration of the Income Tax Act by the tax authorities a burdensome process. It is almost impossible for a taxpayer to comply with the Income-tax law without taking help from professionals.
•In order to provide significant relief to the individual taxpayers and to simplify the Income-tax law, I propose to bring a new and simplified personal income tax regime wherein income tax rates will be significantly reduced for the individual taxpayers who forgo certain deductions and exemptions.
•Under the new regime, an individual shall be required to pay tax at the reduced rate of 10% for income between ` 5 Lakh to ` 7. 5 Lakh against the current rate of 20%.
•For income between ` 7.5 Lakh to ` 10 Lakh he will pay at the reduced rate of 15% against the current rate of 20 %.
•Similarly for the income between ` 10 Lakh to ` 12.5 Lakh the taxpayer will pay at the reduced rate of 20% against the current rate of 30 %.
•The income between ` 12.5 Lakh to ` 15 Lakh will be taxed at the reduced rate of 25% against the existing rate of 30 %. Incomes above ` 15 lakh will be continued to be taxed at the rate of 30 %.
•Those earning up to ` 5 lakhs shall not pay any tax either in the old regime or in the new regime.
•The proposed tax structure will provide significant relief to taxpayers and more so to those in the middle class.
Taxable Income
Slab (`)Existing Tax RatesNew Tax Rates
0-2.5 LakhExemptExempt
2.5-5 Lakh5%5%
5-7.5 Lakh20%10%
7.5-10 Lakh20%15%
10-12.5 Lakh30%20%
12.5-15 Lakh30%25%
Above 15 Lakh30%30%
•In the new tax regime, substantial tax benefit will accrue to a taxpayer depending upon exemptions and deductions claimed by him. For example, a person earning ` 15 lakh in a year and not availing any deductions etc. will pay only `, 1,95,000 as compared to `, 2,73,000 in the old regime. Thus his tax burden shall be reduced by 78,000 in the new regime. He would still be the gainer in the new regime even if he was taking deduction of ` 1.5 Lakh under various sections of Chapter- VI-A of the Income Tax Act under the old regime.
•The new tax regime shall be optional for the taxpayers. An individual who is currently availing more deductions & exemption under the Income Tax Act may choose to avail them and continue to pay tax in the old regime.
•The new personal income tax rates will entail estimated revenue forgone of ` 40,000 crore per year. We have also initiated measures to prefill the income tax return so that an individual who opts for the new regime would need no assistance from an expert to file his return and pay income tax.
•In order to simplify income tax system, I have reviewed all the exemptions and deductions which got incorporated in the income tax legislation over the past several decades. It was surprising to know that currently more than one hundred exemptions and deductions of different nature are provided in the Income-tax Act. I have removed around 70 of them in the new simplified regime. We will review and rationalise the remaining exemptions and deductions in the coming years with a view to further simplifying the tax system and lowering the tax rate.
116.Dividend Distribution Tax
•Currently, companies are required to pay Dividend Distribution Tax (DDT) on the dividend paid to its shareholders at the rate of 15% plus applicable surcharge and cess in addition to the tax payable by the company on its profits.
•It has been argued that the system of levying DDT results in increase in tax burden for investors and especially those who are liable to pay tax less than the rate of DDT if the dividend income is included in their income.
•Further, non-availability of credit of DDT to most of the foreign investors in their home country results in reduction of rate of return on equity capital for them. In order to increase the attractiveness of the Indian Equity Market and to provide relief to a large class of investors, I propose to remove the DDT and adopt the classical system of dividend taxation under which the companies would not be required to pay DDT. The dividend shall be taxed only in the hands of the recipients at their applicable rate.
•Further, in order to remove the cascading effect, I also propose to allow deduction for the dividend received by holding company from its subsidiary. The removal of DDT will lead to estimated annual revenue forgone of ` 25,000 Crore.
• This is another bold move which will further make India an attractive destination for investment.
117.Concessional tax rate for Electricity generation companies
•In order to give boost to the manufacturing sector, new provisions were introduced in September 2019 offering a concessional corporate tax rate of 15% to the newly incorporated domestic companies in the manufacturing sector which start manufacturing by 31st March, 2023.
•In order to attract investment in power sector, I propose to extend the concessional corporate tax rate of 15% to new domestic companies engaged in the generation of electricity.
118.Tax concession for foreign investments
•In order to incentivise the investment by the Sovereign Wealth Fund of foreign governments in the priority sectors, I propose to grant 100% tax exemption to their interest, dividend and capital gains income in respect of investment made in infrastructure and other notified sectors before 31st March, 2024 and with a minimum lock-in period of 3 years.
•In order to make available foreign funds at a lower cost, I propose to extend the period of concessional withholding rate of 5% under section 194LC for interest payment to non-residents in respect of moneys borrowed and bonds issued up to 30th June, 2023.
•I also propose to extend the period up to 30th June, 2023 for lower rate of withholding of 5% under section 194LD for interest payment to Foreign Portfolio Investors (FPIs) and Qualified Foreign Investors (QFIs) in respect of bonds issued by Indian companies and government securities.
•I further propose to extend the concessional rate of withholding of 5% under section 194LD to the interest payment made on the Municipal Bonds.
•In order to incentivise listing of bonds at IFSC exchange, I propose to further reduce the withholding rate from 5% to 4% on interest payment on the bonds listed on its exchange.
119.Start-ups
Start-ups have emerged as engines of growth for our economy. Over the past year, our Government has taken several measures to hand-hold them and support their growth. During their formative years, Start-ups generally use Employee Stock Option Plan (ESOP) to attract and retain highly talented employees. ESOP is a significant component of compensation for these employees. Currently, ESOPs are taxable as perquisites at the time of exercise. This leads to cash-flow problem for the employees who do not sell the shares immediately and continue to hold the same for the long-term. In order to give a boost to the start-up ecosystem, I propose to ease the burden of taxation on the employees by deferring the tax payment by five years or till they leave the company or when they sell their shares, whichever is earliest.
•Further, an eligible Start-up having turnover up to 25 crores is allowed deduction of 100% of its the profits for three consecutive assessment years out of seven years if the total turnover does not exceed 25 crore rupees. In order to extend this benefit to larger start-ups, I propose to increase the turnover limit from existing ` 25 crore to ` 100 crores. Moreover, considering the fact that in the initial years, a start-up may not have adequate profit to avail this deduction, I propose to extend the period of eligibility for claim of deduction from the existing 7 years to 10 years.
120.Concessional tax rate for Co-operatives
•Co-operative societies play an extremely important role in our economy in facilitating access to credit, procurement of inputs and marketing of products to their members. These cooperatives are currently taxed at a rate of 30% with surcharge and cess. As a major concession and in order to bring parity between the co-operative societies and corporates, I propose to provide an option to cooperative societies to be taxed at 22% plus 10% surcharge and 4% cess with no exemption/deductions. Further, I also propose to exempt these co-operative societies from Alternative Minimum Tax (AMT) just like companies under the new tax regime are exempted from the Minimum Alternate Tax (MAT).
121.Medium, Small and Micro Enterprises (MSME)
•Currently, businesses having turnover of more than one crore rupees are required to get their books of accounts audited by an accountant. In order to reduce the compliance burden on small retailers, traders, shopkeepers who comprise the MSME sector, I propose to raise by five times the turnover threshold for audit from the existing ` 1 crore to ` 5 crore. Further, in order to boost less cash economy, I propose that the increased limit shall apply only to those businesses which carry out less than 5% of their business transactions in cash.
122.Affordable housing
•For realisation of the goal of 『Housing for All』 and affordable housing, in the last budget I had announced an additional deduction of up to one lakh fifty thousand rupees for interest paid on loans taken for purchase of an affordable house. The deduction was allowed on housing loans sanctioned on or before 31st March, 2020. In order to ensure that more persons avail this benefit and to further incentivise the affordable housing, I propose to extend the date of loan sanction for availing this additional deduction by one more year.
•Further, in order to boost the supply of affordable houses in the country, a tax holiday is provided on the profits earned by developers of affordable housing project approved by 31st March, 2020. In order to promote the affordable housing projects, I propose to extend the date of approval of affordable housing projects for availing this tax holiday by one more year.
123.Concession to real estate transactions
•Currently, while taxing income from capital gains, business profits and other sources in respect of transactions in real estate, if the consideration value is less than circle rate by more than 5 percent, the difference is counted as income both in the hands of the purchaser and seller. In order to minimize hardship in real estate transaction and provide relief to the sector, I propose to increase the limit of 5% to 10%.
124. Charity institutions
•Acknowledging the important role played by the charitable institutions in the society, the income of these institutions is fully exempt from taxation. Further, donation made to these institutions is also allowed as deduction in computing the taxable income of the donor.
•Currently, a taxpayer is required to fill the complete details of the donee in the income tax return for availing deduction.
•In order to ease the process of claiming deduction for donation, it is proposed to pre-fill the donee』s information in taxpayer』s return on the basis of information of donations furnished by the donee. This would result in hassle-free claim of deduction for the donation made by the taxpayer.
•Further, in order to claim the tax exemption, the charity institutions have to be registered with the Income Tax Department. In the past, the process of the registration was completely manual and scattered all over the country.
•In order to simplify the compliance for the new and existing charity institutions, I propose to make the process of registration completely electronic under which a unique registration number (URN) shall be issued to all new and existing charity institutions. Further, to facilitate the registration of the new charity institution which is yet to start their charitable activities, I propose to allow them provisional registration for three years.
125. Faceless appeals
Our government is committed to bringing in transformational changes so that maximum governance is provided with minimum government. In order to impart greater efficiency, transparency and accountability to the assessment process, a new faceless assessment scheme has already been introduced. Currently, most of the functions of the Income Tax Department starting from the filing of return, processing of returns, issuance of refunds and assessment are performed in the electronic mode without any human interface. In order to take the reforms initiated by the Department to the next level and to eliminate human interface, I propose to amend the Income Tax Act so as to enable Faceless appeal on the lines of Faceless assessment.
126. No Dispute but Trust Scheme – 『Vivad Se Vishwas』Scheme
•Sir, in the past our Government has taken several measures to reduce tax litigations. In the last budget, SabkaVishwas Scheme was brought in to reduce litigation in indirect taxes. It resulted in settling over 1,89,000 cases. Currently, there are 4,83,000 direct tax cases pending in various appellate forums i.e. Commissioner (Appeals), ITAT, High Court and Supreme Court. This year, I propose to bring a scheme similar to the indirect tax SabkaVishwas for reducing litigations even in the direct taxes.
•Under the proposed 『Vivad Se Vishwas』 scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty provided he pays by 31st March, 2020. Those who avail this scheme after 31st March, 2020 will have to pay some additional amount. The scheme will remain open till 30th June, 2020.
•Taxpayers in whose cases appeals are pending at any level can benefit from this scheme.
• I hope that taxpayers will make use of this opportunity to get relief from vexatious litigation process.
127. Losses of merged banks
•As a part of consolidation of the financial sector, our Government has brought out schemes for merger and amalgamation of public sector banks. In order to ensure that the amalgamated entities are able to take the benefit of unabsorbed losses and depreciation of the amalgamating entities, I propose to make necessary amendments to the provisions of the Income-tax Act.
128. Taxpayer』s Charter
•Any tax system requires trust between taxpayers and the administration. This will be possible only when taxpayer』s rights are clearly enumerated. Towards this end, and with the objective of enhancing the efficiency of the delivery system of the Income Tax Department, I propose to amend the provisions of the Income Tax Act to mandate the Central Board of Direct Taxes (CBDT) to adopt a Taxpayers』 Charter. The details of the contents of the charter shall be notified soon.
129.Instant PAN through Aadhaar
•In the last Budget, I had introduced the interchangeability of PAN and Aadhaar for which necessary rules were already notified. In order to further ease the process of allotment of PAN, soon we will launch a system under which PAN shall be instantly allotted online on the basis of Aadhaar without any requirement for filling up of detailed application form.
130.Our Government brought in the GST as a historic reform of the indirect taxes in 2017. We also took a path-breaking step of simplifying and rationalising corporate tax in September, 2019. More importantly, we offered a rate of corporate tax, which perhaps is the lowest in the world. Continuing on this path, we have now put the personal income tax at its lowest ever rate and totally removed DDT at the company』s hands. Further, the direct taxes are now the lowest, simplest, and smoothest. Direct tax on the Start-ups also has seen many reformatory steps in quick succession. Even ease of compliance is seeing unprecedented changes. Last but not the least, personal interface with tax administration is at the minimum ever.
Indirect Tax
131.As I mentioned earlier in Part A of my speech, reforms are continuing in GST. A simplified return shall be implemented from the 1st April, 2020. This is under pilot run. It will make return filing simple with features like SMS based filing for nil return, return pre-filling, improved input tax credit flow and overall simplification.
132.Refund process has been simplified and has been made fully automated with no human interface.
133.Electronic invoice is another innovation wherein critical information shall be captured electronically in a centralized system. It will be implemented in a phased manner starting from this month itself on optional basis. It will facilitate compliance and return filing.
134.Several measures have been taken for improving compliance. Aadhaar based verification of taxpayers is being introduced. This will help in weeding out dummy or non-existent units. Dynamic QR-code is proposed for consumer invoices. GST parameters will be captured when payment for purchases is made through the QR-code. A system of cash reward is envisaged to incentivise customers to seek invoice. Deep data analytics and AI tools are being used for crackdown on GST input tax credit, refund, and other frauds and to identify all those who are trying to game the system. Invoice and input tax credit matching is being done wherein returns having mismatch more than 10 percent or above a threshold are identified and pursued. Significant policy level changes have also been made. GST rate structure is also being deliberated so as to address issues like inverted duty structure.
135.On Customs side, a number of measures have been taken for ease of doing business. India』s quantum leap in the Trading Across Border parameter of Ease of Doing Business rankings by the World Bank is a testimony to these efforts. India』s rank on this parameter improved from 146 to 80 in 2018 and further to 68 in 2019. Measures have also been taken for providing a level playing field to our domestic manufacturers, particularly the MSME sector and for securing borders.
136.It has been observed that imports under Free Trade Agreements (FTAs) are on the rise. Undue claims of FTA benefits have posed threat to domestic industry. Such imports require stringent checks. In this context, suitable provisions are being incorporated in the Customs Act. In the coming months we shall review Rules of Origin requirements, particularly for certain sensitive items, so as ensure that FTAs are aligned to the conscious direction of our policy.
137.We are also strengthening provisions relating to safeguard duties which are applied when surge in imports causes serious injury to domestic industry. Amended provisions shall enable regulating such surge in imports in a systematic way. The provisions for checking dumping of goods and imports of subsidized goods are also being strengthened for ensuring a level playing field for domestic industry. These changes are in line with the international best practices.
138.Exemptions from customs duty have been given in public interest from time to time. However, a number of these have outlived their utility or have become outdated. On review, certain such exemptions are being withdrawn. Remaining custom duty exemptions shall be comprehensively reviewed by September, 2020 for taking a view on their relevance. I propose to crowd source suggestions for such reviews. Suggestions would also be invited in respect of the Customs laws and procedures for aligning them with the needs of changing times and ease of doing business.
139.Labour intensive sectors in MSME are critical for employment generation. Cheap and low-quality imports are an impediment to their growth. Special attention has been taken to put measured restraint on import of those items which are being produced by our MSMEs with better quality. Keeping in view the need of this sector, customs duty is being raised on items like footwear and furniture.
140.Our policy of Make in India has started giving dividends. India is now making world class goods and exporting such products. We have made considerable progress in medical equipment too. Till few years back we were dependent on imports for medical equipment. Now, not only we are manufacturing medical equipment but also exporting them in large quantities. This sector deserves further fillip. Government has also been committed to provide health services to all. Ayushman Bharat has made it possible. To achieve the twin objectives of giving impetus to the domestic industry and also to generate resource for health services, I propose to impose a nominal health cess, by way of a duty of customs, on the imports of medical equipment keeping in view that these goods are now being made significantly in India. The proceed from this cess shall be used for creating infrastructure for health services in the aspirational districts.
141.Under Make in India initiative, well laid out customs duty rates were pre-announced for items like mobile phones, electric vehicles and their components. This has ensured gradual increase in domestic value addition capacity in India. Customs duty rates are being revised on electric vehicles, and parts of mobiles as part of such carefully conceived Phased Manufacturing Plans.
142.In other changes, customs duty is being reduced on certain inputs and raw materials while it is being revised upward on certain goods which are being made domestically. In the previous budget, basic custom duty of 10% was imposed on the news print and lightweight coated paper. However, since then I have received several references that this levy has put additional burden on print media at a time when it is going through a difficult phase. I, therefore, propose to reduce basic customs duty on imports of news print and light-weight coated paper from 10% to 5%.
143.Chemicals are crucial feed stocks for downstream users. PTA, for example, is a critical input for textile fibres and yarns. Its easy availability at competitive prices is desirable to unlock immense potential in textile sector which is a significant employment generator. Therefore, in the larger public interest, anti-dumping duty on PTA is being abolished.
144. As a revenue measure, I propose to raise excise duty, by way of National Calamity Contingent Duty on Cigarettes and other tobacco products. However, no change is being made in the duty rates of bidis.
145.Finally, continuing the tax reform is an ongoing challenge and we propose to pursue them with full vigour.
146. Details of my budget proposals relating to direct and indirect taxes are in the Annexure to my speech.
147.Mr. Speaker Sir, with these words I commend the Budget to this august House.
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union budget 2020
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