Chief Minister Ashok Gehlot presented the Rajasthan Budget 2020-21 on Thursday, 20 February 2020.
This is the second budget of the Gehlot led Congress government, which came to power in the state in December 2018.
Presenting the budget for FY2020-21 in the Rajasthan, the Chief Minister has mentioned seven resolutions as a base of this Rajasthan Budget 2020.
7 Resolutions of Rajasthan Budget 2020
- Nirogi Rajasthan
- Prosperous Farmers
- Women and Child Welfare
- Capable Labourers, Students and Youth
- Water and Electricity
- Skill and Technology
Highlights of Rajasthan Budget 2020
- Jan Aadhar Card to facilitate the public in 39 different schemes.
- 53,151 new vacancies announced.
- No new taxes announced in the budget.
- District Lease Committee (DLC) rates reduced by 10 per cent.
- MSMEs to get 100 per cent exemption from stamp duty.
- Dearness Allowance (DA) has been increased to 17 per cent from earlier 12 per cent.
- Jodhpur will have an auditorium on international standards.
- Rs 75 crore allocated for promoting start-up ecosystem.
- Jaipur and Jodhpur will have state-of-the-art DNA test labs.
- Rs 39,524 crore allocated for the Education sector.
- New police vehicles will be purchased.
- All the government schools in the state will compulsorily have to conduct parent-teacher meetings.
- Forest department to get Rs 3 crore for purchasing fire tenders.
- All the government schools to have ‘No-Bag Day’ on Saturdays.
- The iStart program of Rajasthan will be extended to BITS Pilani, MNIT, and IIT-Jodhpur.
- The state capital, Jaipur will have a coaching hub developed on 65000 hectares of land at Pratap Nagar area.
- Rs. 6220 crores allocated to Public Works Department.
- All Khadi institutions will be digitised.
- Rajasthan to get an ultra mega solar park.
- Rs 100 crore allocated for tourism sector promotion.
- Jodhpur and Barmer to have skill development centre to help youths find job opportunities.
- A new board proposed to attract investment.
- MSMEs to have plug and play facilities.
- Rs 3 crores allocated for gold medalists and 2 crores for silver medalists in Olympics games.
- Solar pumps under the Kusum Scheme to get more incentives.
- Rs 7.2 cores allocated to establish minority women hostels.
- Nehru Bal Sanrakshan to get Rs 100 crore.
- Ajmer and Jodhpur to get new homoeopathic universities.
- 100 new agriculture Mandis to be created.
- Rs 14,437 crore allocated for the health sector.
- 300 agricultural equipment hiring centres will be established.
- Food adulteration to be curbed with new law.
- Agricultural equipment will be provided on rent.
- Rs 3,420 crore allocated for the farmers of the state.
- 15 new medical college to be opened in the state.
- Nirogi (healthy) Rajasthan to get Rs 100 crores.
- Osia near Jodhpur, to have a mother and child care centre.
- Rajasthan gets about Rs 10,000 crore less share of tax estimated by the Centre, from Rs 46,411 crore to Rs 36,039 crore.
The Finance Minister of India, Nirmala Sitharaman presented her second Union Budget of the year 2020-21 in Parliament on 1st February 2020.
Sitharaman presented the Union Budget for the second time after Narendra Modi led National Democratic Alliance (NDA) returned to power.
The Union Budget of 2020-21 is primarily focusing on empowering the educational sector in the Financial Year 2020-21 and new education policy will be revealed soon for the same.
Sitharaman also proposed a new income tax slabs. Here are some highlights from the Union Budget 2020-21.
Taxable income slabs and corresponding tax rates:
- Up to Rs. 5 lakh – Nil
- Rs 5 lakh to Rs 7.5 lakh – 10%
- Rs 7.5 lakh to Rs 10 lakh – 15%
- Rs 10 lakh to Rs 12.5 lakh – 20%
- Rs 12.5 lakh to Rs 15 lakh – 25%
- Rs 15 lakh and above – 30%
Union Budget 2020 Highlights:
- To simplify the tax system and lower tax rates, around 70 of more than 100 income tax deductions and exemptions have been removed.
- Dividend Distribution Tax (DDT) is removed. Companies will not be required to pay DDT. Dividend to be taxed only at the hands of recipients, at applicable rates.
- Cash reward system envisaged incentivising customers to seek invoice.
- Tax on cooperative societies reduced to 22% without exemptions.
- To end tax harassment, new taxpayer charter to be instituted.
- Proposes to amend the Companies Act to bring criminal liability in certain areas.
- Aadhaar-based verification of taxpayers is being introduced to weed out a dummy or non-existent units; instant online allotment of PAN on the basis of Aadhaar.
- Registration of charity institutions to be made completely electronic, donations made to be pre-filled in IT return the form to claim exemptions for donations easily.
- Tax holiday for affordable housing extended by 1 year.
- Govt plans to sell part of its holding in Life Insurance Corporation (LIC) by way of Initial Public Offering.
- Customs duty raised on footwear to 35% from 25% and on furniture goods to 25% from 20%.
- Excise duty proposed to be raised on Cigarettes and other tobacco products, no change made in the duty rates of bidis.
- Basic customs duty on imports of newsprint and light-weight coated paper reduced from 10% to 5%.
- Customs duty rates revised on electric vehicles and parts of mobiles.
5% health cess to be imposed on the imports of medical devices, except those exempt from BCD.
- Lower customs duty on certain inputs and raw materials like a fuse, chemicals, and plastics.
- Higher customs duty on certain goods like auto-parts, chemicals, etc. which are also being made domestically.
- New Simplified return for GST from April 2020.
- Start-ups with turnover up to Rs. 100 crore to enjoy a 100% deduction for 3 consecutive assessment years out of 10 years.
- App-based invoice financing loans product to be launched, to obviate the problem of delayed payments and cash flow mismatches for MSMEs.
- Depositor insurance to Rs 5 lakh from the current Rs 1 lakh to help bank depositors.
- Banking Regulation Act to be amended to strengthen Cooperative banks.
- New common entrance test for non-gazetted government jobs and public sector banks.
- Special bridge courses to be designed by the Ministries of Health, and Skill Development to fulfil the demand for teachers, nurses, para-medical staff and caregivers abroad.
- 5 new Smart Cities to be set up via the PPP model.
- 100 more airports to be set up by 2024 to support UDAN scheme.
- Accelerated development of highways will be undertaken; Delhi-Mumbai expressway and two other projects to be completed by 2023. Chennai-Bengaluru Expressway to be started.
- NHAI to monetize 12 lots of highway bundles of over 6,000 km before 2024.
- Young engineers and management graduates will be roped in for infrastructure projects under the Project Preparation Facility.
- About Rs 22,000 crore already provided for supporting National Infrastructure Pipeline.
- 5 archaeology sites to be developed for world-class museums
Hastinapur (Uttar Pradesh)
Adichanallur (Tamil Nadu)
- An Indian Institute of Heritage and Conservation under Ministry of Culture proposed; with the status of a deemed University.
- 4 more museums from across the country to be taken up renovation and re-curation.
- FM urges all states and UTs to replace conventional energy meters by pre-paid smart meters in 3 years, this will give consumers the freedom to choose supplier and rate as per their requirements.
- More Tejas-like trains for tourists.
- 150 new train to be introduced on a PPP basis; Four stations will also be redevelopment with the help of PPP.
- US-like SAT exam to be held in African and Asian countries for benchmarking foreign candidates who wish to Study In India.
- Degree-level full-fledged online education programme to be offered by institutes in the top 100 in the National Institutional Ranking Framework.
- New Education Policy to be announced soon.
- 150 higher educational institutions to start apprenticeship embedded degree/diploma courses by March 2021.
Budget Allocation to various sectors
- Rs 3.37 lakh crore allocated as the defence budget.
- Rs 1.6 lakh crore allocated to agriculture and irrigation.
- Rs 1.23 lakh crore for Rural Development and Panchayati Raj.
- Rs 4,400 crore for clean air.
- Rs 53,700 crore for ST schemes.
- Rs 1.7 lakh crore allocated to transportation.
- Rs 2,500 crore for tourism promotion.
- Rs.3150 crore proposed for Ministry of Culture for 2020-21.
- Rs 22,000 crore allocated to power and renewable energy.
- Rs 99,300 crore allocated for the education sector.
- Rs 3,000 crore rupees for skill development.