Finance minister Nirmala Sitharaman proposed to bring a new personal income tax regime where income tax rates will be reduced but several exemptions will be removed.

<a href="https://www.wionews.com/business-economy/budget-2020-new-tax-slab-proposed-for-common-man-278050">Also Read: New tax slab proposed for common man</a>

Now, what will you lose if you opt for the new lower income tax regime.

For starters, those opting for the new tax regime will have to forego 70 out of 100 exemptions currently enjoyed by taxpayers.

The important tax breaks that will not be available under the new regime include the benefits of section 80c, investments in provident fund, national pension scheme and life insurance premium.

<a href="https://www.wionews.com/business-economy/budget-2020-key-highlights-100-more-airports-to-be-developed-by-2024-under-udaan-scheme-278042">Budget key highlights: 100 more airports to be developed by 2024 under Udaan scheme</a>

There will be no exemptions under section 80d that includes medical insurance premium. Also, you will have to let go off tax breaks on house rent allowance and the interest paid on housing loan.

Taxpayers will have to forego tax breaks for the disabled and charitable donations. So now, the big question is that will the new personal tax regime really bring substantial tax savings for most?

Under the new tax regime, the individuals can opt to pay tax at the reduced rates without claiming the various tax exemptions and deductions.

<a href="https://www.wionews.com/photos/budget-2020-21-union-budget-four-basics-that-you-need-to-know-277961">In pics: Four basic things about India's Budget, you need to know!</a>

The individuals will have to work out their liability under the old and new tax regime before deciding which one is more beneficial.

In the list of new income tax regime, &nbsp;you are likely to lose on: Leave travel concession, house rent allowance, provident fund, national pension scheme, life insurance premium, interest paid on housing loan, interest paid on higher education and disabled and charitable donations.

Finance minister Nirmala Sitharaman proposed to bring a new personal income tax regime where income tax rates will be reduced but several exemptions will be removed.

Finance minister Nirmala Sitharaman proposed to bring a new personal income tax regime where income tax rates will be reduced but several exemptions will be removed. Also Read: New tax slab proposed for common man Now, what will you lose if you opt for the new lower income tax regime. For starters, those opting for the new tax regime will have to forego 70 out of 100 exemptions currently enjoyed by taxpayers. The important tax breaks that will not be available under the new regime include the benefits of section 80c, investments in provident fund, national pension scheme and life insurance premium. Budget key highlights: 100 more airports to be developed by 2024 under Udaan scheme There will be no exemptions under section 80d that includes medical insurance premium. Also, you will have to let go off tax breaks on house rent allowance and the interest paid on housing loan. Taxpayers will have to forego tax breaks for the disabled and charitable donations. So now, the big question is that will the new personal tax regime really bring substantial tax savings for most? Under the new tax regime, the individuals can opt to pay tax at the reduced rates without claiming the various tax exemptions and deductions. In pics: Four basic things about India's Budget, you need to know! The individuals will have to work out their liability under the old and new tax regime before deciding which one is more beneficial. In the list of new income tax regime, you are likely to lose on: Leave travel concession, house rent allowance, provident fund, national pension scheme, life insurance premium, interest paid on housing loan, interest paid on higher education and disabled and charitable donations.

Budget 2020: Find out what will you lose in new tax regime

After Nirmala Sithraman presented India's Budget on Saturday, the Sensex on Monday jumped&nbsp;100.92 points to 39,836.45 in the opening session with the Nifty rising 31.50 points to 11,693.35.

<a href="https://www.wionews.com/business-economy/stock-markets-reaction-on-budget-surprising-niti-aayog-vice-chairman-278189">Also Read:&nbsp;Stock market's reaction on Budget surprising: Niti Aayog vice chairman</a>

The BSE Sensex went up 262 points to reach 39997.65 at 11am(local time). However, the rupee opened on a weak note and declined by 34 paise to 71.66 against the US dollar in opening trade on Monday after opening on a weak note at 71.62 at the interbank forex market.

The Sensex had tanked over 1,000 points on Saturday after Nirmala Sithraman presented the Budget. Sitharaman had announced cuts in income tax rates for individuals and had scrapped dividend distribution tax (DDT) besides a host of measures to reverse the falling economic growth.

<a href="https://www.wionews.com/business-economy/20-key-budget-highlights-you-must-know-278059">Also Read:&nbsp;20 key Budget highlights you must know</a>

During the Budget speech, the Sensex had dropped 1,003.14 points while Nifty was down by 303.35.

The markets had started on a shaky note and then began sliding rapidly as Sithraman started to read her Budget speech. The BSE benchmark Sensex had logged its biggest one-day plunge in more than a decade after the Union Budget failed to live up to market expectations. 
&nbsp;

After Nirmala Sithraman presented India's Budget on Saturday, the Sensex on Monday jumped 100.92 points to 39,836.45 in the opening session with the Nifty rising 31.

After Nirmala Sithraman presented India's Budget on Saturday, the Sensex on Monday jumped 100.92 points to 39,836.45 in the opening session with the Nifty rising 31.50 points to 11,693.35. Also Read: Stock market's reaction on Budget surprising: Niti Aayog vice chairman The BSE Sensex went up 262 points to reach 39997.65 at 11am(local time). However, the rupee opened on a weak note and declined by 34 paise to 71.66 against the US dollar in opening trade on Monday after opening on a weak note at 71.62 at the interbank forex market. The Sensex had tanked over 1,000 points on Saturday after Nirmala Sithraman presented the Budget. Sitharaman had announced cuts in income tax rates for individuals and had scrapped dividend distribution tax (DDT) besides a host of measures to reverse the falling economic growth. Also Read: 20 key Budget highlights you must know During the Budget speech, the Sensex had dropped 1,003.14 points while Nifty was down by 303.35. The markets had started on a shaky note and then began sliding rapidly as Sithraman started to read her Budget speech. The BSE benchmark Sensex had logged its biggest one-day plunge in more than a decade after the Union Budget failed to live up to market expectations.

After Budget, Sensex rises over 260 in early trade

A sum of Rs 99,300 crores for education for the year 2020-21 will be provided, Finance Minister <a href="https://www.wionews.com/business-economy/latest-business-news-sitharaman-back-with-traditional-bahi-khata-for-budget-2020-21-277916">Nirmala Sitharaman </a>said on Saturday while presenting the second union budget of Modi's re-elected government.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Union Budget 2020-21 Live News Updates: Transport infrastructure gets Rs 1.7 lakh crores, says Finance Minister</a> 
 
"We propose Rs 99300 crores for the education sector in 2020-21 and Rs 3000 crores for skill development," Sitharaman said in the Parliament.

Also read:<a href="https://www.wionews.com/business-economy/live-budget-2020-news-union-budget-2020-21-gst-has-gradually-matured-into-a-tax-integrating-the-country-economically-says-sitharaman-277943">&nbsp;GST has gradually matured into a tax integrating the country economically, says Sitharaman</a> 
 
She also said that a New Education Policy will be announced soon, adding that "external commercial borrowings and FDI to be leveraged to improve the education system."

In a major development, she said that full-fledged degree level online courses will soon be offered by the top educational institutions in the country. "Degree-level full-fledged online education programme to be offered by institutes in top 100 in National Institutional Ranking Framework," Sitharaman added.

A sum of Rs 99,300 crores for education for the year 2020-21 will be provided, Finance Minister Nirmala Sitharaman said on Saturday while presenting the second union budget of Modi's re-elected government.

A sum of Rs 99,300 crores for education for the year 2020-21 will be provided, Finance Minister Nirmala Sitharaman said on Saturday while presenting the second union budget of Modi's re-elected government. Also read: Union Budget 2020-21 Live News Updates: Transport infrastructure gets Rs 1.7 lakh crores, says Finance Minister "We propose Rs 99300 crores for the education sector in 2020-21 and Rs 3000 crores for skill development," Sitharaman said in the Parliament. Also read: GST has gradually matured into a tax integrating the country economically, says Sitharaman She also said that a New Education Policy will be announced soon, adding that "external commercial borrowings and FDI to be leveraged to improve the education system." In a major development, she said that full-fledged degree level online courses will soon be offered by the top educational institutions in the country. "Degree-level full-fledged online education programme to be offered by institutes in top 100 in National Institutional Ranking Framework," Sitharaman added.

Union Budget 2020-21: Government announces Rs 99,300 crores for education sector

Union Finance Minister Nirmala Sitharaman&nbsp;presented the Budget for the second time in her tenure on Saturday.

<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Also read: Union Budget 2020-21 Live News Updates</a>

She made several announcements regarding the electricity and energy sector. These include:

State governments need to replace conventional electricity meters with prepaid smart meters in 3 years.

Rs 22,000 crore to Power and Renewable Energy sector in 2020-21.

Natural gas pipeline grid to be expanded to 27,000 km from over 16,000 km now.

Further reforms for transparent price discovery for natural gas will be undertaken.

Government proposes distribution companies of India (DISCOMs) replace conventional meters with smart pre-paid meters, the option to consumers to choose electricity suppliers.

Union Finance Minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday. Also read: Union Budget 2020-21 Live News Updates She made several announcements regarding the electricity and energy sector.

Union Finance Minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday. Also read: Union Budget 2020-21 Live News Updates She made several announcements regarding the electricity and energy sector. These include: State governments need to replace conventional electricity meters with prepaid smart meters in 3 years. Rs 22,000 crore to Power and Renewable Energy sector in 2020-21. Natural gas pipeline grid to be expanded to 27,000 km from over 16,000 km now. Further reforms for transparent price discovery for natural gas will be undertaken. Government proposes distribution companies of India (DISCOMs) replace conventional meters with smart pre-paid meters, the option to consumers to choose electricity suppliers.

Union Budget 2020-21: Electricity and energy sector announcements

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Union Budget 2020-21 Live News Updates</a>

She made several announcements regarding the&nbsp;Information and telecommunication related announcements. These include:

Government to bring out a policy for data centre parks throughout the country.

Fibre to home through BharatNet to link 1 lakh gram panchayats this yr; Rs 6,000 cr provided for BharatNet in FY21.

All public institutions at gram panchayat levels such as police stations and post offices to be connected digitally.

Rs 8,000 cr outlay provided for National Mission on Quantum Technology and Application over 5 yrs.

Gross enrolment ratio for girls across all levels of education is higher than boys.

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday. Also read: Union Budget 2020-21 Live News Updates She made several announcements regarding the Information and telecommunication related announcements.

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday. Also read: Union Budget 2020-21 Live News Updates She made several announcements regarding the Information and telecommunication related announcements. These include: Government to bring out a policy for data centre parks throughout the country. Fibre to home through BharatNet to link 1 lakh gram panchayats this yr; Rs 6,000 cr provided for BharatNet in FY21. All public institutions at gram panchayat levels such as police stations and post offices to be connected digitally. Rs 8,000 cr outlay provided for National Mission on Quantum Technology and Application over 5 yrs. Gross enrolment ratio for girls across all levels of education is higher than boys.

Union Budget 2020-21: Information and telecommunication related announcements

Union finance minister Nirmala Sitharaman while presenting the Budget said Foreign direct investment (FDI) into the country had increased to $284 billion during 2014-19.

<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-live-speech-on-union-budget-income-tax-slab-rate-cut-railway-budget-277913">Also Read: Union Budget 2020-21 Live News Updates</a>

"India's FDI got elevated to the level of&nbsp; $284 billion during 2014-19 from $190 billion that came in during the years 2009-14," the minister said during her Budget speech.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/know-how-stock-market-is-reacting-to-budget-2020-277957/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

FDI into the country grew 15 per cent to $26 billion during the first half of the current financial year, Sitharaman informed during her speech.

<a href="https://www.wionews.com/business-economy/live-budget-2020-news-union-budget-2020-21-gst-has-gradually-matured-into-a-tax-integrating-the-country-economically-says-sitharaman-277943">Also Read:&nbsp;GST has gradually matured into a tax integrating the country economically, says Sitharaman</a>

During the speech, Sitharaman had said that India is now the fifth-largest economy in the world. The minister said debt had reduced to 48.7 per cent of GDP from 52.2 per cent in March 2014.

"We shall strive to bring ease of living for every citizen," the finance minister said.

Union finance minister Nirmala Sitharaman while presenting the Budget said Foreign direct investment (FDI) into the country had increased to $284 billion during 2014-19.

Union finance minister Nirmala Sitharaman while presenting the Budget said Foreign direct investment (FDI) into the country had increased to $284 billion during 2014-19. Also Read: Union Budget 2020-21 Live News Updates "India's FDI got elevated to the level of $284 billion during 2014-19 from $190 billion that came in during the years 2009-14," the minister said during her Budget speech. Watch Video: FDI into the country grew 15 per cent to $26 billion during the first half of the current financial year, Sitharaman informed during her speech. Also Read: GST has gradually matured into a tax integrating the country economically, says Sitharaman During the speech, Sitharaman had said that India is now the fifth-largest economy in the world. The minister said debt had reduced to 48.7 per cent of GDP from 52.2 per cent in March 2014. "We shall strive to bring ease of living for every citizen," the finance minister said.

Foreign direct investment increased to $284 billion during 2014-19: Sitharaman

For her second <a href="https://www.wionews.com/business-economy/latest-business-news-budget-likely-to-increase-spending-to-spur-growth-277909">budget</a> presentation, Union Finance Minister <a href="https://www.wionews.com/business-economy/nirmala-sitharaman-to-present-budget-in-parliament-today-277904">Nirmala Sitharaman</a> on Saturday carried documents in a traditional <a href="https://www.wionews.com/business-economy/briefcase-or-bahi-khata-what-will-sitharaman-carry-for-her-second-budget-presentation-277851">'Bahi-Khata'</a> (ledger) wrapped in a red cloth, similar to what she carried last year.

Dressed in crisp yellow silk saree, accompanied by MoS Finance Anurag Thakur and other officials from her ministry, Sitharam will meet President Ram Nath Kovind before presenting the budget at 11 am today. The duration of the budget speech usually ranges from 90 to 120 minutes.

Last year, Sitharaman had ditched the long-standing tradition of carrying budget documents in a leather briefcase and went swadeshi with a '<a href="https://www.wionews.com/business-economy/briefcase-or-bahi-khata-what-will-sitharaman-carry-for-her-second-budget-presentation-277851">bahi-khata</a>'.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">'Feel good' budget may see cut in tax rate, sops for social sectors</a>

Commenting on the shift from a briefcase to 'bahi-khata' during the 89th Union Budget, Chief Economic Advisor, Krishnamurthy Subramanian had told ANI in July last year, "The government is following Indian tradition and 'bahi khata' symbolises our departure from the slavery of Western thought." 
 
On being asked about the replacement of the briefcase, Subramanian had said, "It is not a Budget, but a <a href="https://www.wionews.com/business-economy/briefcase-or-bahi-khata-what-will-sitharaman-carry-for-her-second-budget-presentation-277851">Bahi-Khata</a> (ledger)." 
 
"Sitharaman believes that leather made products are not auspicious for the big occasion, so she avoided the leather bag and took the 'bahi khata' wrapped in the red cloth. This is considered to be auspicious," he had said.

Also read: <a href="https://www.wionews.com/business-economy/latest-business-news-budget-likely-to-increase-spending-to-spur-growth-277909">Budget likely to increase spending to spur growth</a> 
 
In July last year, Sitharaman had said that the Modi government is not a "suitcase-carrying government", in an apparent jibe at the past dispensations. 
 
Before <a href="https://www.wionews.com/business-economy/briefcase-or-bahi-khata-what-will-sitharaman-carry-for-her-second-budget-presentation-277851">Sitharaman</a>, a long-standing tradition in connection with the budget presentation was broken during the Atal Bihari Vajpayee government with the then Finance Minister Yashwant Sinha presenting the budget at 11 am rather than at the traditional time of 5 pm. 
 
Since then all governments have been presenting the budget at 11 am.

For her second budget presentation, Union Finance Minister Nirmala Sitharaman on Saturday carried documents in a traditional 'Bahi-Khata' (ledger) wrapped in a red cloth, similar to what she carried last year.

For her second budget presentation, Union Finance Minister Nirmala Sitharaman on Saturday carried documents in a traditional 'Bahi-Khata' (ledger) wrapped in a red cloth, similar to what she carried last year. Dressed in crisp yellow silk saree, accompanied by MoS Finance Anurag Thakur and other officials from her ministry, Sitharam will meet President Ram Nath Kovind before presenting the budget at 11 am today. The duration of the budget speech usually ranges from 90 to 120 minutes. Last year, Sitharaman had ditched the long-standing tradition of carrying budget documents in a leather briefcase and went swadeshi with a 'bahi-khata'. Also read: 'Feel good' budget may see cut in tax rate, sops for social sectors Commenting on the shift from a briefcase to 'bahi-khata' during the 89th Union Budget, Chief Economic Advisor, Krishnamurthy Subramanian had told ANI in July last year, "The government is following Indian tradition and 'bahi khata' symbolises our departure from the slavery of Western thought." On being asked about the replacement of the briefcase, Subramanian had said, "It is not a Budget, but a Bahi-Khata (ledger)." "Sitharaman believes that leather made products are not auspicious for the big occasion, so she avoided the leather bag and took the 'bahi khata' wrapped in the red cloth. This is considered to be auspicious," he had said. Also read: Budget likely to increase spending to spur growth In July last year, Sitharaman had said that the Modi government is not a "suitcase-carrying government", in an apparent jibe at the past dispensations. Before Sitharaman, a long-standing tradition in connection with the budget presentation was broken during the Atal Bihari Vajpayee government with the then Finance Minister Yashwant Sinha presenting the budget at 11 am rather than at the traditional time of 5 pm. Since then all governments have been presenting the budget at 11 am.

Sitharaman back with traditional 'bahi khata' for Budget 2020-21

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday.

<a href="https://www.wionews.com/business-economy/union-budget-2020-21-live-updates-nirmala-sitharaman-union-budget-speech-time-sensex-plunges-27901-points-ahead-of-union-budget-income-tax-slab-rate-cut-277913">Also Read:&nbsp;Union Budget 2020-21 Live News Updates</a>

"GST has been the most historic step taken by the government," Sitharaman said. "India transitioned from a multi-system indirect tax regime to a "simplified GST"," the minister added.

"India is now the fifth-largest economy in the world,"&nbsp;the minister said.

"GST has been gradually maturing into a tax that has integrated the country economically," the finance minister added.

"Inflation is well contained," the finance minister said. "Fundamentals of the economy are strong, banks have cleaned up accumulated loans,"&nbsp;the finance minister said.

The finance minister said the Union Budget has been based on aspiration, development and compassion.

Highlights:

*Total of 40 crore GST returns filed.

*Rs 99,300 crore allocated for Education.&nbsp;

*60 lakh new taxpayers added.

*Central debt down from 48.7 in 2014 to 52.2 in 2019.&nbsp;

*Agriculture credit target set up at Rs 15 lakh crore for FY21.&nbsp;

*Indian Railways to set up Kisan Rail in PPP mode for cold supply chain to transport perishable goods.

*Horticulture with 311 metric ton exceeded production of food grains.

*NABARD to map and geo-tab 162 mn tonne capacity agricultural warehouses across the country.

*Krishi Udaan to be launched by Civil Aviation Ministry to transport agri-products to national as well international destinations.

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday. Also Read: Union Budget 2020-21 Live News Updates "GST has been the most historic step taken by the government," Sitharaman said.

Union finance minister Nirmala Sitharaman presented the Budget for the second time in her tenure on Saturday. Also Read: Union Budget 2020-21 Live News Updates "GST has been the most historic step taken by the government," Sitharaman said. "India transitioned from a multi-system indirect tax regime to a "simplified GST"," the minister added. "India is now the fifth-largest economy in the world," the minister said. "GST has been gradually maturing into a tax that has integrated the country economically," the finance minister added. "Inflation is well contained," the finance minister said. "Fundamentals of the economy are strong, banks have cleaned up accumulated loans," the finance minister said. The finance minister said the Union Budget has been based on aspiration, development and compassion. Highlights: *Total of 40 crore GST returns filed. *Rs 99,300 crore allocated for Education. *60 lakh new taxpayers added. *Central debt down from 48.7 in 2014 to 52.2 in 2019. *Agriculture credit target set up at Rs 15 lakh crore for FY21. *Indian Railways to set up Kisan Rail in PPP mode for cold supply chain to transport perishable goods. *Horticulture with 311 metric ton exceeded production of food grains. *NABARD to map and geo-tab 162 mn tonne capacity agricultural warehouses across the country. *Krishi Udaan to be launched by Civil Aviation Ministry to transport agri-products to national as well international destinations.

Union Budget 2020-21: GST has gradually matured into a tax integrating the country economically, says Sitharaman

Union Cabinet meeting will be held at 10:15 am on Saturday here, ahead of the presentation of the Union Budget 2020-21 in Parliament.

Finance Minister and Corporate Affairs Minister <a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">Nirmala Sitharaman</a> will present the Union Budget. It will be her second Budget.

Earlier, <a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">Sitharaman</a>, who carried a 'Bahi-Khata', met President Ram Nath Kovind, accompanied by MoS Finance Anurag Thakur and other officials from her ministry.

Also read: <a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">'Feel good' budget may see cut in tax rate, sops for social sectors</a>

She also visited the Ministry of Finance in the North Block.

Sitharaman will present the Budget in Parliament at 11 am today. The duration of the Budget speech usually ranges from 90 to 120 minutes.

Dressed in a yellow silk saree, Sitharaman continued with the tradition she set last year carrying the Bahi-Khata.

Also read: <a href="https://www.wionews.com/business-economy/latest-business-news-sitharaman-back-with-traditional-bahi-khata-for-budget-2020-21-277916">Sitharaman back with traditional 'bahi khata' for Budget 2020-21</a>

On the first day of the Budget Session of Parliament, Sitharaman on Friday tabled the pre-budget Economic Survey for 2019-20, which projected the state of the economy and outlined its challenges.

According to the Economic Survey 2019-20, India's gross domestic product (GDP) is projected to grow at a rate of 6 to 6.5 per cent in the next financial year 2020-21.

Sitharaman had presented her first Union Budget in July last year, shortly after the BJP retained power at the Centre under the leadership of Prime Minister Narendra Modi by winning the 2019 Lok Sabha elections.&nbsp;

Union Cabinet meeting will be held at 10:15 am on Saturday here, ahead of the presentation of the Union Budget 2020-21 in Parliament. Finance Minister and Corporate Affairs Minister Nirmala Sitharaman will present the Union Budget.

Union Cabinet meeting will be held at 10:15 am on Saturday here, ahead of the presentation of the Union Budget 2020-21 in Parliament. Finance Minister and Corporate Affairs Minister Nirmala Sitharaman will present the Union Budget. It will be her second Budget. Earlier, Sitharaman, who carried a 'Bahi-Khata', met President Ram Nath Kovind, accompanied by MoS Finance Anurag Thakur and other officials from her ministry. Also read: 'Feel good' budget may see cut in tax rate, sops for social sectors She also visited the Ministry of Finance in the North Block. Sitharaman will present the Budget in Parliament at 11 am today. The duration of the Budget speech usually ranges from 90 to 120 minutes. Dressed in a yellow silk saree, Sitharaman continued with the tradition she set last year carrying the Bahi-Khata. Also read: Sitharaman back with traditional 'bahi khata' for Budget 2020-21 On the first day of the Budget Session of Parliament, Sitharaman on Friday tabled the pre-budget Economic Survey for 2019-20, which projected the state of the economy and outlined its challenges. According to the Economic Survey 2019-20, India's gross domestic product (GDP) is projected to grow at a rate of 6 to 6.5 per cent in the next financial year 2020-21. Sitharaman had presented her first Union Budget in July last year, shortly after the BJP retained power at the Centre under the leadership of Prime Minister Narendra Modi by winning the 2019 Lok Sabha elections.

Cabinet meets ahead of Union Budget 2020

Prime Minister Narendra Modi on Saturday addressed the nation after Finance Minister Nirmala Sitharaman presented the second Union Budget of Modi-2.0 government earlier in the day.&nbsp;

The prime minister hailed the budget and called it a progressive one. He congratulated FM Sitharaman and her team "for presenting the first Budget of the decade that has vision as well as action".

The prime minister expressed hope that this year's Budget will bolster the income and investment in the country.

Also read: <a href="https://www.wionews.com/india-news/want-to-increase-spending-capacity-nirmala-sitharaman-278011">Wanted to increase spending capacity - Nirmala Sitharaman on Budget 2020</a>

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"I hope this Budget will boost the demand and consumption in the country and will bring vitality in the financial system," the prime minister added.&nbsp;

"The budget is focused on the skill development of the youth," PM Modi said.&nbsp;

"The main areas of employment are agriculture, infrastructure, textiles and technology. In order to increase employment generation, these four have been given a lot of emphasis in this budget," the prime minister said.&nbsp;

"The goal to develop 100 airports in the country is very important for the tourism sector of the country. In tourism, there is more possibility of employment/income generation with lesser investment," he stated.&nbsp;

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PM Narendra Modi: The main areas of employment are agriculture, infrastructure, textiles and technology. In order to increase employment generation, these four have been given a lot of emphasis in this budget. <a href="https://twitter.com/hashtag/Budget2020?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2020</a> <a href="https://t.co/sFG4cYBiye">pic.twitter.com/sFG4cYBiye</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1223571424318672896?ref_src=twsrc%5Etfw">February 1, 2020</a></blockquote>
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Sitharaman on Saturday presented what is considered to be the most difficult budget in a decade. The FM Presented the budget at a time when the Indian economy was facing multipronged challenges including lack of jobs and slowing consumption.&nbsp;

Also read: <a href="https://www.wionews.com/business-economy/25-tax-for-individuals-annually-earning-between-rs-10-lakh-and-rs-125-lakh-sitharaman-in-budget-2020-277999">25% tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh - Budget 2020</a>

In a press conference, Sitharaman said that she wanted to place money in the hands of the people, especially the middle class and lower-middle classes in order to increase the spending capacity.

Some of the key highlights of Budget 2020 include new income tax structure for individuals willing to forego certain exemptions and deductions

Under the new structure, income of Rs 5-7.5 lakh to attract 10 per cent tax, Rs 7.5-Rs 10 lakh 15 per cent, Rs 10-12.5 lakh 20 per cent, Rs 12.5-15 lakh 25 per cent, above Rs 15 lakh 30 per cent. Income up to Rs 5 lakh to remain exempt from tax.

Bank deposit insurance coverage increased to Rs 5 lakh from Rs 1 lakh.

Prime Minister Narendra Modi on Saturday addressed the nation after Finance Minister Nirmala Sitharaman presented the second Union Budget of Modi-2.0 government earlier in the day.

Prime Minister Narendra Modi on Saturday addressed the nation after Finance Minister Nirmala Sitharaman presented the second Union Budget of Modi-2.0 government earlier in the day. The prime minister hailed the budget and called it a progressive one. He congratulated FM Sitharaman and her team "for presenting the first Budget of the decade that has vision as well as action". The prime minister expressed hope that this year's Budget will bolster the income and investment in the country. Also read: Wanted to increase spending capacity - Nirmala Sitharaman on Budget 2020 × "I hope this Budget will boost the demand and consumption in the country and will bring vitality in the financial system," the prime minister added. "The budget is focused on the skill development of the youth," PM Modi said. "The main areas of employment are agriculture, infrastructure, textiles and technology. In order to increase employment generation, these four have been given a lot of emphasis in this budget," the prime minister said. "The goal to develop 100 airports in the country is very important for the tourism sector of the country. In tourism, there is more possibility of employment/income generation with lesser investment," he stated. PM Narendra Modi: The main areas of employment are agriculture, infrastructure, textiles and technology. In order to increase employment generation, these four have been given a lot of emphasis in this budget. #Budget2020 pic.twitter.com/sFG4cYBiye — ANI (@ANI) February 1, 2020 × Sitharaman on Saturday presented what is considered to be the most difficult budget in a decade. The FM Presented the budget at a time when the Indian economy was facing multipronged challenges including lack of jobs and slowing consumption. Also read: 25% tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh - Budget 2020 In a press conference, Sitharaman said that she wanted to place money in the hands of the people, especially the middle class and lower-middle classes in order to increase the spending capacity. Some of the key highlights of Budget 2020 include new income tax structure for individuals willing to forego certain exemptions and deductions Under the new structure, income of Rs 5-7.5 lakh to attract 10 per cent tax, Rs 7.5-Rs 10 lakh 15 per cent, Rs 10-12.5 lakh 20 per cent, Rs 12.5-15 lakh 25 per cent, above Rs 15 lakh 30 per cent. Income up to Rs 5 lakh to remain exempt from tax. Bank deposit insurance coverage increased to Rs 5 lakh from Rs 1 lakh.

Union Budget 2020 will bolster income and investment; bring vitality in financial system: PM Modi

Union Cabinet, chaired by Prime Minister Narendra Modi, on Saturday approved the Budget for the year 2020-21 ahead of its presentation in the Parliament.

The Cabinet meeting was held after Sitharaman, who carried a 'Bahi-Khata', met President Ram Nath Kovind, accompanied by MoS Finance Anurag Thakur and other officials from her ministry.

She also visited the Ministry of Finance in the North Block.

Also read: <a href="https://www.wionews.com/business-economy/latest-business-news-sitharaman-back-with-traditional-bahi-khata-for-budget-2020-21-277916">Sitharaman back with traditional 'bahi khata' for Budget 2020-21</a>

Sitharaman will present the Budget in Parliament at 11 am today.

Ahead of the presentation, printed copies of the Budget were brought to the Parliament.

The duration of the Budget speech usually ranges from 90 to 120 minutes.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/latest-business-news-budget-likely-to-increase-spending-to-spur-growth-277909">Budget likely to increase spending to spur growth</a>

On the first day of the Budget Session of Parliament, Sitharaman on Friday tabled the pre-budget Economic Survey for 2019-20, which projected the state of the economy and outlined its challenges.

The word 'budget' has its origin in the French word Bougette, which means leather briefcase.

Traditionally, budget documents which primarily include papers related to revenue receipt and expenditure as well as the speech of finance minister&nbsp;were carried in a brown briefcase, a legacy passed on by the British.

However, traditional Indian businessmen used Bahi-Khata to maintain their books of account. India's gross domestic product (GDP) is expected to rebound and grow at a rate of 6 to 6.5 per cent in the next financial year 2020-21, according to the Economic Survey laid in Parliament on Friday.

Union Cabinet, chaired by Prime Minister Narendra Modi, on Saturday approved the Budget for the year 2020-21 ahead of its presentation in the Parliament. The Cabinet meeting was held after Sitharaman, who carried a 'Bahi-Khata', met President Ram Nath Kovind, accompanied by MoS Finance Anurag Thakur and other officials from her ministry.

Union Cabinet, chaired by Prime Minister Narendra Modi, on Saturday approved the Budget for the year 2020-21 ahead of its presentation in the Parliament. The Cabinet meeting was held after Sitharaman, who carried a 'Bahi-Khata', met President Ram Nath Kovind, accompanied by MoS Finance Anurag Thakur and other officials from her ministry. She also visited the Ministry of Finance in the North Block. Also read: Sitharaman back with traditional 'bahi khata' for Budget 2020-21 Sitharaman will present the Budget in Parliament at 11 am today. Ahead of the presentation, printed copies of the Budget were brought to the Parliament. The duration of the Budget speech usually ranges from 90 to 120 minutes. Also read: Budget likely to increase spending to spur growth On the first day of the Budget Session of Parliament, Sitharaman on Friday tabled the pre-budget Economic Survey for 2019-20, which projected the state of the economy and outlined its challenges. The word 'budget' has its origin in the French word Bougette, which means leather briefcase. Traditionally, budget documents which primarily include papers related to revenue receipt and expenditure as well as the speech of finance minister were carried in a brown briefcase, a legacy passed on by the British. However, traditional Indian businessmen used Bahi-Khata to maintain their books of account. India's gross domestic product (GDP) is expected to rebound and grow at a rate of 6 to 6.5 per cent in the next financial year 2020-21, according to the Economic Survey laid in Parliament on Friday.

Union Cabinet approves Budget 2020-21

Finance minister Nirmala Sitharaman proposed the introduction of a taxpayers' charter in the income tax act.

It has been done to ensure harassment of taxpayers by income tax officials does not take place.

The finance minister reiterated that tax harassment cannot be tolerated, as often it is the wealth generators who end up getting harassed.

Certain offences under the companies act will not be decriminalised, and other laws are being examined to make corrections.

<img alt="ooo" data-entity-type="file" data-entity-uuid="e952b40f-f0ac-4568-a43a-76627db96162" src="//cdn.wionews.com/sites/default/files/inline-images/BUDGET_HIGHLIGHTS01.jpg" />

Key highlights of Budget 2020:

Mega 16-point action plan for farmers

India now fifth largest economy globally, says Sitharaman

Rs 12,300 crore allocated for Swachh Bharat mission this year

<img alt="ppp" data-entity-type="file" data-entity-uuid="4e66ed89-4d67-4b9d-87b6-265175ea8af5" src="//cdn.wionews.com/sites/default/files/inline-images/BUDGET_HIGHLIGHTS02.jpg" />

India uplifted 271 million people out of poverty: Sitharaman

60 lakh taxpayers added in the last 2 years

Anti-TB campaign to be launched to eliminate TB by 2025

100 more airports to be developed by 2024

<img alt="ppppppp" data-entity-type="file" data-entity-uuid="a868347c-0411-47ac-9c4e-040b4d4c58e7" src="//cdn.wionews.com/sites/default/files/inline-images/BUDGET_HIGHLIGHTS03.jpg" />

Rs 69,000 crore allocated for the healthcare sector

More Tejas-type trains to connect tourist destinations

Rs 85,000 crore allocated for the employment of Scheduled Tribes

Rs 100 crore set aside for culture ministry

<img alt="pp" data-entity-type="file" data-entity-uuid="9aa85351-cf0c-4eea-ae79-2831af9b5bc2" src="//cdn.wionews.com/sites/default/files/inline-images/BUDGET_HIGHLIGHTS04.jpg" />

Rs 4,400 crore dedicated for clean air projects

Taxpayers' charter to be&nbsp;institutionalized

Ayushman Bharat hospitals in 100 more districts&nbsp;

Rs 100 crore to be allocated for G20 preparations

Industrial Development Bank of India(IDBI) to be disinvested

LIC disinvestment to take place

<img alt="o" data-entity-type="file" data-entity-uuid="9237fb30-92b2-411c-b2aa-00a0bfcbe41e" src="//cdn.wionews.com/sites/default/files/inline-images/BUDGET_HIGHLIGHTS0005.jpg" />

Government slashes tax rates

I-T rates slashed to 10 per cent for those earning between Rs 5-7.5 lakh

I-T rates slashed to 15 per cent for those earning between Rs 7.5-10 lakh

Finance minister Nirmala Sitharaman proposed the introduction of a taxpayers' charter in the income tax act. It has been done to ensure harassment of taxpayers by income tax officials does not take place.

Finance minister Nirmala Sitharaman proposed the introduction of a taxpayers' charter in the income tax act. It has been done to ensure harassment of taxpayers by income tax officials does not take place. The finance minister reiterated that tax harassment cannot be tolerated, as often it is the wealth generators who end up getting harassed. Certain offences under the companies act will not be decriminalised, and other laws are being examined to make corrections. Key highlights of Budget 2020: Mega 16-point action plan for farmers India now fifth largest economy globally, says Sitharaman Rs 12,300 crore allocated for Swachh Bharat mission this year India uplifted 271 million people out of poverty: Sitharaman 60 lakh taxpayers added in the last 2 years Anti-TB campaign to be launched to eliminate TB by 2025 100 more airports to be developed by 2024 Rs 69,000 crore allocated for the healthcare sector More Tejas-type trains to connect tourist destinations Rs 85,000 crore allocated for the employment of Scheduled Tribes Rs 100 crore set aside for culture ministry Rs 4,400 crore dedicated for clean air projects Taxpayers' charter to be institutionalized Ayushman Bharat hospitals in 100 more districts Rs 100 crore to be allocated for G20 preparations Industrial Development Bank of India(IDBI) to be disinvested LIC disinvestment to take place Government slashes tax rates I-T rates slashed to 10 per cent for those earning between Rs 5-7.5 lakh I-T rates slashed to 15 per cent for those earning between Rs 7.5-10 lakh

20 key Budget highlights you must know

Over Rs, 17,300 crore has been allocated for the Ministry of External Affairs in the Budget, with Rs 100 crore earmarked for the strategic Chabahar Port project in southeastern Iran that gives India connectivity to Afghanistan bypassing Pakistan.

The total aid to countries has decreased by about Rs 56 crore from Rs 6,963 revised estimates of 2019-20 to Rs 6,907crore in Budget 2020-21.

While Nepal saw a cut of Rs 400 crore in aid by India from Rs 1,200 crore in 2019-20 to Rs 800 crore in 2020-21, Myanmar saw a hike in allocation from Rs 170 crore in 2019-20 to Rs 300 crore for the next fiscal.

The aid for the strategically-important Chabahar Port which was zero in the revised estimates of 2019-20 has gone up to Rs 100 crore for the next fiscal.

The Port complex, backed by India, on Iran's coast along the Gulf of Oman is being developed to provide an alternative trade route between India and Afghanistan.

Also read: <a href="https://www.wionews.com/business-economy/union-budget-2020-indian-aid-to-neighbouring-countries-stands-at-around-5000-crore-nepal-sees-a-cut-of-rs-400-crore-278024">Budget 2020 - Indian aid to neighbouring countries stands at around 5,000 cr</a>

In May 2016, India and Iran signed a bilateral agreement under which India would refurbish one of the berths at Shahid Beheshti Port, and reconstruct a 600-metre-long container handling facility at the port.

The aid allocation for Bhutan has gone up from Rs 2,674.51 crore in 2019-20 to Rs 2,884.65 crore in the next fiscal.

Aid allocation to Maldives has been reduced by Rs 75 crore to Rs 1,025 crore in the next fiscal.

In the budget 2020-21, aid allocation for African countries is Rs 350 crore, Rs 200 crore for Bangladesh and Sri Lanka, Rs 140 crore for Seychelles, Rs 20 crore to Latin American countries and Rs 2 crore to Mongolia.

The revised budget for 2019-20 showed that Rs 188 crore was spent for maintenance of aircraft of Air India for VVIP travel, and for the next fiscal year, Rs 150 crore has been allocated for it.

The total allocation to the ministry in 2020-21 stands at Rs 17,346.71 as compared with the revised budget FY 2019-20 of Rs 17,372.27 crore.

Over Rs, 17,300 crore has been allocated for the Ministry of External Affairs in the Budget, with Rs 100 crore earmarked for the strategic Chabahar Port project in southeastern Iran that gives India connectivity to Afghanistan bypassing Pakistan.

Over Rs, 17,300 crore has been allocated for the Ministry of External Affairs in the Budget, with Rs 100 crore earmarked for the strategic Chabahar Port project in southeastern Iran that gives India connectivity to Afghanistan bypassing Pakistan. The total aid to countries has decreased by about Rs 56 crore from Rs 6,963 revised estimates of 2019-20 to Rs 6,907crore in Budget 2020-21. While Nepal saw a cut of Rs 400 crore in aid by India from Rs 1,200 crore in 2019-20 to Rs 800 crore in 2020-21, Myanmar saw a hike in allocation from Rs 170 crore in 2019-20 to Rs 300 crore for the next fiscal. The aid for the strategically-important Chabahar Port which was zero in the revised estimates of 2019-20 has gone up to Rs 100 crore for the next fiscal. The Port complex, backed by India, on Iran's coast along the Gulf of Oman is being developed to provide an alternative trade route between India and Afghanistan. Also read: Budget 2020 - Indian aid to neighbouring countries stands at around 5,000 cr In May 2016, India and Iran signed a bilateral agreement under which India would refurbish one of the berths at Shahid Beheshti Port, and reconstruct a 600-metre-long container handling facility at the port. The aid allocation for Bhutan has gone up from Rs 2,674.51 crore in 2019-20 to Rs 2,884.65 crore in the next fiscal. Aid allocation to Maldives has been reduced by Rs 75 crore to Rs 1,025 crore in the next fiscal. In the budget 2020-21, aid allocation for African countries is Rs 350 crore, Rs 200 crore for Bangladesh and Sri Lanka, Rs 140 crore for Seychelles, Rs 20 crore to Latin American countries and Rs 2 crore to Mongolia. The revised budget for 2019-20 showed that Rs 188 crore was spent for maintenance of aircraft of Air India for VVIP travel, and for the next fiscal year, Rs 150 crore has been allocated for it. The total allocation to the ministry in 2020-21 stands at Rs 17,346.71 as compared with the revised budget FY 2019-20 of Rs 17,372.27 crore.

Budget 2020: Over Rs 17,300 crore allocated to MEA; 100 crore earmarked for strategic Chabahar Port

Indian shares got off to a choppy start in a special trading session on Saturday ahead of the annual Budget with&nbsp;finance minister <a href="https://www.wionews.com/business-economy/latest-business-news-budget-likely-to-increase-spending-to-spur-growth-277909">Nirmala Sitharaman</a> expected to unveil a raft of measures to revive a sagging economy.

In early trade shares slipped in reaction to an overnight shakeout in global markets on growing concerns about the economic impact of the coronavirus outbreak in China, but the focus is set to shift to the domestic Budget.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/latest-business-news-budget-likely-to-increase-spending-to-spur-growth-277909">Budget likely to increase spending to spur growth</a>

"We opened negative in the aftermath of the correction in the US&nbsp;market due to concerns over the China virus," said A.K Prabhakar, head of research at IDBI Capital.

"But from here on, the domestic market might recover ahead of the budget since we have seen significant correction over the past few days and on good results from SBI and Hindustan Unilever."

With growth in Asia's third-largest economy languishing at its lowest in a decade, the government is likely to increase spending on infrastructure and offer some tax incentives in its 2020-2021 Budget.

The government estimates that economic growth in the year ending March 31 will slip to 5 per cent, the weakest pace since the global financial crisis of 2008-09. Growth is expected to recover to 6 per cent-6.5&nbsp;per cent&nbsp;in the following year.

Also read: <a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">'Feel good' budget may see cut in tax rate, sops for social sectors</a>

The Nifty and the benchmark Sensex were trading largely flat by 0426 GMT after falling as much as 0.7&nbsp;per cent&nbsp;each in early trade.

Mid-cap and small-cap shares, which were under pressure last year, have outperformed bluechip stocks in January in the run-up to the budget.

The Nifty 50 fell to 1.7&nbsp;per cent&nbsp;in January, while the Sensex slipped 1.3 per cent. However, the Nifty Midcap 50 Index climbed 4.6 per cent.

The blue-chip indexes have rallied over 12 per cent&nbsp;last year, riding on a large corporate tax cut from the government in September aimed at boosting the economy. The rupee was 2.3&nbsp;per cent&nbsp;weaker in 2019.

Shares of roadbuilders Sadbhav Engineering Ltd and IRB Infrastructure Developers Ltd surged 20-43&nbsp;per cent&nbsp;in January as investors bet on increased spending by the government in infrastructure.

Financial stocks were the biggest drag on Saturday, with private sector lenders HDFC Bank Ltd and Kotak Mahindra Bank Ltd slipping around 2 per cent&nbsp;each.

Power Grid Corporation of&nbsp;India&nbsp;Ltd was the biggest loser on the Nifty 50, falling as much as 5.3&nbsp;per cent&nbsp;to a near one-year low.

Consumer products giant Hindustan Unilever Ltd topped gains with a 2.6&nbsp;per cent&nbsp;jump after posting a rise in quarterly profit on Friday.

Indian shares got off to a choppy start in a special trading session on Saturday ahead of the annual Budget with finance minister Nirmala Sitharaman expected to unveil a raft of measures to revive a sagging economy.

Indian shares got off to a choppy start in a special trading session on Saturday ahead of the annual Budget with finance minister Nirmala Sitharaman expected to unveil a raft of measures to revive a sagging economy. In early trade shares slipped in reaction to an overnight shakeout in global markets on growing concerns about the economic impact of the coronavirus outbreak in China, but the focus is set to shift to the domestic Budget. Also read: Budget likely to increase spending to spur growth "We opened negative in the aftermath of the correction in the US market due to concerns over the China virus," said A.K Prabhakar, head of research at IDBI Capital. "But from here on, the domestic market might recover ahead of the budget since we have seen significant correction over the past few days and on good results from SBI and Hindustan Unilever." With growth in Asia's third-largest economy languishing at its lowest in a decade, the government is likely to increase spending on infrastructure and offer some tax incentives in its 2020-2021 Budget. The government estimates that economic growth in the year ending March 31 will slip to 5 per cent, the weakest pace since the global financial crisis of 2008-09. Growth is expected to recover to 6 per cent-6.5 per cent in the following year. Also read: 'Feel good' budget may see cut in tax rate, sops for social sectors The Nifty and the benchmark Sensex were trading largely flat by 0426 GMT after falling as much as 0.7 per cent each in early trade. Mid-cap and small-cap shares, which were under pressure last year, have outperformed bluechip stocks in January in the run-up to the budget. The Nifty 50 fell to 1.7 per cent in January, while the Sensex slipped 1.3 per cent. However, the Nifty Midcap 50 Index climbed 4.6 per cent. The blue-chip indexes have rallied over 12 per cent last year, riding on a large corporate tax cut from the government in September aimed at boosting the economy. The rupee was 2.3 per cent weaker in 2019. Shares of roadbuilders Sadbhav Engineering Ltd and IRB Infrastructure Developers Ltd surged 20-43 per cent in January as investors bet on increased spending by the government in infrastructure. Financial stocks were the biggest drag on Saturday, with private sector lenders HDFC Bank Ltd and Kotak Mahindra Bank Ltd slipping around 2 per cent each. Power Grid Corporation of India Ltd was the biggest loser on the Nifty 50, falling as much as 5.3 per cent to a near one-year low. Consumer products giant Hindustan Unilever Ltd topped gains with a 2.6 per cent jump after posting a rise in quarterly profit on Friday.

Sensex, Nifty shaky ahead of Budget

Finance Minister Nirmala Sitharaman on Saturday presented the second Budget of the Modi-2.0 government and right after the markets slumped. Many experts and industrialists believe that the presented Budget is not in sync with the Economic Survey tabled a day before in the Parliament.

Finance Minister Nirmala Sitharaman on Saturday presented the second Budget of the Modi-2.0 government and right after the markets slumped. Many experts and industrialists believe that the presented Budget is not in sync with the Economic Survey tabled a day before in the Parliament. Indian industrialist and chairman of the Godrej Group spoke to WION and said that the Budget is not in sync with the Economic Survey of the government. "Nothing very major in this Budget which would turn around the economy," Godrej told WION, adding that the "economy is in very bad shape, the growth rate is down to around 5 per cent and it needs to be quickly brought back to 6-7 per cent". Also read: Budget will bolster income; bring vitality in financial system - PM Modi × Godrej stated that income tax has not been reduced just the slabs have been changed provided people give up the existing exemptions. "I don't think the income rates have been reduced. Tax rates should have been reduced that would have provided more money in the hands of the consumers. Exemptions should not have been revoked," Godrej told WION. Also read: Budget 2020 - New tax slab proposed for common man Meanwhile, the most interesting observation of the industrialists is that the Economic Survey cites the example of China to underline how India can become a trade superpower by way of exports and generate 70 million labour-intensive jobs for workers with primary education. However, the Budget has no roadmap or planning about the same to proceed for the new financial year.

Nothing very major in this Budget that would turn around economy: Industrialist Adi Godrej tells WION

Finance Minister Nirmala Sitharaman on Saturday tabled the second Union Budget of the Modi-2.0 government on Saturday. From a new tax slab proposed to a slew of monetary allocation to benefit infrastructure growth, the Budget was presented by Sitharaman in a marathon over two-hour-long presentation.&nbsp;

Here are the top Budget news of the day:

Budget 2020: New tax slab proposed for common man

Under the newly proposed regime, taxpayers can get a significant cut on payment of income tax but the catch is to avail this cut they must forgo any deductions from their taxable income. <a href="https://www.wionews.com/business-economy/budget-2020-new-tax-slab-proposed-for-common-man-278050">Read more</a>

Union Budget 2020 will bolster income and investment; bring vitality in financial system: PM Modi

Prime Minister Narendra Modi on Saturday addressed the nation after Finance Minister Nirmala Sitharaman presented the second Union Budget of Modi-2.0 government earlier in the day. <a href="https://www.wionews.com/business-economy/union-budget-2020-is-a-progressive-one-focuses-on-skill-development-of-indias-youth-pm-modi-278017">Read more</a>

Budget 2020 key highlights: 100 more airports to be developed by 2024 under Udaan scheme

Finance minister Nirmala Sitharaman's Budget on Saturday proposed setting up of hundred more airports by 2024 under the Udaan scheme. The minister also announced Rs 69,000 for the healthcare sector. <a href="https://www.wionews.com/business-economy/budget-2020-key-highlights-100-more-airports-to-be-developed-by-2024-under-udaan-scheme-278042">Read more</a>

20 key Budget highlights you must know

Finance minister Nirmala Sitharaman proposed the introduction of a taxpayers' charter in the income tax act. <a href="https://www.wionews.com/business-economy/20-key-budget-highlights-you-must-know-278059">Read more</a>

Sensex tumbles over 1,000 points after Budget announcements

Sensex tanked over 1,000 points on Saturday afternoon as proposals in the Union Budget 2020-21 failed to cheer investors. <a href="https://www.wionews.com/business-economy/union-budget-2020-21-sensex-tumble-over-1000-points-after-budget-announcements-278007">Read more</a>

Railway Budget 2020 highlights: New trains, investments announced&nbsp;

Finance Minister Nirmala Sitharaman in her Railway Budget 2020 speech, as part of the Union Budget speech, announced many projects for Indian Railways besides announcing as many as 150 private trains on the Indian Railways network via the PPP model. She also said that in the coming years more Tejas Express-style trains will be introduced on key tourist routes. <a href="https://www.wionews.com/india-news/railway-budget-2020-highlights-new-trains-investments-announced-budget-2020-news-278003">Read more</a>

Union Budget 2020: Sitharaman allocates Rs 99,300 crore for education

Union finance minister Nirmala Sitharaman during the Budget speech announced the allocation of Rs 99,300 crore for the education sector. <a href="https://www.wionews.com/business-economy/2020-budget-updates-union-budget-2020-sitharaman-allocates-rs-99300-crore-for-education-proposes-medical-colleges-with-district-hospitals-on-ppp-model-277987">Read more</a>

Foreign direct investment increased to $284 billion during 2014-19: Sitharaman

Union finance minister Nirmala Sitharaman while presenting the Budget said Foreign direct investment (FDI) into the country had increased to $284 billion during 2014-19. <a href="https://www.wionews.com/business-economy/foreign-direct-investment-increased-to-284-billion-during-2014-19-sitharaman-277972">Read more</a>

Unwell Nirmala Sitharaman cuts short longest-ever Budget speech of independent India

Finance Minister Nirmala Sitharaman today looked tired while delivering the longest budget speech of &nbsp;Independent India. She couldn't read the last two pages of the Budget. <a href="https://www.wionews.com/business-economy/union-budget-2020-21-news-updates-unwell-nirmala-sitharaman-cuts-short-longest-ever-budget-speech-of-independent-india-278009">Read more</a>

Budget 2020: Find out what will you lose in new tax regime

Finance minister Nirmala Sitharaman proposed to bring a new personal income tax regime where income tax rates will be reduced but several exemptions will be removed. <a href="https://www.wionews.com/business-economy/budget-2020-find-out-what-will-you-lose-in-new-tax-regime-278054">Read more</a>

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Finance Minister Nirmala Sitharaman on Saturday tabled the second Union Budget of the Modi-2.0 government on Saturday. From a new tax slab proposed to a slew of monetary allocation to benefit infrastructure growth, the Budget was presented by Sitharaman in a marathon over two-hour-long presentation.

Finance Minister Nirmala Sitharaman on Saturday tabled the second Union Budget of the Modi-2.0 government on Saturday. From a new tax slab proposed to a slew of monetary allocation to benefit infrastructure growth, the Budget was presented by Sitharaman in a marathon over two-hour-long presentation. Here are the top Budget news of the day: Budget 2020: New tax slab proposed for common man Under the newly proposed regime, taxpayers can get a significant cut on payment of income tax but the catch is to avail this cut they must forgo any deductions from their taxable income. Read more Union Budget 2020 will bolster income and investment; bring vitality in financial system: PM Modi Prime Minister Narendra Modi on Saturday addressed the nation after Finance Minister Nirmala Sitharaman presented the second Union Budget of Modi-2.0 government earlier in the day. Read more Budget 2020 key highlights: 100 more airports to be developed by 2024 under Udaan scheme Finance minister Nirmala Sitharaman's Budget on Saturday proposed setting up of hundred more airports by 2024 under the Udaan scheme. The minister also announced Rs 69,000 for the healthcare sector. Read more 20 key Budget highlights you must know Finance minister Nirmala Sitharaman proposed the introduction of a taxpayers' charter in the income tax act. Read more Sensex tumbles over 1,000 points after Budget announcements Sensex tanked over 1,000 points on Saturday afternoon as proposals in the Union Budget 2020-21 failed to cheer investors. Read more Railway Budget 2020 highlights: New trains, investments announced Finance Minister Nirmala Sitharaman in her Railway Budget 2020 speech, as part of the Union Budget speech, announced many projects for Indian Railways besides announcing as many as 150 private trains on the Indian Railways network via the PPP model. She also said that in the coming years more Tejas Express-style trains will be introduced on key tourist routes. Read more Union Budget 2020: Sitharaman allocates Rs 99,300 crore for education Union finance minister Nirmala Sitharaman during the Budget speech announced the allocation of Rs 99,300 crore for the education sector. Read more Foreign direct investment increased to $284 billion during 2014-19: Sitharaman Union finance minister Nirmala Sitharaman while presenting the Budget said Foreign direct investment (FDI) into the country had increased to $284 billion during 2014-19. Read more Unwell Nirmala Sitharaman cuts short longest-ever Budget speech of independent India Finance Minister Nirmala Sitharaman today looked tired while delivering the longest budget speech of Independent India. She couldn't read the last two pages of the Budget. Read more Budget 2020: Find out what will you lose in new tax regime Finance minister Nirmala Sitharaman proposed to bring a new personal income tax regime where income tax rates will be reduced but several exemptions will be removed. Read more

Top news of the day: Union Budget 2020 - key highlights, takeaways and more

Union Finance Minister Nirmala Sitharaman’s second Budget, to be presented on February 1,is required to declare measures to reestablish financial development and to set out a reasonable guide for accomplishing the aspiring objective of $5 trillion economy by 2025.

In its annual economic report, released on Friday, the government predicted that economic growth would pick up to 6.0% to 6.5% in the fiscal year beginning April 1, but warned that it may have exceed its deficit target to revive growth.

India is facing its worst economic slowdown in a decade. The government estimates economic growth this year, which ends on March 31, will slip to 5%, the weakest pace since the global financial crisis of 2008-09.

For Live Streaming Of Union Budget 2020: <a href="https://www.wionews.com/live-tv">Click here</a>

 
For complete coverage of Union Budget 2020 <a href="https://www.wionews.com/">C</a><a href="https://www.wionews.com/">lick here.</a>

Finance Minister Nirmala Sitharaman on Friday tabled the Economic Survey in Parliament which forecasts that economic growth will pick up to 6.0% to 6.5% in the fiscal year beginning April 1 but warned it may have to miss its deficit target to revive growth.

This year's Economic Survey comes at a time when India is staring at an estimated 5 per cent annual rate of expansion - the slowest pace since 2009.&nbsp;

The Economic Survey, a detailed report card on the economic performance in the past year released a day before the Union Budget is presented by the Finance Minister in Parliament.

The&nbsp;Survey&nbsp;provides an authoritative, detailed and official annual summary of the current state of the Indian&nbsp;economy&nbsp;which will act as a policy guideline to the Union Budget.

Union Finance Minister Nirmala Sitharaman’s second Budget, to be presented on February 1,is required to declare measures to reestablish financial development and to set out a reasonable guide for accomplishing the aspiring objective of $5 trillion economy by 2025.

Union Finance Minister Nirmala Sitharaman’s second Budget, to be presented on February 1,is required to declare measures to reestablish financial development and to set out a reasonable guide for accomplishing the aspiring objective of $5 trillion economy by 2025. In its annual economic report, released on Friday, the government predicted that economic growth would pick up to 6.0% to 6.5% in the fiscal year beginning April 1, but warned that it may have exceed its deficit target to revive growth. India is facing its worst economic slowdown in a decade. The government estimates economic growth this year, which ends on March 31, will slip to 5%, the weakest pace since the global financial crisis of 2008-09. For Live Streaming Of Union Budget 2020: Click here For complete coverage of Union Budget 2020 Click here. Finance Minister Nirmala Sitharaman on Friday tabled the Economic Survey in Parliament which forecasts that economic growth will pick up to 6.0% to 6.5% in the fiscal year beginning April 1 but warned it may have to miss its deficit target to revive growth. This year's Economic Survey comes at a time when India is staring at an estimated 5 per cent annual rate of expansion - the slowest pace since 2009. The Economic Survey, a detailed report card on the economic performance in the past year released a day before the Union Budget is presented by the Finance Minister in Parliament. The Survey provides an authoritative, detailed and official annual summary of the current state of the Indian economy which will act as a policy guideline to the Union Budget.

Union Budget 2020 | Live streaming: When and Where to watch, Nirmala Sitharaman's second budget

Government is likely to increase state spending on infrastructure and offer some tax incentives in its 2020-2021 <a href="https://www.wionews.com/india-news/union-budget-2020-live-streaming-when-and-where-to-watch-nirmala-sitharamans-second-budget-277908">budget</a> on Saturday, aiming to get growth back up from its lowest in a decade.

In its annual economic report, released on Friday, the government predicted that economic growth would pick up to 6.0 per cent&nbsp;to 6.5&nbsp;per cent&nbsp;in the fiscal year beginning April 1, but warned that it may have exceed its deficit target to revive growth.

Also read: <a href="https://www.wionews.com/india-news/indian-economy-experienced-abrupt-slowdown-in-2019-but-its-not-in-a-recession-imf-md-277892">Indian economy experienced abrupt slowdown in 2019, but it’s not in a recession: IMF MD</a>

The government estimates economic growth this year, which ends on March 31, will slip to 5 per cent, the weakest pace since the global financial crisis of 2008-09.

Finance Minister <a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">Nirmala Sitharaman</a>, who will present her second full-year annual budget to parliament, could defer the earlier target of cutting the deficit to 3 per cent&nbsp;of gross domestic product in 2020-21 by at least two years, government sources told Reuters.

This will be on top of roughly $28 billion of spending from off-budget borrowings, as the government seeks to keep the deficit in check.

Economists in a Reuters poll predicted the government would set a deficit target of 3.6&nbsp;per cent&nbsp;of GDP for 2020-21, up from 3.3&nbsp;per cent&nbsp;targeted for the current year.

<a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">Sitharaman </a>is expected to announce plans to spend over 102 trillion rupees on roads, ports, airports, irrigation and other infrastructure over the next five years.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/feel-good-budget-may-see-cut-in-tax-rate-sops-for-social-sectors-277884">Feel good' budget may see cut in tax rate, sops for social sectors</a>

The government may also announce an income tax amnesty, after collecting over 350 billion rupees from an amnesty this year to settle tax disputes on service and factory gate duties, the sources said.

Some experts said global trade tensions and the outbreak of coronavirus in China, which has killed more than 200 people so far, pose a new risk to economic recovery by hitting cross-border commerce and supply chains.

"The economic recovery is likely to be slow and shallow despite the recent measures to boost investments," said Anagha Deodhar, an economist at ICICI Securities.

Last month, the statistics office said investment growth was expected to fall to just 1% in the current financial year from 10% the previous year. Private consumption growth might slip to 5.8 per cent&nbsp;from 8.1 per cent.

Krishnamurthy Subramanian, chief economic adviser to the finance ministry, said the government could push economic reforms to boost growth.

The government should rationalise food subsidies to create additional fiscal space, push exports and adopt "counter-cyclical fiscal policy" to boost the sluggish demand and consumer sentiments, he said.

The government is expected to earmark around 1.90 trillion rupees for food subsidies in the next financial year, though the food ministry has sought more than 2 trillion rupees to run the world's biggest food welfare programme.

Government is likely to increase state spending on infrastructure and offer some tax incentives in its 2020-2021 budget on Saturday, aiming to get growth back up from its lowest in a decade.

Government is likely to increase state spending on infrastructure and offer some tax incentives in its 2020-2021 budget on Saturday, aiming to get growth back up from its lowest in a decade. In its annual economic report, released on Friday, the government predicted that economic growth would pick up to 6.0 per cent to 6.5 per cent in the fiscal year beginning April 1, but warned that it may have exceed its deficit target to revive growth. Also read: Indian economy experienced abrupt slowdown in 2019, but it’s not in a recession: IMF MD The government estimates economic growth this year, which ends on March 31, will slip to 5 per cent, the weakest pace since the global financial crisis of 2008-09. Finance Minister Nirmala Sitharaman, who will present her second full-year annual budget to parliament, could defer the earlier target of cutting the deficit to 3 per cent of gross domestic product in 2020-21 by at least two years, government sources told Reuters. This will be on top of roughly $28 billion of spending from off-budget borrowings, as the government seeks to keep the deficit in check. Economists in a Reuters poll predicted the government would set a deficit target of 3.6 per cent of GDP for 2020-21, up from 3.3 per cent targeted for the current year. Sitharaman is expected to announce plans to spend over 102 trillion rupees on roads, ports, airports, irrigation and other infrastructure over the next five years. Also read: Feel good' budget may see cut in tax rate, sops for social sectors The government may also announce an income tax amnesty, after collecting over 350 billion rupees from an amnesty this year to settle tax disputes on service and factory gate duties, the sources said. Some experts said global trade tensions and the outbreak of coronavirus in China, which has killed more than 200 people so far, pose a new risk to economic recovery by hitting cross-border commerce and supply chains. "The economic recovery is likely to be slow and shallow despite the recent measures to boost investments," said Anagha Deodhar, an economist at ICICI Securities. Last month, the statistics office said investment growth was expected to fall to just 1% in the current financial year from 10% the previous year. Private consumption growth might slip to 5.8 per cent from 8.1 per cent. Krishnamurthy Subramanian, chief economic adviser to the finance ministry, said the government could push economic reforms to boost growth. The government should rationalise food subsidies to create additional fiscal space, push exports and adopt "counter-cyclical fiscal policy" to boost the sluggish demand and consumer sentiments, he said. The government is expected to earmark around 1.90 trillion rupees for food subsidies in the next financial year, though the food ministry has sought more than 2 trillion rupees to run the world's biggest food welfare programme.

Budget likely to increase spending to spur growth

Union Finance Minister Nirmala Sitharaman on Saturday said that the 'Beti Bachao Beti Padhao'&nbsp;campaign has given tremendous results.

While presenting the Union Budget 2020-21 Sitharaman said, "Gross Enrollment Ratio&nbsp;is now higher for girls than for boys at all levels." She also announced Rs 28,600 crore programs that are specific to women.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/nominal-gdp-growth-for-2020-21-estimated-at-10-per-cent-says-fm-sitharaman-277995">Nominal GDP growth for 2020-21 estimated at 10 percent, says FM&nbsp;Sitharaman&nbsp;&nbsp;</a> 
 
The United Nations Educational, Scientific and Cultural Organization (UNESCO), describes 'Gross Enrollment Ratio' as the total within a country "in a specific level of education, regardless of age, expressed as a percentage of the population in the official age group corresponding to this level of education".

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/2020-budget-updates-union-budget-2020-sitharaman-allocates-rs-99300-crore-for-education-proposes-medical-colleges-with-district-hospitals-on-ppp-model-277987">Sitharaman allocates Rs 99,300 crore for education; proposes medical colleges with district hospitals on PPP model</a>

'Beti Bachao, Beti Padhao'&nbsp;is a campaign by the Government of India that aims to generate awareness and improve the efficiency of welfare services for girls in India.

Also see:<a href="https://www.wionews.com/photos/interesting-facts-about-the-budget-277967">&nbsp;</a><a href="https://www.wionews.com/photos/interesting-facts-about-the-budget-277967">Key facts about India's Budget</a>

Siting data, Sitharaman also told girl enrollment is currently at 94.32 per cent compared to 89.28 per cent for boys. She further added that Rs 35,600 crore has been approved for nutrition-related programs in 2020-21.

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Addressing a joint sitting of both houses of Parliament, Kovind said, "I am delighted to inform you that for the first time ever in the history of the country, the&nbsp;number of girls admitted in higher education has exceeded that of boys".

Union Finance Minister Nirmala Sitharaman on Saturday said that the 'Beti Bachao Beti Padhao' campaign has given tremendous results. While presenting the Union Budget 2020-21 Sitharaman said, "Gross Enrollment Ratio is now higher for girls than for boys at all levels.

Union Finance Minister Nirmala Sitharaman on Saturday said that the 'Beti Bachao Beti Padhao' campaign has given tremendous results. While presenting the Union Budget 2020-21 Sitharaman said, "Gross Enrollment Ratio is now higher for girls than for boys at all levels." She also announced Rs 28,600 crore programs that are specific to women. Also read: Nominal GDP growth for 2020-21 estimated at 10 percent, says FM Sitharaman The United Nations Educational, Scientific and Cultural Organization (UNESCO), describes 'Gross Enrollment Ratio' as the total within a country "in a specific level of education, regardless of age, expressed as a percentage of the population in the official age group corresponding to this level of education". Also read: Sitharaman allocates Rs 99,300 crore for education; proposes medical colleges with district hospitals on PPP model 'Beti Bachao, Beti Padhao' is a campaign by the Government of India that aims to generate awareness and improve the efficiency of welfare services for girls in India. Also see: Key facts about India's Budget Siting data, Sitharaman also told girl enrollment is currently at 94.32 per cent compared to 89.28 per cent for boys. She further added that Rs 35,600 crore has been approved for nutrition-related programs in 2020-21. Addressing a joint sitting of both houses of Parliament, Kovind said, "I am delighted to inform you that for the first time ever in the history of the country, the number of girls admitted in higher education has exceeded that of boys".

Union Budget 2020-21: Enrollment ratio for girls is now higher than boys at all levels, says Sitharaman

The government allocated Rs 30,757 crore for Jammu and Kashmir and Rs 5598 crore for Ladakh for 2020-21 in the Union Budget 2020.

Also read:<a href="https://www.wionews.com/business-economy/25-tax-for-individuals-annually-earning-between-rs-10-lakh-and-rs-125-lakh-sitharaman-in-budget-2020-277999">&nbsp;25% tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh: Sitharaman in Budget 2020</a> 
 
Finance Minister Nirmala Sitharaman made the allocations for the two union territories while presenting the Budget for the coming fiscal.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/budget-2020-political-reactions-govt-calls-budget-reform-oriented-opposition-terms-it-rambling-says-no-focus-on-job-creation-278002">Govt calls Budget reform-oriented; Opposition</a><a href="https://www.wionews.com/business-economy/budget-2020-political-reactions-govt-calls-budget-reform-oriented-opposition-terms-it-rambling-says-no-focus-on-job-creation-278002">,</a><a href="https://www.wionews.com/business-economy/budget-2020-political-reactions-govt-calls-budget-reform-oriented-opposition-terms-it-rambling-says-no-focus-on-job-creation-278002"> says 'no focus on job creation'</a>

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Jammu and Kashmir are under the President's rule at present. Following the abrogation of Article 370 on August 5, 2019, the state of Jammu and Kashmir was converted into a UT. Ladakh, which was part of the state, was formed as a separate UT.

The government allocated Rs 30,757 crore for Jammu and Kashmir and Rs 5598 crore for Ladakh for 2020-21 in the Union Budget 2020. Also read: 25% tax for individuals annually earning between Rs 10 lakh and Rs 12.

The government allocated Rs 30,757 crore for Jammu and Kashmir and Rs 5598 crore for Ladakh for 2020-21 in the Union Budget 2020. Also read: 25% tax for individuals annually earning between Rs 10 lakh and Rs 12.5 lakh: Sitharaman in Budget 2020 Finance Minister Nirmala Sitharaman made the allocations for the two union territories while presenting the Budget for the coming fiscal. Also read: Govt calls Budget reform-oriented; Opposition, says 'no focus on job creation' Jammu and Kashmir are under the President's rule at present. Following the abrogation of Article 370 on August 5, 2019, the state of Jammu and Kashmir was converted into a UT. Ladakh, which was part of the state, was formed as a separate UT.

Budget 2020: Centre allocates Rs 30, 757 crore for J&K, Rs 5598 crore for Ladakh

Finance Minister Nirmala Sithraman proposed to allocate Rs 2,500 crore for the tourism sector and to construct eight new museums.

"To make India an attractive destination for both international and domestic tourists, we propose Rs 2,500 crore in 2020-21 for the tourism sector and Rs 3,150 crore for Ministry of Culture," said Sithraman while presenting the Union Budget 2020-21 in Parliament.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/union-budget-2020-21-news-updates-unwell-nirmala-sitharaman-cuts-short-longest-ever-budget-speech-of-independent-india-278009">Unwell Nirmala Sitharaman cuts short longest-ever Budget speech of Independent India</a>

While addressing the Parliament, Nirmala told about the improved tourism revenues due to better ranking.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/sensex-tumble-over-1000-points-after-budget-announcements-278007">Sensex&nbsp;tumbles over 1,000 points after Budget announcements</a> 
 
"India had moved up from rank 65 in 2014 to 34 in 2019 in the Travel and Tourism and due to tourism revenues and foreign exchange earnings grew 7.4 percent to Rs 1.88 lakh crore for the period January 2019 from Rs 1.75 lakh crore," she said.&nbsp;

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She further proposed 8 new museums, which include building infrastructure around 5 iconic sites, besides proposing the renovation of 5 major museums across the length and breadth of India and setting up of a tribal museum in Ranchi, Jharkhand.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/latest-india-news-finance-minister-nirmala-sitharaman-breaks-record-of-longest-budget-speech-278005">In the&nbsp;longest Budget speech, Sitharaman recites Kashmiri poem, a couplet in Tamil</a>

The 5 archaeological sites to be developed as iconic sites with on-site museums are situated at 'Rakhigarhi' Haryana, 'Hastinapur' Uttar Pradesh, 'Shivsagar' Assam, 'Dholavira' Gujarat and 'Adichanallur' Tamil Nadu.

Finance Minister Nirmala Sitharaman on Saturday also proposed the setting up of an Indian Institute of Heritage and Conservation,&nbsp;under the Ministry of Culture.

While the fund for the Tourism Ministry was Rs 2,150 crore in the 2018-2019 Budget, it rose to Rs 2,189.22 crore in 2019-2020. The allocation for the Culture Ministry, which was Rs 2,843.32 crore in 2018-2019, increased to Rs 3,042.35 crore for 2019-2020.

Finance Minister Nirmala Sithraman proposed to allocate Rs 2,500 crore for the tourism sector and to construct eight new museums. "To make India an attractive destination for both international and domestic tourists, we propose Rs 2,500 crore in 2020-21 for the tourism sector and Rs 3,150 crore for Ministry of Culture," said Sithraman while presenting the Union Budget 2020-21 in Parliament.

Finance Minister Nirmala Sithraman proposed to allocate Rs 2,500 crore for the tourism sector and to construct eight new museums. "To make India an attractive destination for both international and domestic tourists, we propose Rs 2,500 crore in 2020-21 for the tourism sector and Rs 3,150 crore for Ministry of Culture," said Sithraman while presenting the Union Budget 2020-21 in Parliament. Also read: Unwell Nirmala Sitharaman cuts short longest-ever Budget speech of Independent India While addressing the Parliament, Nirmala told about the improved tourism revenues due to better ranking. Also read: Sensex tumbles over 1,000 points after Budget announcements "India had moved up from rank 65 in 2014 to 34 in 2019 in the Travel and Tourism and due to tourism revenues and foreign exchange earnings grew 7.4 percent to Rs 1.88 lakh crore for the period January 2019 from Rs 1.75 lakh crore," she said. She further proposed 8 new museums, which include building infrastructure around 5 iconic sites, besides proposing the renovation of 5 major museums across the length and breadth of India and setting up of a tribal museum in Ranchi, Jharkhand. Also read: In the longest Budget speech, Sitharaman recites Kashmiri poem, a couplet in Tamil The 5 archaeological sites to be developed as iconic sites with on-site museums are situated at 'Rakhigarhi' Haryana, 'Hastinapur' Uttar Pradesh, 'Shivsagar' Assam, 'Dholavira' Gujarat and 'Adichanallur' Tamil Nadu. Finance Minister Nirmala Sitharaman on Saturday also proposed the setting up of an Indian Institute of Heritage and Conservation, under the Ministry of Culture. While the fund for the Tourism Ministry was Rs 2,150 crore in the 2018-2019 Budget, it rose to Rs 2,189.22 crore in 2019-2020. The allocation for the Culture Ministry, which was Rs 2,843.32 crore in 2018-2019, increased to Rs 3,042.35 crore for 2019-2020.

Government proposes Rs 2,500 crore for tourism; eight new museums

The taxpayers have something to cheer from the Budget proposals presented by Finance minister Nirmala Sitharaman. Under the newly proposed regime, taxpayers can get a significant cut on payment of income tax but the catch is to avail this cut they must forgo any deductions from their taxable income.

<a href="https://www.wionews.com/business-economy/budget-2020-key-highlights-100-more-airports-to-be-developed-by-2024-under-udaan-scheme-278042">Also Read:&nbsp;Budget 2020 key highlights</a>

The taxpayers who do not wish to avail of the new scheme will have the option to continue under the existing tax regime.

Here are the highlights of the tax plan:

New tax slab proposed for common man.

Taxes halved for two income bands.

Marginal decrease for other taxpayers.

Must forgo exemptions to avail benefits.

New taxation regime to be optional.

Taxes halved for 5-7.5 lakh and 10-12.5 lakh bands.

Those earning 7.5-10 lakh &amp; 12.5-15 lakh to get 5 per cent cut.&nbsp;

No deductions to be claimed under the new tax regime.

Income between 7.5 and 10 lakh will be taxed 15 per cent instead of 20 per cent.&nbsp;

Those earning between 10 lakh to 12.5 lakh also get to benefit the most, they will pay 20 per cent tax instead of existing 30 per cent.

Income between 12.5 to 15 lakh will be taxed 25 per cent instead of 30 per cent, income above 15 lakh remains unchanged at 30 per cent

The exemptions that finance minister wants you to forgo are as many as hundred. Many have been removed while some are proposed to be rationalized.

The taxpayers have something to cheer from the Budget proposals presented by Finance minister Nirmala Sitharaman. Under the newly proposed regime, taxpayers can get a significant cut on payment of income tax but the catch is to avail this cut they must forgo any deductions from their taxable income.

The taxpayers have something to cheer from the Budget proposals presented by Finance minister Nirmala Sitharaman. Under the newly proposed regime, taxpayers can get a significant cut on payment of income tax but the catch is to avail this cut they must forgo any deductions from their taxable income. Also Read: Budget 2020 key highlights The taxpayers who do not wish to avail of the new scheme will have the option to continue under the existing tax regime. Here are the highlights of the tax plan: New tax slab proposed for common man. Taxes halved for two income bands. Marginal decrease for other taxpayers. Must forgo exemptions to avail benefits. New taxation regime to be optional. Taxes halved for 5-7.5 lakh and 10-12.5 lakh bands. Those earning 7.5-10 lakh & 12.5-15 lakh to get 5 per cent cut. No deductions to be claimed under the new tax regime. Income between 7.5 and 10 lakh will be taxed 15 per cent instead of 20 per cent. Those earning between 10 lakh to 12.5 lakh also get to benefit the most, they will pay 20 per cent tax instead of existing 30 per cent. Income between 12.5 to 15 lakh will be taxed 25 per cent instead of 30 per cent, income above 15 lakh remains unchanged at 30 per cent The exemptions that finance minister wants you to forgo are as many as hundred. Many have been removed while some are proposed to be rationalized.

Budget 2020: New tax slab proposed for common man

Finance Minister Nirmala Sitharaman today looked tired while delivering the longest budget speech of &nbsp;Independent India. She couldn't read the last two pages of the Budget.

<a href="https://www.wionews.com/business-economy/budget-2020-political-reactions-govt-calls-budget-reform-oriented-opposition-terms-it-rambling-says-no-focus-on-job-creation-278002">Also read: Govt calls Budget reform-oriented; Opposition terms it rambling, says 'no focus on job creation'</a>

Finance Minister appeared uneasy and was seen wiping sweat from her forehead.

<a href="https://www.wionews.com/business-economy/25-tax-for-individuals-annually-earning-between-rs-10-lakh-and-rs-125-lakh-sitharaman-in-budget-2020-277999">Also read: 25% tax for individuals earning between Rs 10 lakh and Rs 12.5 lakh per year</a>

For immediate relief, she was offered a few candies from fellow MPs but she discontinued her speech. This was the longest Budget speech by any finance minister.

India is grappling with its worst economic slowdown in a decade, with falling employment, consumption and investment ratcheting up pressure on Prime Minister Narendra Modi to revive growth.

The government estimates economic growth this year, which ends on March 31, will slip to 5%, the weakest pace since the global financial crisis of 2008-09. It has also warned that an expected bounce back in growth the following year might entail a blow out in fiscal deficit targets.

Amid the ongoing economic slowdown, Finance Minister Nirmala Sitharaman has offered a massive relief to the salaried class with major cuts in the income tax rates. She also announced the abolition of Dividend Distribution Tax for companies.

(With inputs from agencies)

Finance Minister Nirmala Sitharaman today looked tired while delivering the longest budget speech of Independent India. She couldn't read the last two pages of the Budget.

Finance Minister Nirmala Sitharaman today looked tired while delivering the longest budget speech of Independent India. She couldn't read the last two pages of the Budget. Also read: Govt calls Budget reform-oriented; Opposition terms it rambling, says 'no focus on job creation' Finance Minister appeared uneasy and was seen wiping sweat from her forehead. Also read: 25% tax for individuals earning between Rs 10 lakh and Rs 12.5 lakh per year For immediate relief, she was offered a few candies from fellow MPs but she discontinued her speech. This was the longest Budget speech by any finance minister. India is grappling with its worst economic slowdown in a decade, with falling employment, consumption and investment ratcheting up pressure on Prime Minister Narendra Modi to revive growth. The government estimates economic growth this year, which ends on March 31, will slip to 5%, the weakest pace since the global financial crisis of 2008-09. It has also warned that an expected bounce back in growth the following year might entail a blow out in fiscal deficit targets. Amid the ongoing economic slowdown, Finance Minister Nirmala Sitharaman has offered a massive relief to the salaried class with major cuts in the income tax rates. She also announced the abolition of Dividend Distribution Tax for companies. (With inputs from agencies)

Unwell Nirmala Sitharaman cuts short longest-ever Budget speech of independent India

Finance minister Nirmala Sitharaman's Budget on Saturday proposed setting up of hundred more airports&nbsp;by 2024 under the Udaan scheme. The minister also announced Rs 69,000 for the healthcare sector.

<a href="https://www.wionews.com/india-news/want-to-increase-spending-capacity-nirmala-sitharaman-278011">Also Read:&nbsp;Wanted to increase spending capacity, says Nirmala Sitharaman</a>

Sitharaman&nbsp;during the speech said more Tejas-type trains will be launched to connect tourist destinations.

Key highlights:

Sitharaman said that India has uplifted 271 million people out of poverty.

The government will be launching an anti-tuberculosis campaign to eliminate the disease by 2025.

100 more airports will be developed by 2024 under the Udaan scheme.&nbsp;

Rs 69,000 crore will be allocated for the healthcare sector.

More Tejas-type trains will be launched to connect tourist destinations.

Rs 85 thousand crore has been allocated for the empowerment of the Scheduled&nbsp;Castes &amp; Schedule Tribes respectively.

Rs three thousand one hundred crore has been set aside for the culture ministry.

Rupees four thousand and 400 crore has been allocated for clean air projects.

The taxpayers' charter to be institutionalised. Ayushman Bharat hospitals will be opened in 100 more districts.

Rs 100 crore to be allocated for G-20 preparations.

Industrial development bank of India (IDBI) and the life insurance corporation of india(LIC) will be disinvested.

Finance minister Nirmala Sitharaman's Budget on Saturday proposed setting up of hundred more airports by 2024 under the Udaan scheme. The minister also announced Rs 69,000 for the healthcare sector.

Finance minister Nirmala Sitharaman's Budget on Saturday proposed setting up of hundred more airports by 2024 under the Udaan scheme. The minister also announced Rs 69,000 for the healthcare sector. Also Read: Wanted to increase spending capacity, says Nirmala Sitharaman Sitharaman during the speech said more Tejas-type trains will be launched to connect tourist destinations. Key highlights: Sitharaman said that India has uplifted 271 million people out of poverty. The government will be launching an anti-tuberculosis campaign to eliminate the disease by 2025. 100 more airports will be developed by 2024 under the Udaan scheme. Rs 69,000 crore will be allocated for the healthcare sector. More Tejas-type trains will be launched to connect tourist destinations. Rs 85 thousand crore has been allocated for the empowerment of the Scheduled Castes & Schedule Tribes respectively. Rs three thousand one hundred crore has been set aside for the culture ministry. Rupees four thousand and 400 crore has been allocated for clean air projects. The taxpayers' charter to be institutionalised. Ayushman Bharat hospitals will be opened in 100 more districts. Rs 100 crore to be allocated for G-20 preparations. Industrial development bank of India (IDBI) and the life insurance corporation of india(LIC) will be disinvested.

Budget 2020 key highlights: 100 more airports to be developed by 2024 under Udaan scheme