Here's all that you need to know about Union Budget 2020

Senior Congress leader P Chidambaram has criticised government's move over LIC disinvestment mentioned in the Budget and added that the government is clueless   

"We welcome the moves proposed by the government to introduce special measures for perishable goods in Budget 2020. Measures like adding refrigerated coach in trains for transportation of perishable goods like milk, meat and fish will be a game changer for the meat retailer industry. Also, the government's steps to boost fish production to 200 lakh tonnes by 2022-2023 is going to bring about a cheer to the marine farmers. Skill development fund allocation by the government for the youth in the rural sector to provide jobs in the fisheries segment are the steps that were required to boost the meat and seafood retail, as well as enhance the rural sentiments and provide more opportunities for growth. Seamless national cold supply chain for perishables through PPP Model for swift transportation on national and international routes is a welcome change to cater to the demands of the domestic as well as global markets,”  says Nishanth Chandran, Founder & CEO, TenderCuts

“The Finance Minister stays committed to beat critics by announcing a digital refunds of duties and taxes to exporters. This will go a long way in swaying India to be an export oriented economy and will massively tilt the balance of foreign exchange favorably,” says Anil Talreja, Partner, Deloitte India

Even as finance minister announced new tax slabs, Sensex plunges by nearly 600 points, settles at 40,140.62.

FM clarified that the new tax slabs are optional. 

New simplified personal I-T regime proposed, reduced rate of 10% for income from rs 5 lakh to 7.5 lakh, Rs 7.5 to 10 lakh - 15%, Rs 10 lakh to 12.5 lakh - 20%, 12.5 lakh to 15 lakh - 25%, above 15 lakh - 30%

Government pegs GDP nominal growth at 10% 
 

India will host G20 presidency in 2022 - Rs 100 cr for its preparation
 

Government allocates Rs 5958 cr for J&K and Ladakh 

Would like to reassure taxpayers that we remain committed to taking measures to eliminate tax harassment: FM

Rs 20,000 crore for renewable energy sector 

Government allocates Rs 3000 crore for skill development

Rs 3,150 crore allocated for the ministry of culture in 2020-21

FM proposes budget provision of Rs 85,000 crore in 2020-21 for welfare of SC and other backward classes

Rs 1.7 lakh crore provided for transport infrastructure in 2020-21

One lakh gram panchayats will be connected to the optical fibre programme: FM

We have approved Rs 3.6 lakh crore for Jal Jeevan Mission to provide safe drinking water to rural India: FM

A very focused safe water 'Jal Jeevan Mission' and sanitation programme 'Swachh Bharat Yojna' have been launched to tackle health concerns: FM 

Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan (PM KUSUM) to be expanded to provide 20 lakh farmers in setting up standalone solar pumps: FM 

We shall help 15 lakh farmers solarize their grid-connected pumpsets: FM

Between 2006-16, India was able to pull 271 million people out of poverty: FM

FM says govt's debt has come down to 48.7% in March, 2019 from 52.2% in March, 2014

Guided by Sabka Saath, Sabka Vikas, Sabka Vishwas, our govt scaled up the implementation of schemes that directly benefited the poor and disadvantaged: FM

FM gives stress to the changes in structural and fundamental reforms, while revealing that there are 16 lakh new taxpayers being added. 

During her budget presentation, FM recalled the contributions of Arun Jaitley and his vision for a developed India. 

For every member of the schedule caste and schedule tribe, for every woman, for every individual from minority section of the society, this budget aims to give wings to your aspirations: FM 

Nirmala Sitharaman recalls Modi govt getting massive mandate in May 2019. She adds they are committed to serve the people of this country. 

FM Nirmala Sitharaman begins presenting her second budget 

With just less than 15 minutes left for Budget presentation, Union home minister Amit Shah arrives at the Parliament 

Finance minister Nirmala sitharaman will present her budget at 11 am. The presentation will last not more than 90 to 120 minutes.

As part of the customary meet, FM Nirmala Sitharaman met President Ram Nath Kovind with the Budget 

In order to prod the middle class to spend more and increase the demand, budget is expected to offer income tax reliefs and allso sops for affordable houses

This time, Bahi khata used is slightly different. It has two golden borders which run vertically. In between the borders is the Ashok emblem. Last time around, there was only one horizontal golden border 

With a view to giving an impetus, corporate tax cuts were given. There were higher FDI inflows as well. But economy continues to be bad. 

Ahead of budget presentation, FM Nirmala Sitharaman and her taem meet President Ram Nath Kovind 

Till 2016, the Union Budget was presented on the last working day of February. Former finance minister Arun Jaitley had changed the tradition in 2017 when the Union Budget was presented on February 1.

The Budget speech will begin at around 11 am today with Sitharaman beginning it with an address to the speaker of Lok Sabha. Usually, the duration of the presentation ranges from 90 to 120 minutes.