The first budget of this decade has 'ease of living' as its basic tenet. Jan Jan ka Budget, as it is named has presented a slew of measures and has taken some bold steps which can have long-term impact on the economy. Through structured reforms, this budget maintains a fine balance between growth and fiscal prudence.
The Economic Survey 2019-20 focused on wealth creation of 130 crore Indians. This is realised through the three central themes of this budget - Aspirational India, Economic Development, Caring Society. These themes have something to touch upon the lives of every citizen of the country, be it a farmer, investor, student, service class or a start-up to name a few. 'Aspirational India' in which all sections of the society seeks better standards of living, with access to health, education and better jobs. 'Economic development for all', indicated in the Prime Minister's extortation of " Sabka Sath, Sabha Vikas, Sabka Vishwas" and 'Caring Society' that is both humane and compassionate taking development to the last mile. This issue of Yojana decodes the budget on these three broader themes and gives an in-depth analysis on each of them.
The budget envisages achieving seamless delivery of serivices through digital governance, improving physical quality of life through National Infrastructure Pipeline , risk mitigation through disaster resilience and social security through pension and penetration. It promotes investment through measures including doing away with the Dividend Distribution Tax for the companies which will now be levied on investors, 'Vivad se Vishwas' to reduce tax litigations and insurance cover on bank deposits being increased to five lakh rupees. A tax structure to choose from might accrue substantial tax benefit to a middle-class taxpayer depending upon exemptions and deductions claimed by him. In order to give a boost to the start-up ecosystem, the budget has proposed to ease the burden of taxation on the employees by defering the tax payment on ESOPs.
The 16-point action plan focuses on doubling farmer's income, ensuring storage and logistics, promoting Blue Economy, Horticulture and Animal Husbandry. A hundred airports planned by 2024 under Udan Scheme, Krishi Udan Yojana to be launched on international, national routes bringing Norteast and tribal districts on the forefront. The new economy is envisioned based on innovations with Artifical Intelligence, Internet-of-Things(IOT), quantum coomputing, etc to enable direct benefit trasfers and financial inclusion on a scale never imagined before.
The budget reflects the Government's firm commitment to substantially boost investment in agriculture, infrastructure, social sector, education and health. On sanitation front, the Government is commtted to ODF Plus in order to sustain ODF behavior. Education and skill development were given prominence through the reforms expected in form of the New Education Policy. About 150 higher educational institutions will start apprenticeship embedded courses and full-fledged online degree-level education programmes to be started. Also, National Police University and a National Forensic Science University are being proposed in the domain of policing science, forensic science and cyber-forenics.
In the Budget Speech presented on 28 February, 1948 , R.K Shanamukham Chetty, the first Finance Minister of independent India had quoted a few lines treasured by Mahatma Gandhi which hold relevance event today = "Lead Kindly Light. The next step is enough for us if it is illuminated by the star of our ambition and fortified by the faith in our destiny."
The Economic Survey 2019-20 focused on wealth creation of 130 crore Indians. This is realised through the three central themes of this budget - Aspirational India, Economic Development, Caring Society. These themes have something to touch upon the lives of every citizen of the country, be it a farmer, investor, student, service class or a start-up to name a few. 'Aspirational India' in which all sections of the society seeks better standards of living, with access to health, education and better jobs. 'Economic development for all', indicated in the Prime Minister's extortation of " Sabka Sath, Sabha Vikas, Sabka Vishwas" and 'Caring Society' that is both humane and compassionate taking development to the last mile. This issue of Yojana decodes the budget on these three broader themes and gives an in-depth analysis on each of them.
The budget envisages achieving seamless delivery of serivices through digital governance, improving physical quality of life through National Infrastructure Pipeline , risk mitigation through disaster resilience and social security through pension and penetration. It promotes investment through measures including doing away with the Dividend Distribution Tax for the companies which will now be levied on investors, 'Vivad se Vishwas' to reduce tax litigations and insurance cover on bank deposits being increased to five lakh rupees. A tax structure to choose from might accrue substantial tax benefit to a middle-class taxpayer depending upon exemptions and deductions claimed by him. In order to give a boost to the start-up ecosystem, the budget has proposed to ease the burden of taxation on the employees by defering the tax payment on ESOPs.
The 16-point action plan focuses on doubling farmer's income, ensuring storage and logistics, promoting Blue Economy, Horticulture and Animal Husbandry. A hundred airports planned by 2024 under Udan Scheme, Krishi Udan Yojana to be launched on international, national routes bringing Norteast and tribal districts on the forefront. The new economy is envisioned based on innovations with Artifical Intelligence, Internet-of-Things(IOT), quantum coomputing, etc to enable direct benefit trasfers and financial inclusion on a scale never imagined before.
The budget reflects the Government's firm commitment to substantially boost investment in agriculture, infrastructure, social sector, education and health. On sanitation front, the Government is commtted to ODF Plus in order to sustain ODF behavior. Education and skill development were given prominence through the reforms expected in form of the New Education Policy. About 150 higher educational institutions will start apprenticeship embedded courses and full-fledged online degree-level education programmes to be started. Also, National Police University and a National Forensic Science University are being proposed in the domain of policing science, forensic science and cyber-forenics.
In the Budget Speech presented on 28 February, 1948 , R.K Shanamukham Chetty, the first Finance Minister of independent India had quoted a few lines treasured by Mahatma Gandhi which hold relevance event today = "Lead Kindly Light. The next step is enough for us if it is illuminated by the star of our ambition and fortified by the faith in our destiny."
