After speaking for over 2.5 hours, Finance Minister Nirmala Sitharaman quits midway. This budget speech was the longest ever and she felt too tired to read out the final two pages.
Sitharaman announces major tax relief
- No tax for income upt0 Rs 5 lakh
- 10% tax for income between Rs 5 lakh to Rs 7.5 lakh
- 15% tax for income between Rs 7.5 lakh to Rs 10 lakh
- 20% tax for income between Rs 10 lakh to Rs 12.5 lakh
- 25% tax for income between Rs 12.5 lakh to Rs 15 lakh
- 30% for above Rs 15 lakh income
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Budget 2020: Economy boost
- Govt's vision is to make each district an export hub
- Digital refund of duties and taxes to exporters from this year
- Rs 6,000 crore for Bharat Net to link 1 lakh gram
- Govt to consider corporatisation of at least one major port
- Rs 22,000 crore for Power and Renewable Energy sector
Union Budget 2020 failed to cheer markets as Sensex was trading 347 points lower. At 1.20 pm, the Sensex was trading at 40,375.84, lower by 347.65 points or 0.85 per cent from the previous close of 40,723.49 points.
It had opened at 40,753.18 and has so far touched an intra-day high of 40,905.78 and a low of 40,375.84 points.
The Nifty50 on the National Stock Exchange was trading at 11,881.35, lower by 80.75 points or 0.68 per cent from its previous close.