Tax relief in Budget a 'lollipop', says NCP's Majeed Memon
New Delhi: NCP leader Majeed Memon has said that the income tax relief for individual taxpayers in the Union Budget 2020-21 is just a "lollipop".
"It is some kind of lollipop. It is not a big relief for taxpayers. The provisions in the Budget are too damaging and people will not welcome it," said Memon here.
"What is shocking is that the automobile sector and unemployment have been totally ignored," he added.
In a major relief for individual taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced a new regime of personal income tax.
"Under the new personal income tax regime, individual taxpayers to pay tax at a reduced rate of 10 per cent for income between Rs 5 lakh and 7.5 lakh against the current rate of 20 per cent," Sitharaman said while presenting the Budget.
"Those with income between Rs 7.5 lakh to Rs 10 lakh to pay tax at 15 per cent against the current 20 per cent. Those with income between Rs 10 to 12.5 lakh to pay tax at 20 per cent, down from 30 per cent," she added.
She further said that tax rates for income between Rs 12.5 lakh to 15 lakh will be 25 per cent, under the new regime.
Union Budget is for 'crorepatis', offers nothing to poor, downtrodden, says MK Stalin
Chennai (Tamil Nadu): DMK Chief MK Stalin on Sunday slammed the Union Budget 2020-21 terming it as "a statement for crorepatis" and offering nothing for the poor, downtrodden and the backward.
"Yesterday we heard Union Minister presenting Union Budget. It was a two-and-half-hour speech but consisted nothing for poor, downtrodden and backward rather it was read out like a statement for crorepatis," said MK Stalin while addressing a public rally here.
"It was read out only for corporates, nothing to benefit people. It did not speak anything on the welfare of downtrodden, the problem of unemployment how to address it was not discussed rather it highlighted the public sector being handed over to private players," he said.
While presenting the Union Budget in Parliament on Saturday, Union Finance Minister Nirmala Sitharaman proposed to provide Rs 35,600 crore for nutrition-related programs for the year 2020-21, also proposed an outlay of about Rs 28,600 crore for programs that were specific to women, Rs 85,000 crore in 2020-21 for the welfare of Scheduled Caste (SC) and other backward classes and Rs 53,700 crore for Scheduled Tribe (ST).
Tharoor terms Union Budget as 'sit-down India Budget'
New Delhi: Senior Congress leader Shashi Tharoor on Saturday said that the Union Budget 2020-21, presented by Finance Minister Nirmala Sitharaman in Parliament, is a "sit-down India Budget".
"I thought the speech was far too long. It was as long as a complete T20 match, but much less exciting than that... In fact the first hour and a half I would say we saw nothing. We saw the same old empty slogans being recited," Tharoor told ANI here.
"In the last hour, we got a couple of interesting things. I was impressed with the inclusion of museums and culture for the first time. I was impressed with the decision that they would actually give a tax break to the middle-class people who are earning Rs 12.5 lakhs and less," he said.
Tharoor said that rural demand is a "major priority for our country".
"There is something really weak about the attention being paid to the agriculture sector and welfare... I am not excited about this budget at all. I think in many ways that after the slogan of Stand-up India, it is now a sit-down India Budget," he further said.
Union Budget is 'pro-people', says Assam CM
Guwahati (Assam): Assam Chief Minister Sarbananda Sonowal on Saturday welcomed the Union Budget 2020-21 and termed it "pro-people" as the Budget is structured on the overall theme of 'ease of living'.
He asserted that the Budget will also fulfill the aims and aspirations of all sections.
Sonowal said that the Budget hinges on the welfare of the farmers as it has categorically mentioned the initiatives such as agriculture credit target of Rs 15 lakh crore.
"Moreover, schemes like 'Kisan Rail' and 'Kisan Udaan', and expansion of PM-KUSUM to provide 20 lakh farmers for setting up stand-alone solar pumps, would greatly benefit the farmers and persons associated with allied sectors," he added.
The Chief Minister also said it will essentially help Assam and other north-eastern states to grow.
Sonowal said that the farmers of Assam have "dignified position" in the national agricultural landscape of the country and pointed that the provision of 'Kisan Rail' and 'Kisan Udaan' are tantamount to acknowledging skills of state's farmers and giving them the respect and position, they deserve.
"This Budget provision would strengthen the agro-economy of the state," he added.
Moreover, hailing the Budget provision of selecting Sivasagar among the five archaeological sites in the country to be developed as an iconic site with other museums, Sonowal asserted that the step showed Prime Minister Narendra Modi-led government's priority to Assam.
He also said that the Budget provision such as 890 km Dhubri-Sadiya connectivity, the completion of which will be achieved within 2022, will boost economic activity through waterways.
Positive and praiseworthy: Nitish Kumar hails Union Budget
Patna (Bihar): Bihar Chief Minister Nitish Kumar on Saturday hailed the Union Budget 2020-21, saying it is positive and praiseworthy and cater to the interests of common man and farmers.
"It is in the interest of common man and farmers. The change in the income tax slab will provide relief to the middle class," Kumar said in a statement.
He added that the proposal to set up solar power plants on barren lands will strengthen the economic condition of farmers.
Finance Minister Nirmala Sitharaman in her budget speech in Parliament on Saturday proposed 16 action points to revive the struggling agriculture sector by doubling farmers' income.
With the aim of doubling farmers' income by 2022, Sitharaman proposed to expand PM-KUSUM to 20 lakh farmers for setting up stand-alone solar pumps and help another 15 lakh farmers solarise their grid-connected pump sets.
"She further proposed to operationalise scheme to enable farmers to set up solar power generation capacity on their barren lands and to sell it to the grid. Resource efficiency is the first step in doubling farmer's income and keeping this in mind Sitharaman further stressed to encourage balanced use of all kinds of fertilisers and Zero Budget Natural Farming (ZBNF)," read an official statement.
"She further proposed integration of negotiable warehousing receipts (e-NWR) and National Agricultural Market (e-NAM)," it added.
No mention of employment, inflation in FM Nirmala Sitharaman's budget speech: Hemant Soren
Ranchi (Jharkhand): Jharkhand Chief Minister Hemant Soren on Saturday said that Finance Minister Nirmala Sitharaman, during her budget speech did not mention anything about unemployment and inflation.
"The Finance Minister gave a speech for around three hours, in my knowledge nobody has ever given such a long budget speech. During this long speech, there was no mention of unemployment and inflation that how will the government fight against these issues. All these things were not mentioned during the budget presentation," said Soren while speaking to the reporters.
"The Finance Minister also did not mention how much money is to be spent in each sector. Also, the middle-class people have been given minor tax relief. So, I think middle-class people would also be disappointed by this budget. This is not BJP's budget, it is Bharatiya Businessmen Party's (BJP) budget," he added.
Soren said that as per his knowledge Jharkhand will be getting a museum but he had urged Prime Minister Narendra Modi for a Tribal University here.
"I think preparations are underway to keep the tribals inside the museum here. Let's see what happens next," he added.
Finance Minister Nirmala Sitharaman today presented her second Union Budget.
In the longest Union Budget speech in history, Sitharaman talked about tax regime, finance, agriculture, irrigation, water, sanitation, healthcare, education, infrastructure, women, digital connectivity among others.
Economy shifted from ICU to ventilator after Budget, says West Bengal Finance Minister
Kolkata (West Bengal): Finance Minister of West Bengal Amit Mitra on Wednesday said that after the Budget announcement, the Indian economy which was in ICU has now been put on a ventilator.
"The Indian economy was in Intensive Care Unit (ICU), just before the Budget, now after the Budget, I must say on behalf of TMC, the Indian economy is on the ventilator, it is having difficulty in breathing," said Mitra.
Calling the Budget anti-people and thoughtless, Mitra said," The Budget has left out the bottom of the pyramid in every manner."
Mitra further added that the Central government had reduced its funds in health and education schemes and said, "Radical reduction has taken place in the government of India funds in schemes for agriculture, health, education, reduction in the budget for SC/ST and together they constitute a reduction of 8.9 per cent."
"The tax reduction for the middle class is nothing but a bluff," said the Minister referring to tax relief announced for Income-Tax payers, in the Union Budget on Saturday.
Nothing in Union Budget barring small concessions to salaried class, says Kharge
Bengaluru (Karnataka): Senior Congress leader Mallikarjun Kharge on Saturday said that Union Budget presented by the Finance Minister Nirmala Sitharaman has nothing for the youth and the farmers except for some small concessions for salaried people.
"There is nothing in this Budget except small concessions given to the salaried class whose annual income is more than Rs 5 lakhs. Otherwise, there is nothing for the poor, for the unemployed youth. The problem of unemployment should have been addressed. And there is nothing for farmers," Kahrge said.
The Finance Minister in her Budget speech in Parliament had said that under the new personal income tax regime, individual taxpayers to pay tax at a reduced rate of 10 per cent for income between Rs 5 lakhs and Rs 7.5 lakhs against the current rate of 20 per cent.
Those with income between Rs 7.5 lakh to 10 lakh will pay tax at 15 per cent against the current 20 per cent. Those with income between Rs 10 to 12.5 lakhs will pay tax at 20 per cent, down from 30 per cent. The tax rates for income between Rs 12.5 lakhs to 15 lakhs will be 25 per cent under the new regime, Sitharaman announced.
Kharge said that the government has admitted that there was harassment of taxpayers and said, "I am surprised that they themselves agreed and said there will be no more harassment of taxpayers. It implies there was harassment. The Budget is not going to improve the wealth of the country."
"The Budget is not satisfactory, the applause from their (treasury benches) side was not much either. This implies that they themselves were not happy," Kharge added.
Budget 2020 is testimony of PM Modi's vision for 'New India', says JP Nadda
New Delhi: BJP president Jagat Prakash Nadda on Saturday said that budget 2020-21 is the testimony of Prime Minister Narendra Modi's vision of new India and said that the latter has ensured all-round development of all sections of the society.
"Prime Minister Narendra Modi has ensured all-round development of all sections of the society. The budget 2020-21 presented today in the Parliament is the testimony of the vision of Modi ji of new India. I express my gratitude to the Prime Minister and congratulate Finance Minister Nirmala Sitharaman and her team for the visionary and futuristic budget," Nadda said here.
"The budget reflects aspirations, hopes and the country's faith. It aims at aspirational India, the economic development of all and caring society. This budget of the Modi government dedicated to the poor, deprived, oppressed, farmers, women and the youth," he said.
Earlier in the day, Union Finance Minister Nirmala Sitharaman presented Union Budget for 2020-21, which proposes to give the Indian economy an impetus to emerge as more vibrant and stronger.
With an emphasis on capacity building and empowerment of marginalised sections of society including farmers, the Union Budget intends to ensure, as said by Sitharaman, that "our people should be gainfully employed. Our businesses should be healthy. For all minorities, women and people from SCs and STs, this Budget aims to fulfil their aspirations."
Speaking on his visit to Davos for World Economic Forum, Goyal that the interactions with different business groups in Davos or in the Ministry of Industries were all positive. "There was so much positivity they see India as the only country with potential for larger investment," he said.
Tax exemption to sovereign wealth funds will spur growth, says NITI Aayog CEO
New Delhi: The tax exemption given to sovereign wealth funds for infrastructure development in the Union Budget 2020 will spur growth in the infrastructure sector, NITI Aayog CEO Amitabh Kant said on Saturday.
"This is a development-oriented budget. Our corporate and indirect tax regime will become one of the lowest in the country. The dividend distribution tax has been removed. Additionally, our country needs infrastructure creation. In view of that, sovereign wealth funds have got tax exemption for infrastructure. For startups also important measures have been introduced," Kant told ANI.
"There is a focus on Public-Private-partnership. There is a lot of focus on technology as well. For instance, the budget talks about quantum computing," he added.
Union Finance Minister Nirmala Sitharaman on Saturday presented Union Budget for 2020-21, which proposes to give the Indian economy an impetus to emerge as more vibrant and stronger.
Budget lacks roadmap to revive sinking economy: Kamal Nath
Bhopal (Madhya Pradesh): Madhya Pradesh Chief Minister Kamal Nath on Saturday called the Union Budget 2020-21 "disappointing", and one which lacked the roadmap to control inflation and stem the declining economy.
"The Budget speech by the Union Finance Minister was a long one but was disappointing. There is nothing in the Budget for the poor, for villages, for farmers, the youth of the country and for women's security," the senior Congress said.
In a series of tweets, Nath also said that the Budget has completely ignored the rural population of the country, and added: "The Budget lacks a roadmap for the country's development, progress, and measures to control inflation and the declining economy. A large part of the country lives in rural areas, and that section has completely been ignored in this Budget."
Accusing the central government of incorporating in the Budget old schemes after repackaging, Nath said, "There is no mention of as to how the youth of the country will be provided employment opportunities. Many old schemes have been repackaged and re-incorporated into the Budget."
Union Finance Minister Nirmala Sitharaman presented the Budget for FY2020-21 in Parliament on Saturday.
Budget has betrayed people's aspirations, says Sisodia
New Delhi: Deputy Chief Minister of Delhi, Manish Sisodia on Saturday hit out at the Centre over the budget saying it has betrayed the aspirations of the people of Delhi.
At a press conference, Sisodia said, "This budget has betrayed the aspirations of Delhi people. We all were waiting for the budget as it is election time in Delhi these days and we hoped that there will be a good announcement in the budget for Delhi."
Sisodia said, "Since 2001, Delhi has been getting lesser Central share. 42 per cent of Central taxes should be given to states and by this logic, Delhi should have got Rs 7,000 crore."
"People of Delhi pay tax amounting to Rs 1.5 lakh crore and accordingly Delhi should have got more but this time too, we got Rs 325 crore," he said.
"The MCDs have not been allotted any funds which were required for the payment of salaries of the employees," Sisodia further added.
Union Finance Minister Nirmala Sitharaman on Saturday presented Union Budget for 2020-21, which proposes to give Indian economy an impetus to emerge as more vibrant and stronger.
Budget gives new hope that India will face headwinds with confidence, says Javadekar
New Delhi [India]: Terming the Union Budget 2020-21 as "ambitious", Union Minister Prakash Javadekar on Saturday said that the Budget gives a new hope that the country will face the headwinds with confidence and will march ahead.
"This is the first Budget of the new decade and this is very ambitious. India is marching ahead with a good rate of progress. We are making huge investments in infrastructure. There is 17 points programme for agriculture... More importantly, 27 crore people have come out of poverty in the last five years," Javadekar told ANI.
"Corporate taxes have been lowered. This budget gives a new hope that the country will face the headwinds with confidence and we will march ahead," he said.
Earlier in the day, Union Finance Minister Nirmala Sitharaman presented Union Budget for 2020-21.