Union Budget 2020: Here are the 20 key takeaways

Union Finance Minister Nirmala Sitharaman, flanked by her deputy Anurag Thakur (to her right) and a team of officials, shows a folder containing the Union Budget documents as she poses for lensmen on her arrival at Parliament in New Delhi, Saturday, Feb. 1, 2020. (PTI Photo)

In her second Union Budget speech, Finance Minister Nirmala Sitharaman, had introduced various reforms, from income tax slab cuts to 16-point action plan for farmers. Here are the 20 key takeaways from Union Budget 2020:

1.Three themes dominated the Budget 2020 -- aspirational India, economic development for all, and caring society.

2. FM Sitharaman presented a mega 16-point action plan for farmers. The government is committed to doubling farmers' income by 2022, she says while proposing to allocate Rs 2.83 lakh crore for agriculture and rural sectors such as irrigation.

READ: FM Sitharaman highlights 16 points to showcase govt’s focus on farmers

3. Wealth creators will be respected in this country, tax harassment can't be tolerated, says Nirmala Sitharaman.

4. Government proposes amendments in Companies Act to decriminalise civil offences.

5. Budget 2020 raise Insurance cover for bank depositors to Rs 5 lakh from Rs 1 lakh.

6. Budget 2020 pegs nominal GDP growth rate for 2020-21 at 10%.

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7. Budget 2020 offers cuts on income tax; 10% rate for income of Rs 5-7.5 lakh against earlier 20%. Income tax rates will be significantly reduced for those who forego reliefs, exemptions.

8. Budget 2020 offers instant generation of PAN online.

9. Government to introduce new and simplified GST Return from April 1.

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10. Government to bring new education policy; allocates Rs 99,300 cr for sector in FY21.

11. Budget 2020 revises FY20 fiscal deficit target to 3.8% from 3.3%.

12. Tax on cooperative societies reduced to 22% without exemptions.

13. A scheme to provide subordinate debt to MSME entrepreneurs soon to be enacted.

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14. Kisan Rail in PPP mode for cold supply chain to transport perishable goods was proposed.

15. Bengaluru suburban rail project get a nod and Rs 18,600 crore 148-km local train network.

16. An allocation of Rs 30,757 crore for Jammu and Kashmir, and Rs 5,958 crore for Ladakh for fiscal 2020-21 is proposed.

17. NIRVIK scheme to provide high insurance cover and reduce premium for small exporters.

READ: Budget approval for suburban rail; Officials to wait for pink book

18. Task force to be set up for recommending marriageable age for women.

19. A proposal to increase turnover of GeM platform to Rs 3 lakh crore was moved by the FM.

20. A proposal to start scheme for manufacturing cell phones, semi-conductors and other electronic devices.