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Indian Union Budget 2020 – 21

金融2023-05-01新加坡金融科技协会S***

AI智能总结

The report provides an overview of the macroeconomic environment, followed by a detailed analysis of taxation in India. The key tax announcements in the Union Budget 2019-20 are discussed, including changes in tax rates, exemptions, and deductions. The report also covers sectoral analysis, focusing on agriculture and allied activities, art and culture, automobiles and electric vehicles, blue economy, financial services, capital goods, and capital markets. Overall, the report provides a comprehensive understanding of the Indian tax system and its impact on various sectors.

Contents PartA:MacroOverview4 PartB:Taxation13 KeyTaxAnnouncementsinUnionBudget2019-2014 PartC-SectoralAnalysis21 AgricultureandAlliedActivities22 Art&Culture26 Automobiles&ElectricVehicles27 BlueEconomy28 FinancialServices40 CapitalGoods43 CapitalMarkets45 Chemicals&Petrochemicals49 CivilAviation51 Defence54 Drones56 Education58 Electronics&MobileManufacturing62 Environment63 ExternalTrade65 FinancialServices66 FMCG,Retail,InternalTrade&ECommerce70 FoodProcessing72 GeospatialTechnologies75 Healthcare77 HomelandSecurity84 InformationTechnologyandTelecommunication87 Media&Entertainment89 MicroSmallandMediumEnterprises91 Mines&Metals98 Oil&Gas99 Pharmaceuticals100 Power&RenewableEnergy101 Publishing104 RealEstateSectorandUrbanInfrastructure106 RuralEconomy108 Science&Technology109 SkillDevelopment111 StartUp&Innovation115 Sports&YouthAffairs117 Textiles118 TransportInfrastructure120 Tourism123 Water&Sanitation125 PartA:MacroOverview MacroOverview TheUnionBudget2020-21wasannouncedamidhighexpectationsandespeciallysowhentheeconomyisgoingthroughtestingtimes.TheHon’bleFinanceMinisterhastreadedthetightropesuccessfully,maintainingabalancebetweenthevariouscommitmentsofthegovernment. Withlimitedleversinhand,theannouncementsmadedisplaythatthegovernmenthastherightpulseofwhatneedstobedoneongroundtofurtherstrengthenfoundationofoureconomy.WithEaseofLivingasacommonthreadwovenaroundthethreekeythemes–AspirationalIndia,EconomicDevelopmentandCaringSociety-thebudgetlaysouttheroadmapforfuture. Theemphasisonagriculturesector,MSMEs,entrepreneurship,infrastructureetciswellplacedanddoesinfuseoptimism.Goingforward,withadeterminedfocustowardsimplementation,wearehopefulthattheeconomywouldsoongetbackontherecoverycourse. Theadvanceestimateof5.0%GDPgrowthforFY20putoutearlierthisyearisacauseforsomeunease–thegrowthis2.0-2.5%belowpotential.TheEconomicSurvey2019-20tabledadaypriortothebudgetestimatesgrowthtoreboundto6.0-6.5%in2020-21onbackofimplementationofreforms.FICCIinitsrecentlyreleasedEconomicOutlookSurveyhadputacrossagrowthestimateof5.5%forthesameyear. Weappreciatethegovernment’sdecisiontowardsrelaxingthefiscalgapfortheyear2020-21,whichwehopewillbeusedtoboostruraldemandandinfrastructureinvestments.FICCIhadbeensuggestingtothegovernmenttobeopentoafiscalexpansiongiventhepresentgrowthconsiderations.Also,therevisioninincometaxslabsshouldgivesomepushtothesubduedconsumptionactivity. However,wewerehopingforaraisedcorpusforMGNREGAasthiswouldhaveputmoreincomedirectlyinthehandsoffarmers’.Also,thegovernmentcouldhaveconsideredfront-loadingthepaymentsunderPM-KISANinthecomingyear.Thesecouldhavebeenbeamajorsentimentbooster.Pushingconsumptionisreallycriticalandourgroundlevelsurveysindicateweakdemandasoneofthemainconstrainingfactorsforbusinesses. Furthermore,theemphasisonwealthcreationiswelltaken.Wewerealsoencouragedbythepro-businessandanti-cronytoneputoutintheEconomicSurveyandtheimportancegiventotheroleofindustryinmeetingtheUSD5trillion. Theindustryisgoingthroughadifficultperiodwithpersistentstressonaccountofbothglobalanddomesticfactors.Wehailtheemphasisontheneedtofocusonmanufactureofnetworkedproducts,electronics,medicaldevicesandtechnicaltextiles.ThesearelowhangingfruitsforIndiaandholdimmensepotentialtowardsjobcreation.Infact,FICCIinitssuggestionstothegovernmenthadrecommendedfocusonthesesectors.However,wewerelookingforamentionoftheNewIndustrialPolicy. EntrepreneurshipisthebackboneofNewIndiaandtheintentofthegovernmenttoremoveanyroadblocksandcreatemoreopportunitiesforentrepreneursiswellreceived.TheproposaltosetupanInvestmentClearanceCelltoprovide‘end-to-end’facilitationandpre-investmentadvisoryserviceswillbeofgreatsupporttothenewstart-ups. Industry,Commerce& Investment Economic Development Infrastructure NewEconomy •AtaskforcetosuggestonloweringMMR,improvingnutritionlevels •Morethan6lakhanganwadiworkersequippedwithsmartphones •KnowledgeTranslationClustersforemergingtechnologysectors •NationalMissiononQuantumTechnologiesandapplications •NationalLogisticsPolicytobelaunchedsoon •103lakhcroreNationalInfrastructurePipelineprojectsannounced •Schemestopromotemanufacturingintechnicaltextiles,electronics •Settingupofaninvestmentclearancecellforendtoend •Apprenticeshipembeddedcoursesin150highereducationinstitutes •Specialbridgecoursesforthoseseekingemploymentabroad Agriculture,Irrigationand RuralDevelopment AspirationalIndia Wellness,Water andSanitation EducationandSkills •ViabilitygapfundingproposedforsettinguphospitalsinPPPmode •ExpansionofJanAushadhiKendraSchemetoalldistrictsby2024 •DetailedSixteenActionPointsagendaannounced EaseofLivingBouquet Women,ChildandSocial Welfare CaringSociety CultureandTourism EnvironmentandClimate Change •Encouragingstatesfortakingstepstoprovidecleanerair •CoalitionforDisasterResilientInfrastructurelaunchedinSep2019 •5archaeologicalsitestobedevelopedasiconicsites •EstablishIndianInstituteofHeritageandconservation Source:UnionBudget2020-21 Also,thestresslaidonNewEconomy–onewhichisbasedoninnovationsanddisruptivetechnologieslike3D

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