The Extension of the Kisan Credit Card Scheme to Animal Husbandry and Fisheries sector along with 2% Loan waiver to this sector is going to augment the growth of Animal Husbandry and fisheries sector which contributes around 1.1% to the Indian GDP empowering the 1.45 Crore people involved in this venture.
Infrastructure sector also saw generous spending with additional capital support of INR 65,587 Crore in the financial year 19-20 being allocated towards railways while mentioning that the operating ratio expected to fall to 95%. Additionally, 19000 crore is to be contributed towards Sadak Yojana.
Individual taxpayers got relieved by the revised limit of Sec. 87A of the Income Tax Act to provide relief by increasing the amount of tax rebate to Rs 12,500 from the existing Rs 2,500. This will benefit only to assesses falling within the limit of Rs 5.00 Lakh. Since this is not a slab change, it will not impact taxation of assesses having higher income but some relief to individual taxpayers having income near to threshold.
Niveshak is the Finance and Investment Club of IIM Shillong
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