Budget Session Phase 2 Clocks 80% Productivity; Curtailed due to Coronavirus

The Parliament met on 2nd March 2020 for the phase 2 of the budget session after a short break. The Lok Sabha and the Rajya Sabha clocked 86% and 74% productivity respectively until the budget session was called off on March 23, 12 days before schedule due to the growing fears of Coronavirus pandemic.
Complete Coverage: Coronavirus

Crux of the Matter

Complete Coverage: Parliament Budget Session 1st Innings Plays Out With Bouquets And Brickbats

Day 10
On 2nd March, Medical Termination of Pregnancy (Amendment) Bill, 2020 which proposes to increase the time period for termination from 12 to 20 weeks and the Mineral Laws (Amendment) Bill, 2020 which seeks to regulate the mining sector in India was introduced in Lok Sabha as the Budget Session 2.0 began.

Rajya Sabha began discussions on the Direct Tax Vivad se Vishwas Bill, 2020  and the Central Sanskrit Universities Bill, 2019.

Day 11
On March 3, The Banking Regulation Amendment Bill, 2020 was introduced in Lok Sabha. The Bill would keep certain types of agricultural credit societies outside the ambit of the 1949 Banking Regulation Act and strengthen cooperative banks. Clause-by-clause voting on the Direct Tax Vivad se Vishwas Bill, 2020 was taken up in Lok Sabha but the house was adjourned without passage of the bill due to repeated disruptions.

Day 12
On March 4, the Direct Tax Vivad Se Vishwas Bill, 2020 was passed with amendments in the Budget Session. The Indian Institutes of Information Technology Laws (Amendment) Bill, 2020 was also introduced in the Lok Sabha.

The Standing Committee on Finance presented its report on Insolvency and Bankruptcy Code (Second Amendment) Bill 2019 in both the houses. It recommended using the process of delegated legislation through the formulation of rules by the Insolvency and Bankruptcy Board of India.

3 members expressed their dissent for the provision that homebuyers could initiate insolvency proceedings against builders only if the resolution application is jointly filed by at least 10% of homebuyers on the same project.

Day 13
On March 5, Health Minister Dr. Harshvardhan informed both the houses of the government’s steps for universal screening of all international passengers entering India to tackle the Coronavirus. Many MPs highlighted the issue of fake news being circulated over social media and also overpricing of masks and hand sanitizers.

Under Rule 374, the Lok Sabha suspended 7 Congress MPs for the remaining Budget session for their unruly behaviour and misconduct of snatching papers from the Speaker’s table. The 7 MPs are namely Gaurav Gogoi, T N Prathapan, Dean Kuriakose, Manicka Tagore, Rajmohan Unnithan, Benny Behanan and Gurjeet Singh Aujla.

While the BJP welcomed the decision, INC leader Adhir Ranjan Chowdhury alleged the government of revenge politics and termed the decision as ‘dictatorial’.

“Our members had done nothing wrong. The decision was motivated by revenge politics and what happened today is a tale of embarrassment in the history of Parliament.”

Adhir Ranjan Chowdhury, INC Leader

Day 14
On March 6, the Lok Sabha passed the Mineral Laws (Amendment) Bill, 2020 and the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 without any discussion.

The Mineral Laws Bill will remove the restrictions for certain coal mines and will further allow the transfer of statutory clearances from previous lessees to successful bidders for two years. The Insolvency and Bankruptcy Code will allow certain financial creditors to initiate an insolvency process in the event of default.

“This Bill will transform the mining sector in the country by boosting coal production and reducing dependence on imports and in turn also promote Ease of Doing Business.”

– Prahlad Joshi, Union Coal & Mines Minister.

Day 15
On 11th March, Minister of External Affairs, Dr. S.Jaishankar addressed the Rajya Sabha over the growing concerns of 6000 Indians stranded in Iran due to Coronavirus. He also informed that the Cabinet Secretary is following up with all states to set up isolation wards.

The Lok Sabha speaker Om Birla reconsidered the decision of the chair and revoked the suspension of the 7 MPs. As the Lok Sabha took up the discussion of the riots in Delhi, fierce disruption was seen from the opposition. AIMIM MP Owaisi, BJP MP Tejasvi Surya put out strong opposing views. Later Home Minister Amit Shah also replied to the debate by stating the facts and figures of the riot and also promised strict and swift action against those behind the riots.

Day 16
On March 12, the Rajya Sabha passed the Insolvency and Bankruptcy Code (Amendment Bill), 2020 but without the incorporation of the Standing Committee recommendations and the Mineral Laws (Amendment) Bill, 2020 was also passed.

In the second half, the government faced a lot of heat from the opposition in the Rajya sabha over the discussion of Delhi Riots wherein the opposition accused the Home Minister of failing to control the riots and also demanded clarification on CAA-NPR-NRC. Replying to the debate, the Home Minister gave point to point reply informing measures taken by the Delhi Police to investigate the riots and also criticized the Shaheen Bagh protest and clarified that no one’s citizenship would be taken away due to CAA or NPR.

Complete Coverage: Chronology of Delhi Riots

The Major Ports Authorities Bill, 2020 was introduced in Lok Sabha; this bill would replace the Major Port Trusts Act, 1963 and set up a Board of Major Port Authority for each Major Port in the country. The Demand for Grants by the Ministry of Railways was also discussed in the Lok Sabha which highlighted the declining business of passenger and freight trains due to other modes of transport.

Day 17
On 15th March, the Lok Sabha passed the Demand for Grants for the Ministry of Railways. The Direct Tax Vivad se Vishwas Bill, 2020 was taken up in Rajya Sabha where the MPs expressed their concerns over not addressing the root causes of high pendency of tax disputes. The House passed the motion to return the bill to the Lok Sabha as it can only send recommendations in case of a money bill.

Day 18
On March 16, the Rajya Sabha gave its assent to the Central Sanskrit Universities Bill, 2019 which will convert Rashtriya Sanskrit Sansthan, Sri Lal Bahadur Shastri Rashtriya Sanskrit Vidyapeetha and Rashtriya Sanskrit Vidyapeetha into Central Sanskrit Universities.

The Standing Committee report on the Cinematograph (Amendment) Bill, 2019 was tabled in Lok Sabha. It seeks to prohibit unauthorized recording and broadcasting of a film and make provision for a prison term of up to 3 years, or a fine of up to Rs.10 lakh.

The Lok Sabha passed the Demand for Grants of Ministry of Social Justice and Empowerment and Ministry of Tourism. The Appropriation Bill, 2020 was introduced by the Finance Minister Nirmala Sitharaman and also subsequently passed.

Day 19
The Companies (Amendment) Bill, 2020 was introduced in Lok Sabha which seeks to decriminalize technical lapses under the 2013 Companies Act. Some Members opposed the bill and demanded to send it to a Standing Committee. This demand was put down by the Minister of State for Finance Anurag Thakur stating that the Bill only covered technical and procedural defaults.

The Lok Sabha then took up the Aircraft (Amendment) Bill, 2020 that proposes to recognize the Directorate General of Civil Aviation (DGCA), the Bureau of Civil Aviation Security (BCAS) and the Aircraft Accidents Investigation Bureau (AAIB) as statutory bodies. One of the MPs asked the Civil Aviation Minister to pass the benefit of low rates of crude oil to aircraft operators; to which Minister Hardeep Singh Puri asked for aviation fuel to be brought under the GST regime.

The Rajya Sabha also took up The National Commission for Indian System of Medicine Bill, 2019 for discussion which aims to repeal the Indian Medicine Central Council Act, 1970 and set up a National Commission for Indian System of Medicine (NCISM). The house also discussed The National Commission for Homoeopathy Bill, 2019 which proposes to set up the National Commission for Homoeopathy(NCH).

Day 20
The Rajya Sabha passed both The National Commission for Indian System of Medicine Bill, 2019 and The National Commission for Homoeopathy Bill, 2019.

In the Zero Hour of Lok Sabha, an MP raised a demand to expand the list of Scheduled Languages to recognize Rajasthani, Bhoti, and Bhojpuri. The Minister of State for Parliamentary Affairs assured that the government is considering this demand to be added to the 8th Schedule.

Day 21
On March 19, the Lok Sabha passed the Institute of Teaching and Research in Ayurveda Bill, 2020 to merge 3 Ayurveda institutes into one which will now be called the Institute of Teaching and Research in Ayurveda and will be designated as an institution of National Importance. Rajya Sabha discussed the Working of the Ministry of MSME; Nitin Gadkari, Minister for MSME said, “the sector contributes 29% of the GDP growth and 33% of manufacturing and has created about 11 crore jobs.”

Day 22
On March 23, The Finance Bill, 2020 was passed in the Lok Sabha and The National Forensic Sciences University Bill, 2020 and the Rashtriya Raksha University Bill, 2020 were introduced.

The house also gave an extension for the submission of the Joint Committee Report on The Personal Data Protection Bill, 2019. In Rajya Sabha, the Pesticide Management Bill, 2020 was introduced. Later, the house took up clause by clause consideration of the Jammu and Kashmir Appropriation Bills for 2020. After growing pressure from the opposition to curtail the ongoing Budget Session, both the Houses were adjourned sine die 12 days ahead of schedule due to the growing cases of coronavirus.

Curiopedia

Zero Hour – The time immediately following the Question Hour has come to be known as “Zero Hour”. It starts at around 12 noon (hence the name) and members can, with prior notice to the Speaker, raise issues of importance during this time. Typically, discussions on important Bills, the Budget, and other issues of national importance take place from 2 p.m. onwards. More Info

Money Bill – In the Westminster system a money bill or supply bill is a bill that solely concerns taxation or government spending as opposed to changes in public law. It can be introduced only in Lok Sabha. The Rajya Sabha may not amend money bills but can recommend amendments. The Speaker of the Lok Sabha certifies the bill as a money bill before sending it to the upper house, and the decision of the Speaker is binding on both the Houses. A money bill must be returned to the Lok Sabha within 14 days, or the bill is deemed be passed in both houses in the form it was originally passed by the Lok Sabha. More Info

Lok Sabha Passes Finance Bill As Budget Session Ends

In the backdrop of nation-wide Coronavirus lockdown, Parliament passed the Finance Bill on the last day of the Budget Session.

Crux of the Matter

Key Takeaways

  • The government will be allowed to increase the special additional excise duty on petrol and diesel by up to ₹18 and ₹12 respectively when needed.
  • Bill reduces the time required by a Person of Indian Origin (PIO) or Indian Citizen to be considered as Resident for taxing purposes to 120 days from 183 days.
  • NRIs who have an Indian-income above ₹15 lakh will be deemed Indian residents and taxed under the Indian regime if they are not taxed under any other regime. This also means that those who have income less than ₹15 lakhs and are not taxed abroad will not be taxed in India.
  • 20% tax will be levied (TDS) on payment of dividends to NRIs and foreign companies.
  • The Bill also clarified that dividends received by Shareholders after April 1 on which Dividend Distribution Tax (DDT) has been paid as per the old regime will not be taxed.
  • If a person has not filed tax returns for three years, then on cash withdrawal of amount above ₹20 lakhs, 2% tax will be levied; and on cash withdrawal of amount above ₹1 crore, 5% tax will be levied. This will be in effect from 1st July 2020.
  • Withdrawal of amount over ₹1 crore from banks, co-operative banks, and the post office will not be taxed. Earlier, it was taxed at 2%.

The most striking part of the Bill was the amendment that empowers the government to raise prices of petrol and diesel when needed. Moreover, this is the first time in Indian history that due to a public health crisis, a parliament session got over ahead of it’s scheduled date. In total parliament passed 12 Bills, out of which 6 were passed without any heated debate or much discussion in the last session.

Complete Coverage: Coronavirus

Curiopedia

Lok Sabha– The Lok Sabha, or House of the People, is the lower house of India’s bicameral Parliament, with the upper house being the Rajya Sabha. Members of the Lok Sabha are elected by adult universal suffrage and a first-past-the-post system to represent their respective constituencies, and they hold their seats for five years or until the body is dissolved by the President on the advice of the council of ministers. The house meets in the Lok Sabha Chambers of the Sansad Bhavan, New Delhi. More Info

Parliament Budget Session 1st innings plays out with bouquets and brickbats

The Cabinet Committee on Parliamentary Affairs announced the budget session in 2-phases; 1st from January 31 to February 11 and the second from March 2 to April 3 which includes 31 sittings.

Crux of the Matter

Day 1 – President’s Address
On January 31, 2020, The President of India, Mr. Ram Nath Kovind, addressed a joint sitting of both Houses of Parliament outlining the major policy achievements and objectives of the government.

The President spoke vividly on the measures taken to handle economic challenges and meet the GDP targets. He highlighted the growing startup ecosystem which is creating newer opportunities in different sectors.

He also applauded the decisions of the government in the past year in all areas right from J&K, North East, Defence, Infrastructure, ISRO, Cleanliness, Minorities, and other major developments.

He said, “This decade, which has just begun, will determine India’s global standing in the times to come. The world will witness an inclusive, prosperous, capable and powerful New India in this decade.”

Day 2 – The Finance Bill, 2020
On February 1, the bill was introduced in the Lok Sabha by the Finance Minister Nirmala Sitharaman who also presented the Union Budget which brought major structural reforms which are expected to accelerate the slow-moving economy and bring in good governance and ease of doing business.

The government will be spending Rs 20,42,230 crore in 2020-21, which is 12.7% higher than 2019-20. The ministry wise budget stands at:

  • Ministry of Defence – Rs. 4,71,378 crores
  • Human Resource – Rs. 99,312 crores
  • Ministry of Housing & Urban Affairs – Rs. 50,040 crores
  • Ministry of Rural Development – Rs. 1,22,398 crores
  • Ministry of Home Affairs – Rs. 1,67,250 crores
  • Ministry of Agriculture – Rs. 1,42,762 crores

A major change in the income tax rates was proposed and additionally, tax benefits were announced for a variety of sectors to boost infrastructure growth.

Read Summachar’s detailed budget analysis here.

Day 3
On February 3, the Lok Sabha discussed Pradhan Mantri Ujjwala Yojana (PMUY), agreement with the Asian Development Bank (ADB) and skill development in Maharashtra during the question hour.

Whereas in the Rajya Sabha the report by Ad-hoc Committee on the issue of child pornography and its effect on society was tabled and later the house had to be adjourned due to continuous disruptions.

Day 4
On February 4, ‘The Aircraft (Amendment) Bill, 2020‘ was introduced by the Minister of State for Civil Aviation, Mr. Hardeep Singh Puri in the Lok Sabha.

The Bill seeks to amend the Aircraft Act, 1934 to regulate the manufacture, possession, use, operation, sale, import and export of civil aircraft, and licensing of aerodromes.

In the Rajya Sabha, a range of issues were raised during the Zero Hour including revocation of the amendment to the 2006 Environment Impact Assessment (EIA).

Day 5
On February 5, ‘The Direct Tax Vivad Se Vishwas Bill, 2020‘ was introduced in the Lok Sabha by the Finance Minister Nirmala Sitharaman. The bill provides a mechanism for resolution of pending tax disputes related to income and corporation taxes. The Select Committee Report on Surrogacy (Regulation) Bill, 2019 was tabled in the Rajya Sabha.

Day 6
On February 6, the Prime Minister replied to the motion of thanks to the President’s Address in both the houses.

In the Lok Sabha, he spoke elaborately on burning issues of CAA, Article 370, and Bodo Agreement in an hour-long speech. In the Rajya Sabha, the PM launched a fierce attack on the claims made by Congress party in the areas of employment, agriculture, farmer’s income, and economy by presenting statistics w.r.t FDI & GST.

After a series of disruptions and long debate of nearly 13 hours which included replies to the President’s address from all party leaders, the Motion of Thanks to the President’s address was adopted by the Lok Sabha and the Rajya Sabha through a voice vote.

After the motion was passed, a general discussion on the union budget started in the Lok Sabha.

Day 7
On February 7, a discussion on the Economic Survey 2019-20 was done in the Rajya Sabha. The Health Minister briefed the Lok Sabha on the status and measures taken to deal with the coronavirus outbreak.

Day 8
On February 10,The Institute of Teaching and Research in Ayurveda Bill, 2020‘ was introduced by the Ministry of AYUSH in the Lok Sabha which proposes to merge 3 Ayurveda institutes in Jamnagar into the Institute of Teaching and Research in Ayurveda and declare it as an Institution of national importance.

According to the 15th Finance Commission Report for FY 2020-21, the share of states in the centre’s taxes is recommended to be decreased from 42% to 41% for 2020-21 to provide for the newly formed union territories of Jammu and Kashmir, and Ladakh.

The Rajya Sabha discussed the Union Budget wherein the members highlighted the possible impacts of the 15th Finance Commission recommendations.

Day 9
On February 11, The Lok Sabha passed the Constitution (Scheduled Tribes) Order (Second Amendment) Bill, 2019. This Bill aims to include Karnataka’s Parivara and Talawara tribe into Scheduled Tribes.

The Standing Committee report on Labour on the Occupational Safety, Health, and Working Conditions Code, 2019 was tabled in the Lok Sabha. The Bill, among other things, aims at establishing the National Occupational Safety and Health Advisory Board that would advise the government on rules, and standards of worker safety

The Rajya Sabha continued with the discussion on the budget wherein the Finance Minister outlined different plans and highlighted the positive indicators in the economy.

Later on, both the houses were adjourned for the first phase of the session and are now scheduled to meet on March 2.

Curiopedia

The Parliament of India is the supreme legislative body in India It is a bicameral legislature composed of the President of India and the two houses: the Rajya Sabha and the Lok Sabha. The period during which the House meets to conduct its business is called a session. The Constitution empowers the President to summon each House. The Indian Parliament conducts three sessions each year: Budget session: February to May; Monsoon session: July to September; Winter session: November to December. More Info

'Make in India' To Boost as Duty Hiked on Chinese Goods

In order to boost localization, the government in the recent budget has levied extra duties on imported goods especially from China. It is aimed to further strengthen the ‘Make In India’ initiative and create more employment opportunities.

Crux of the Matter

Ministry claims to have taken this decision in order to benefit the Indian MSME sector as this labor-intensive sector is extremely important for employment generation.

The government will now set provisions for checking the dumping of items and imports are additionally being bolstered. The price of imported day-to-day-use items like walnuts, peanut butter, shavers, hairdryers, kitchenware, shoes, kids toys, electric autos & two-wheelers is set to rise due to hike in the customs duty.

A slight increase in the price of refrigerators, washing machines, and air-conditioners is to be expected as the duty on these products has been increased by about 2-3%.

Large corporations are not very happy with the hike in the customs duty of electrical vehicles.

Chairman of Bajaj Electricals Shekhar Bajaj said, “this move will prevent the dumping of goods by China because of US sanctions.”Panasonic India MD Manish Sharma said, “the products like hairdryer, shavers, and trimmers may also now be made in India as corporations accumulate steps to cut charges.”

Curiopedia

Custom duty is the indirect tax levied on the import or export of goods in international trade. In an economic sense, a duty is also a kind of consumption tax. A duty levied on goods being imported is referred to as import duty. Similarly, a duty levied on exports is called an export duty. A tariff, which is actually a list of commodities along with the leviable rate (amount) of customs duty, is popularly referred to as a customs duty. Customs duty is calculated on the determination of the assessable value in case of those items for which the duty is levied ad valorem. For certain items like petroleum and alcohol, customs duty is realized at a specific rate applied to the volume of the import or export consignments. More Info

Budget 2020: A Demand-side Measure to Spur Economy?

Finance Minister Nirmala Sitharaman presented the Union Budget 2020. Major reforms like the reduction of Personal Tax rates, change in Dividend Distribution Tax, reforms in Agriculture, Education, Infra and other sectors, seemed like a step towards the necessary Demand-side measure to spur economic growth.

Crux of the Matter

Budget 2020 centered around the crossroad of two major themes: Demographic Yield that India can have from the working-class age of 15-65 years and Burgeoning Technology, chiefly, AI, machine learning, robots, bio-infotech, etc. Finance Minister Nirmala Sitharaman said that this year’s budget would tackle three major ideas:

i) Building more opportunities in health, education and job sector for aspirational India.
ii) Structural Reforms that would enhance inclusive economic development.
iii) Creating a caring society.

Direct Tax Proposals
Budget 2020 outlines new rules for personal taxes. In the old regime, individuals earning above 5 lacs were taxed 30%. Also, of some 100 odd exemptions in the Income Tax, 70 have been However, new tax slabs have been announced in the new regime. According to FM Sitharaman, an individual has a choice of deciding whether to opt for the new tax regime. If one chooses the new regime, the following key conditions need to be met:

a) Individuals or HUFs with no business income can have the option to choose the regime every year.
b) Individuals or HUFs with business income are allowed to withdraw from the option only once unless the business income is not earned anymore.
c) The option has to be exercised only on or before due date of filing income tax return.
d) Individuals who opt for the new regime need to forgo exemptions and deductions like Standard Deduction allowed to salaried employees, House Rent Allowance, Investments in PF, PPF, LIC, etc under Sections 80C, 80D, etc.
e) Loss or Depreciation carried forward and that can be attributable to the above-mentioned deductions cannot be set-off. Set-off will also be not available for losses from “income from house property”.

*Income as per the old regime means ‘Net Income’ derived after availing applicable deductions. Whereas, in the new regime Income means Gross Income as deductions are not available under it.

1. Individuals with income below 2.5 lacs will not be taxed in the new regime as well.
2. Individuals earning 2.5 – 5 lacs will be taxed at the same rate of 5%.
3. Individuals earning between 5 – 7.5 lacs to be taxed at 10%.
4. Individuals earning between 7.5 – 10 lacs to be taxed at 15%.
5. Individuals earning between 10 – 12.5 lacs to be taxed at 20%.
6. Individuals earning between 12.5 – 15 lacs to be taxed at 25%.
7. Individuals earning above 15 lacs will be charged in a similar way as in the old regime.

Residency Eligibility
Changes were also made in the eligibility criteria – residency status – for personal taxes. According to the new rules,
a) Indian Citizen not taxed under any other country’s regime will be taxed in India.
b) For an Indian Citizen or Person of Indian Origin to be regarded as Non-Resident, the number of days (s)he spends in India has been reduced to 120 days from 182 days.
c) For a person to be categorized as “(not) ordinarily citizen”, the person must have met the requirement of being a resident for at least 7 out of 10 years.

Audit and Other Laws
As per the existing law, for MSME’s the threshold to get the books audited was INR 1 crore. As per the Budget 2020 proposal, the audit threshold has been increased to INR 5 crore if cash receipts and payments do not exceed 5% of total receipts and payments respectively.

The government has also announced that new E-Appeal functionality will be released for resolving and filing tax disputes. For taxpayers whose litigations are pending, the government has announced “Vivas Se Vishwas” that grants full waiver of penalty and interest amounts if the pending tax amount is paid before 31 March 2020.

Dividend Distribution Tax
Government announced that DDT will not be levied on companies. It will now be levied on the,
a) resident at the applicable tax slab (s)he falls in
b) non-resident at 20%.
Also, the additional 10% tax levied on specified persons that receive dividends more than INR 10 lacs will no longer be applicable.

Investors were looking forward to amendment in the Long Term Capital Gains (LTCG) Tax. However, no announcement regarding it was made.

Proposal for Start-ups
FM Sitharaman announced that the government will strengthen laws and policies regarding Intellectual Property. She also said that Seed Funding would also be made available to start-ups in the ideation and early development stage.

For a start-up to be considered eligible, the turnover cap has been increased to INR 10 crore. Moreover, eligible start-ups can claim tax holiday for 10 years now instead of 7 years.

Taxes paid by start-ups if an employee exercises ESOP has been deferred under the new proposals to the earlier of (a) sale of the particular security, (b) termination of employment, or (c) lapse of 48 months from the end of the applicable Assessment Year.

Sectoral Reforms
In a major announcement, FM Sitharaman proposed that Life Insurance Corporation (LIC) would be divested y the way of an Initial Public Offering (IPO).

In the backdrop of the government’s key ideas of technology and demographic dividend, FM Sitharaman announced a budget of INR 800 crore towards the National Mission on Quantum Technology and Computing.

To overturn the Banking and NBFC sector, the government announced that NBFCs with an asset size of INR 10 crore or loan size of 1 crore is eligible for debt recovery under the SARFAESI Act, 2002. INR 100 crore was allocated for a scheme to be run by EXIM and SIDBI to push exports.

Non-Resident Investors will now be allowed to invest in specific Government Securities. FPI limit in corporate bonds will be increased from 9% to 15% of the outstanding debt of corporate bonds.

As a part of its Caring India agenda, the government has announced that Tier I and Tier II cities will be empowered with a sufficient number of hospitals. 5% Health Cess was levied on import of medical equipment.

FM insisted State Governments implement Model Agricultural Land Leasing Act, 2016, and Model Agricultural Produce and Livestock Contract Farming and Services (Promotion and Facilitation) Act, 2018 in order to enhance farm product procurement process, avail economical logistics support and better price. The government also said that under “Blue Economy” it aims at increasing the fisheries exports to INR 1 lakh crores and include more and more youth to the sector.

Curiopedia

Union Budget of India, also referred to as the Annual Financial Statement in the Article 112 of the Constitution of India, is the annual budget of the Republic of India. The Government presents it on the first day of February so that it could be materialised before the beginning of new financial year in April. Until 2016 it was presented on the last working day of February by the Finance Minister in Parliament. The budget, which is presented by means of the Finance bill and the Appropriation bill has to be passed by Lok Sabha before it can come into effect on 1 April, the start of India’s financial year. More Info

Tax holiday is a temporary reduction or elimination of a tax. It is synonymous with tax abatement, tax subsidy or tax reduction. Governments usually create tax holidays as incentives for business investment. More Info