Detailed budget insight 2020-21: Unlock the potential of wealth creation

1. Union Budget 2020-21

2. Budget Highlights 2020-21
We view the budget to have delivered on most of the parameters which would enable India gear itself for
the journey towards doubling its GDP to $5tn by 2025. Central theme of this year’s budget seem to be
enhancing consumer spending & farm incomes, continue impetus on infrastructure, divestments, etc, while
ensuring fiscal deficit doesn’t cross the stated threshold.
In longest budget speech ever, the current FM presented the budget while trying to deliver on most set of
areas, which currently needs attention. The theme of the budget revolved around ease of living supported
by good governance standards and robust financial sector. The three key pillars and sub sectors which were
the focus areas were:
 ASPIRATIONAL INDIA- Agriculture, irrigation and rural development
 ECONOMIC DEVELOPMENT- Industry, commerce and investment, infrastructure and new economy
 CARING SOCIETY- Women & child, social welfare, culture & tourism, environment & climate change
Fiscal balance remains undisturbed even as capital expenditure budgets are raised
Budget 2020-21 reflects the Government’s firm commitment to substantially boost investment in the
economy. Government proposes to increase the planned expenditure by 12% YoY to Rs. 30.42 lakh crore in
FY21, while keeping the fiscal deficit target at 3.8% of the GDP. This is expected to translate in incremental
investments of approx. Rs3.5 lakh crore for the year.
What gives us comfort and confidence that the stated targets are realizable are realistic growth assumptions
and well calibrated estimation for revenue flows.
a) Expenditure target is based on a nominal growth assumption of 10% for FY21, which translates in a
real growth rate of 5.5-6.0% and is quite in line with the estimates provided by various reputed
domestic as well as global agencies.
b) Similarly, to boost revenue flows for the year and to reduce reliance on external debt, divestment
targets have been increased from Rs 1.05 lakh crore to Rs 2.1 lakh crore. A large portion of this would
come from stake sale in Life Insurance Corporation of India (LIC) and IDBI, reducing the chances for
missing this target. There is no denying that listing of LIC would have a bearing on sectoral fund
allocations from domestic funds and FIIs and thus on the trading multiples enjoyed by its peers, but
this is a long pending move, with no or limited business implication on the competitors.
Overall therefore we see that the Government has been able to maintain the fine balance of fiscal discipline
and GDP growth, amidst rising infrastructure expenditure. As stated earlier, all seem to be on track for
achieving the $5tn mark in next 5 years.
Taxation anomalies across segments being ironed out
Spurring demand and rectification of anomalies seem to the common thread concerning taxation measures
announced across segments in this budget. Some key announcements include:
a) Extension of tax holiday for affordable housing segment by one more year (Mar’21). Developers
have been incentivized to launch more projects in this space and individuals to purchase under
affordable housing scheme.
b) Steps initiated for personal taxation reform include rejigging tax slabs along with reduction in tax
rates, even as standard deductions are removed. Here Government has given the choice to individual
taxpayers to either shift to the new regime or continue under the old method, based on their
preference. This has been done to simplify the tax structure and leave higher disposable income in
the hands of individual taxpayers.
c) Abolishment of Dividend Distribution Tax (DDT)- DDT has been abolished for the corporates and has
been made taxable in the hands of recipients. Based on back of the envelop calculations, we expect
this step to be beneficial for taxpayers below Rs 10 lakh slab of income.

3. d) Cooperatives brought on same level as corporates- tax for cooperative societies has been reduced
to 22% plus surcharge and cess, from 30% at present.
e) 100% tax exemption for sovereign wealth funds for investments in priority sectors. This is likely to
boost investments in the infrastructure space.
Boost to financial sector, MSME and startups to reinvigorate the slowing economy
With an aim to provide boost to financial system, and other areas of concerns, key proposals in budget are.
a) Eligibility limit for NBFCs for debt recovery under SARFESI act reduced from asset size of Rs5 bn to
Rs1 bn and loan quantum from Rs1cr to Rs50lakh.
b) Proposal to ask RBI to extend the time limit for MSME restructuring to Mar’21 from Mar’20 and
provide subordinated debt to MSME for working capital which will be treated as quasi equity and
will be fully guaranteed
c) Limit of FPI in corporate bonds to be increased from 9% to 15%
d) Raising of turnover target from Rs25cr to Rs100cr for startups to claim 100% deduction of profits for
three consecutive years out of 7 years which is also enhanced to 10 years.

4. Changes in personal income tax rate proposed in Budget 2020-21
The Budget has proposed lower tax rates for individuals as shown below:
Sr.
No.
Income Slab
Existing
Regime
New Regime
(without exemptions and
deductions
1
Less than Rs.
2.5L
NIL NIL
2
Rs. 2.5L - Rs.
5L
5% 5%
3
Rs. 5L - Rs.
7.5L
20% 10%
4
Rs. 7.5L - Rs.
10L
20% 15%
5
Rs. 10L - Rs.
12.5L
30% 20%
6
Rs. 12.5L - Rs.
15L
30% 25%
7
More than
Rs. 15L
30% 30%
* This is for individuals below 60 years of age
We take a look at two cases – one where taxable income is same in new and old regime (Case A) and the
other where Gross Salary is same in new and old regime
Case A – Same taxable income in new and old regime
Individuals can choose between either of the tax regimes. In case they choose the new regime with lower
taxes, they will have to forego exemptions and deductions claimed in the old regime. The following is an
example of tax implication in case of taxable income of Rs. 15L, assuming the person is not claiming any
deductions. In this case, an individual will save Rs. 78,000 worth of tax.
Income
Slabs
Incremental
Income
Tax rate in
Existing
Regime
Amount
(Rs.)
Tax rate in
proposed
Regime
Amount
(Rs.)
Tax
Reduction
Rs. 0L - Rs.
2.5L
250,000 0% - 0% -
Rs. 2.5L - Rs.
5L
250,000 5% 12,500 5% 12,500
Rs. 5L - Rs.
7.5L
250,000 20% 50,000 10% 25,000
Rs. 7.5L - Rs.
10L
250,000 20% 50,000 15% 37,500
Rs. 10L - Rs.
12.5L
250,000 30% 75,000 20% 50,000
Rs. 12.5L - Rs.
15L
250,000 30% 75,000 25% 62,500
Tax implication (Rs.) 262,500 187,500
Health & Education
Cess @ 4% (Rs.)
10,500
H&E Cess-
@4%
7,500
Total Tax Implication (Rs.) 273,000 Total Tax 195,000 78,000

5. Avg Tax
Rate
18.20% 13.00% 5.20%
The below table summarizes the tax saving for different income brackets:
Tax Implication (Rs.)
Sr.
No.
Taxable
Income (Rs.)
Earlier Case New Case
Saving
(Rs.)
1 0 - 2,50,000 - - -
2
2,50,000 -
5,00,000
- - -
3
5,00,000 -
7,50,000
13,000 -
65,000
13,000 -
39,000
0 - 26,000
4
7,50,000 -
10,00,000
65,000 -
1,17,000
39,000 -
78,000
26,000 -
39,000
5
10,00,000 -
12,50,000
1,17,000 -
1,95,000
78,000 -
1,30,000
39,000 -
65,000
6
12,50,000 -
15,00,000
1,95,000 -
2,73,000
1,30,000 -
1,95,000
65,000 -
78,000

6. Case B – Same gross salary in new and old regime
The new tax regime has a catch. In case an individual chooses to use all deductions and exemptions
(which most people WILL do), then he / she will end up saving tax in the old regime. There will be no
incentive to switch to the new regime.
OLD Regime New Regime
Salary
Income
1,500,000
Salary
Income
1,500,000
Deductions: 80C 150,000 Deductions: -
80D -
Medicliam
25,000 -
80CCD -
NPS
50,000
80CCD (2) -
NPS
50,000
Hsg Loan
int
200,000 -
Std
Deduction
50,000 -
80G -
Donations
50,000 -
Taxable
Income
975,000
Taxable
Income
1,450,000
<2.5L - 250,000 <2.5L - 250,000
2.5L - 5L @
5%
12,500 250,000
2.5L - 5L @
5%
12,500 250,000
5L - 10L @
20%
95,000 475,000
5L - 7.5L @
10%
25,000 250,000
7.5L - 10L @
15%
37,500 250,000
10L - 12.5L @
20%
50,000 250,000
12.5L - 15L @
25%
62,500 250,000
Tax Payable 107,500
Cess @ 4% 4,300 Tax Payable 187,500
Total Tax 111,800 Cess @ 4% 7,500
Total Tax 195,000
The below table summarizes tax loss incurred by adopting the new regime as against retaining old
regime and availing all exemptions and deductions:

7. Tax Implication (Rs.)
Sr.
No.
Taxable
Income (Rs.)
Earlier
Case
New Case
Extra tax
implication (Rs.)
1 0 - 2,50,000 - - -
2
2,50,000 -
5,00,000
- - -
3
5,00,000 -
7,50,000
- 0 - 33,800 0 - 33,800
4
7,50,000 -
10,00,000
-
33,800 -
70,200
33,800 - 70,200
5
10,00,000 -
12,50,000
0 - 59,800
70,200 -
1,19,600
10,400 - 59,800
6
12,50,000 -
15,00,000
59,800 -
1,11,800
1,19,600 -
1,95,000
59,800 - 83,200

8. Sectoral Highlights
Textiles
Announcement Impact
Proposal to set up a National Technical Textiles
Mission with a 4-year implementation period from
FY21 to FY24, at an outlay of Rs. 1,480cr.
Will help reduce India’s annual import bill due to
technical textiles worth ~$16bn. Local companies
will be encouraged to set up technical textile
manufacturing capacity in India
Logistics
Announcement Impact
National Logistics Policy to be set up soon to clarify
roles of Union Government, State Government
and regulators.
Will create a single window e-logistics market,
increasing the pace of movement of goods and
setting up of warehousing infrastructure.
Agri sector (Agriculture, Irrigation & Rural Development)
Announcement Impact
Total Allocation for Agri Sector is Rs. 2.83 lakh
crores. Out of this Rs. 2.83 lakh crores, Rs. 1.60
lakh crores to be allocated towards agriculture,
allied activities, irrigation and Rs. 1.23 lakh crores
to be allocated towards Rural Development.
Positive for all companies deriving income from
farmers – FMCG, agri inputs, irrigation, fertilizers,
two-wheelers, pipes etc.
Pradhan Mantri Kisan Urja Suraksha Evem Utthan
Mahabhiyan (PM KUSUM) to be expanded to
provide 20 lakh farmers for setting up standalone
solar pumps.
Positive for solar pump manufacturing companies.
Scheme to enable farmers to set up solar power
generation capacity on their fallow/barren lands
and to sell it to the grid would be operationalized.
Positive for solar equipment companies.
Implementation can be an issue unless farmers
are given subsidy to install solar plants.
Focus on balanced use of all kinds of fertilizers
including the traditional organic and other
innovative fertilizers with a view to change the
prevailing incentive regime, which encourages
excessive use of chemical fertilisers.
Negative for select fertilizer manufacturing
companies.
To build a seamless national cold supply chain for
perishables, inclusive of milk, meat and fish, the
Indian Railways will set up a “Kisan Rail” – through
PPP arrangements. There shall be refrigerated
coaches in Express and Freight trains as well.
Positive for freight and logistics companies.
Framework for development, management and
conservation of marine fishery resources. The fish
production to be raised to 200 lakh tonnes by
2022-23.
Positive for companies engaged in business of
fisheries and frozen foods.
Facilitate doubling of milk processing capacity
from 53.5 million MT to 108 million MT by 2025.
Negative for dairy companies as prices will
decrease with the increase in supply.
Healthcare sector (includes nutrition related programmes)
Announcement Impact
Total allocation towards health sector is about Rs.
69,000 crores that is inclusive of Rs. 6400 crores
for Prime Minister Jan Arogya Yojana (PMJAY).
Positive for companies engaged in business of
Hospital & Healthcare Services.

9. Mission Indradhanush has been expanded to
cover 12 diseases, including five new vaccines.
Presently, under PM Jan Arogya Yojana (PMJAY),
there are more than 20,000 empanelled hospitals.
Proposition of including more empanelled
hospitals in Tier-2 and Tier-3 cities for poorer
people under this scheme.
Proposition to set up Viability Gap funding
window for setting up hospitals in the PPP mode.
In the first phase, Aspirational Districts will be
covered, where presently there are no Ayushman
empanelled hospitals. This would also provide
large scale employment opportunities to youth.
Strengthening of TB campaign. Positive for Pharmaceutical companies.
Allocation of Rs. 35,600 crores for nutrition
related programmes.
Positive of Pharma, Hospital & Healthcare and
Consumption sector.
Health Cess on import of medical equipment Negative for hospitals setting up new facilities or
augmenting capacity
Education sector
Announcement Impact
Budgetary allocation of about Rs. 99,300 crores
for education sector in 2020-21 and about Rs.
3,000 crores for skill development. An allocation
of Rs 8,000 crore for National Mission on
Quantum Computing and Technology
Positive for companies engaged in business of
Education, Training and Skill Development.
The New Education Policy to be announced soon.
Steps to enable sourcing External Commercial
Borrowings and FDI so as to be able to deliver
higher quality education.
About 150 higher educational institutions will
start apprenticeship embedded degree/diploma
courses by March 2021.
Consumer Staples and Discretionary
Announcement Impact
Lowering of income tax rates to increase
household savings (subject to riders)
Positive for staples and discretionary items as
consumption would increase due to higher
disposable income in hands of individuals
Basket of announcements to boost rural income.
Farmer income is expected to double by 2022
Excise duty raised on cigarettes and tobacco
products (10-11% on blended basis). No change is
being made in the duty rates of bidis
Negative for cigarette manufacturing companies
as the end product would become costly.
Increase in customs duty on imported footwear
(5-10%), furniture (5%), wall fans (from 7.5% to
20%), tableware/kitchenware made of porcelain
or China ceramic doubled to 20%, food processing
products and many other products
Positive for domestic manufacturers as imported
products will become expensive leading to higher
demand for domestic products, thereby boosting
domestic manufacturing
Withdrawal of customs duty exemption on raw
sugar, agro-animal based products, tuna bait,

10. skimmed milk, certain alcoholic beverages, soya
fibre and soya protein
Auto
Announcement Impact
Custom duty on completely built unit of electric
motor vehicle increased from 25% to 40%
This will provide a partial boost to domestic
manufacturing of auto OEM and components
The customs duty on completely built internal
combustion engine vehicle is increased from 30%
to 40%.
Tax on semi-knocked down form of electric PV and
3W has been raised from 15% to 30% and electric
buses, trucks and 2W raised from 15% to 30%
Tax on completely knocked down electric buses,
trucks and 2W raised from 10% to 15%
Tourism
Announcement Impact
Rs. 2,500cr allocated for Tourism Industry
Investments will help in providing better
infrastructure, connectivity and improved tourist
experience thereby boosting the overall Tourism
in India
More premium trains like Tejas express to be
introduced between key tourist stations
Developing on-site museums at five
archaeological sites
Rs 3,100cr kept aside for Culture Ministry
Aviation
Announcement Impact
100 more airports to be developed by 2025 and
doubling of aircraft fleet
Positive for Aviation sector as well as Tourism
Financial Services
Announcements Impact
Depositor Insurance Coverage to increase from
Rs. 1 lakh to Rs.5 Lakh per depositor of scheduled
commercial banks.
Negative for scheduled commercial banks.
Bond Market:
Non-Resident Indians will be permitted to invest
in certain Government Securities.
FPI Investment limit in corporate bonds has been
increased to 15% from 9% currently.
A new debt ETF proposed consisting mainly of
Government Securitie
Deepen investment in bond market
Affordable Housing:
Allocation for affordable housing under the
Pradhan Mantri Awas Yojana (PMAY) was higher
Positive for HFCs focusing on affordable housing

11. by 9% at Rs. 275bn in FY21 vs Rs. 258bn RE in
FY20.
Govt extends additional Rs.1.5 lakh tax benefit
on interest paid on affordable housing loans to
March 2021 (from March 2020)
Tax holiday is provided on the profits earned by
developers of affordable housing project
approved by 31st March 2020. This is extended
upto March 2021.
Debt recovery under SARFAESI:
Eligibility limit for NBFCs for debt recovery under
SARFAESI Act proposed to be reduced to asset
size of Rs.1 bn (from Rs.5bn) or loan size of
Rs.5mn (from Rs.10mn).
Positive for small lenders in terms of recoveries
Liquidity improvement for NBFCs/HFCs:
To address the liquidity constraints of the
NBFCs/HFCs, the government formulated a
Partial Credit Guarantee scheme for the NBFCs.
To further this support of providing liquidity, a
mechanism would be devised.
Positive for NBFCs as and when final measures are
taken
Lending to MSMEs:
NBFCs to extend invoice financing to the MSMEs
through TReDs
Banks to provide subordinate debt for
entrepreneurs of MSMEs, which will be counted
as quasi-equity and would be fully guaranteed.
Positive for MSME lenders
Divestment plans:
Government will list LIC and also sell stake in IDBI
Bank to private investors to meet FY21
divestment target of Rs.2.1 trillion.
Negative for insurance companies
New tax regime:
Removal of deductions under new tax regime
discourages taxpayers to invest in ELSS and life
insurance products.
Negative for insurance companies and AMCs
Infrastructure- Transport Sector
Announcement Impact
Infrastructure allocation and funding
Target of Rs 103 trillion investment in
infrastructure projects reiterated. Overall 6500
projects identified across - railways, Metrorail,
logistics, irrigation, healthcare, education,
housing, water, etc.
Rs 220bn has already been financed by
Infrastructure Finance Companies such as IIFCL
Positive for steel & cement companies, equipment
suppliers, EPC players engaged in construction of
projects in the mentioned sectors.

12. and its subsidiary- NIIF. Govt also proposes 100%
tax concession to sovereign wealth funds to
encourage them to take part in funding these
projects.
Railways
Budgetary allocation for Railways is up by 3% at
Rs 722bn in FY21 vs Rs 700bn in FY20RE.
Indian Railways to set up Kisan Rail for transport
of perishable goods.
Setting up large solar power capacity alongside
rail tracks.
To redevelop 4 stations with the help of private
sector.
Positive for Railways construction, Solar EPC
players, wagon manufacturers and logistics players.
Roads
Budgetary allocation of Rs 170bn for transport
infrastructure that includes accelerated
development of highways
12 lots of highway bundle spread over 6,000 kms
will be monetized by FY24.
Development of 2,500 kms of highways, 2000
kms of coastal roads, 9,000 kms of economic
corridors.
Positive for steel & cement companies Transport
infrastructure players engaged in construction of
roads, highways, and equipment manufacturers.
Airports
Under UDAAN scheme, 100 more airports to be
developed by 2024. It is expected that the air
fleet number shall go up from present 600 to
1200.
Positive for EPC players engaged in construction of
airports and airport infrastructure, steel & cement
companies, automation players.
Water treatment and management
Budgetary allocation of Rs 115bn in FY21 vs Rs
100bn in FY20 RE for the Jal Jeevan Mission.
Comprehensive measures for 100 water-stressed
districts.
Positive for EPC players carrying out projects such
as water treatment, irrigation projects, etc.
Infrastructure- Others Sector
Announcement Impact
Power Sector
Budgetary allocation of Rs 220bn to power and
renewable energy sector in FY21.
New power generation companies have been
extended the benefit of lower rate of 15%.
Positive for EPC players engaged in the Power
generation and T&D sector, cable suppliers,
distribution equipment manufacturers.
Advice to all States and Union territories to
replace conventional meters with smart meters
in the next 3 years.
Positive for companies engaged in the manufacture
of smart meters.
Oil & Gas Sector
Expand National Gas grid from the present
16,200 km to 27,000 km
Positive for EPC players engaged in the pipe laying
companies, pipeline suppliers.

13. Cables Sector
Budget allocation of Rs 60bn to Bharatnet
programme in FY21 to provide internet
connectivity in 1,00,000 gram panchayats.
Positive for companies engaged in the manufacture
of optical fibre cables.
Miscellaneous/Other proposals
Announcement Impact
Allocation of Rs 12,300 Crs towards Swach Bharat This mission now focuses towards liquid and grey
water management and is committed towards ODF
Plus. Focus would also be on solid waste collection,
source segregation and processing. This would
further benefit sanitary ware companies.
Aiming to provide piped water supply to all
households, allocated Rs 3.60 lakh crores to the
Jal Jeevan Mission. This scheme also places
emphasis on augmenting local water sources,
recharging existing sources and will promote
water harvesting and de-salination. Cities with
over a million population will be encouraged to
meeting this objective during the current year
itself.
During the year the scheme would be provided
with a budget of Rs 11,500 crs.
Action plan to ease India's water problems.
Positive for pipe, water treatment pump, valve
and cement companies among others.
Rs 85,000 crs allocated towards Scheduled
Castes and Other Backward Classes
Rs 53,700 crs allocated towards Scheduled Tribes
Rs 53,700 crs allocated towards Senior Citizens
and Handicapped.
Furthering government’s commitment towards
the welfare and development of SC, OBC, ST,
Senior citizens and Handicapped.
Allocation of Rs 4,400 Crs for providing clean air
in large cities having population of above one
million.
For ensuring cleaner air in cities having population
above one million.
Increase in customs duty (from 10% to 20%) on
Water heaters, Table Fans, ceiling fans, pedestal
fans and scores of other electrical appliances
Positive for domestic manufacturers of these
goods and the sector as it makes the fringe players
exit.
Tax payment on ESOPs to be deferred by five
years from the time of exercise or till employees
leave the company or when employee sell their
shares, whichever is earlier.
These measures would provide additional support
to start ups in their initial phase, thereby
encouraging the start-up eco system.
Extension of turnover limit from Rs25cr to Rs.
100cr for deduction of 100% of its the profits for
three consecutive assessment years out of seven
years

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