HIGHLIGHTS-India unveils budget aimed at boosting incomes, spurring economic growth

Indian Finance Minister Nirmala Sitharaman on Saturday unveiled the budget for fiscal 2020-21, vowing to boost the income of Indians and their purchasing power, in a bid to revive domestic economic growth that has slumped. India estimates economic growth this fiscal year, which ends on March 31, will slip to 5% - its weakest pace since the global financial crisis of 2008-09.

These are the highlights from Sitharaman's fiscal 2020-21 budget speech: GROWTH/DEFICIT

* Nominal GDP growth in 2020/21 estimated at 10% * Fiscal deficit for 2019/20 seen at 3.8% of GDP

* Fiscal deficit for 2020/21 seen at 3.5% of GDP * Fiscal deficit for 2021/22 seen at 3.3% of GDP

* Fiscal deficit for 2022/23 seen at 3.1% of GDP * Revenue deficit seen 2.7% of GDP in FY21

BORROWING * 2020/21 gross market borrowing seen at 7.8 trillion rupees ($109.75 billion)

* 2020/21 net market borrowing seen at 5.36 trillion rupees ($75.42 billion) * Government to buy back 300 billion rupees ($4.22 billion) of government bonds in 2020/21

* Government to switch bonds worth 2.7 trillion rupees ($37.99 billion) in FY21 EXPENDITURE

* Revised expenditure 2019/20 26.99 trillion rupees ($379.77 billion) * Expenditure for 2020/21 estimated at 30.42 trillion rupees ($428.03 billion)

* India defense budget is seen at 3.23 trillion rupees ($45.45 billion) in 2020/21 * India to allocate 690 billion rupees ($9.7 billion) toward healthcare spending

* India to allocate 2.83 trillion rupees ($39.82 billion) for agriculture and allied activities * Approves 3.6 trillion rupees ($50.65 billion) for a federal water scheme

* To allocate 993 billion rupees ($13.97 billion) for the education sector in 2020/21 * To allocate 286 billion rupees ($4.02 billion) on federal schemes for women

SUBSIDY * Food subsidy seen at 1.15 trillion rupees ($16.18 billion) in 2020/21

* Petroleum subsidy saw at 409.15 billion rupees ($5.76 billion) in 2020/21 * Fertiliser subsidy 713.09 billion rupees ($10.03 billion) in 2020/21

RECEIPTS * Receipts for 2020/21 estimated at 22.46 trillion rupees ($316.03 billion)

* Aim to get 896.48 billion rupees ($12.61 billion) as dividend from the central bank and other financial institutions in 2020/21 DIVESTMENT

* India pegs divestment target for 2020/21 at 2.1 trillion rupees ($29.55 billion) * Government to sell part of its holding in Life Insurance Corp

TRADE * Customs duty on walnuts raised to 100% from 30%

* Customs duty on autos and auto parts raised by up to 10% * Customs duty on platinum and palladium cut to 7.5% from 12.5% for certain purposes

* Nominal health cess of 5% on import of medical devices

TRANSPORT

* India to develop 100 more airports by 2024 * India to monetize over 6,000 km of highways in 12 lots by 2024

* India to privatize at least one major port

POWER/INDUSTRY

* India to provide 273 billion rupees ($3.84 billion) for promotion of industry and commerce * Firms operating old thermal power plants advised to shut units if emission norms not met

* India to allocate 44 billion rupees ($619.11 million) for clean air incentives in cities with over 1 million people * India to allocate 220 billion rupees ($3.10 billion) for power and renewables

* Conventional energy meters to be replaced by prepaid smartmeters in the next three years * India to expand the national gas grid to 27,000 km

* Large solar power capacity to be set up alongside rail tracks, on land owned by Indian Railways * To strengthen anti-dumping regulations

MANUFACTURING * Scheme focused on encouraging the manufacture of mobile phones, electronic equipment, and semiconductor packaging to be introduced

* To encourage the private sector to build Data Centre Parks throughout the country * 80 billion rupees ($1.13 billion) over five years to be provided for quantum technologies and applications

* Milk processing capacity to be doubled by 2025 ($1 = 71.0700 Indian rupees)