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Budget 2020: Highlights and Details

Budget 2020: Highlights and Details

Budget 2020: Highlights and Details

  • On February 3, 2020
  • Aspirational India, Budget, Budget Highlights, Budget Shots, Budget themes, Budget2020, Caring India, detailed analysis, Detailed-budget, Economic Development, Sector-wise budget

The Union Budget 2020 of India has been presented by Finance Minister Nirmala Sitharaman on the 1st of February, 2020. The government has targeted to reach $5 trillion economy by the end of 2022 and for that matter has taken some serious measures. 
We will be sharing the Budget 2020 highlights and detailed sector-wise analysis – 
Let’s dig into the details of the sector-wise measures announced by the government:  
  • Budget 2020 has considered three prominent themes –
(i)’Aspirational India’ focusing to boost the standard of living
(ii)’Economic Development’ for all
(iii) ‘Caring India’ focusing on the building of a humane and compassionate society. 
  • The other aspect of the Budget is that the FM has encouraged the state governments to undertake the implementation of below-mentioned model laws issued by the government of India.
Let’s now focus on the themes of this budget. 
  • Aspirational India
  1. Encouraging farmers to set up solar power generation units, solar pumps on their fallow or barren lands.
  2. Proposing a plan to help farmers use proper manure and an irrigation system which uses little water.
  3. NABARD would engage in mapping and geo-tagging all the warehouses of India. Additionally, Food Corporation of India and Warehousing Corporation of India would build warehousing facility on their land.
  4. A proposal has been put forward to help farmers to use all kinds of fertilizers in a balanced way.
  5. FM has proposed village storage scheme.
  6. FM proposes to build up the seamless national cold supply chain for perishables, along with, seamless national cold storage chain; surging logistics companies.
  7. Indian Railways would set up a ‘Kisan Rail’ through Public-Private Partnership.
  8. FM proposes the framework for the development, management and conservation of marine fishery to raise fish production to 200 lakh tons and involving youth in fish farmer producer organisations.
  9. Horticulture projected at the district level would be given more importance. The Online portal of Jaivik Kheti would be strengthened.
  10. The government plans to double the milk processing capacity by 2025.
  11. Integrated farming systems in rainfed areas would be expanded.
  12. All Kisans to be covered under the Kisan Credit Card Scheme.
  13. FM planned to expand Mission Indradhanush and add hospitals to Ayushman Bharat; What the doctor ordered
  14. The FM proposed around Rs 3.6 lakh crore for piped water supply to households, recharging existing sources and rainwater harvesting during the current year.
  15. The government announced an outlay of Rs 99,300 crore for the education sector and Rs 3,000 crore for skill development in the year 2020-21.
  16. The FM has announced to work to eliminate foot and mouth diseases.
  17. Viability gap funding through PPP model funding for 112 districts where there are no empanelled hospitals under Ayushman Bharat and proceeds from taxes, direct and indirect, on medical devices planned to be used for funding the schemes.
  18. Swaccha Bharath Mission got allocated Rs12,300 crore in the budget.
  19. FM allocated Rs 69,000 crore including the funds for PM Jan Aarogya Yojana.
  20. To sustain ODF behaviour and to ensure no one is left behind, the government proposes the ODF+ scheme.
  21. Project Preparation Facility for the working-age population, to be set up to prepare for infrastructure projects, actively involving young engineers and management graduates.
  22. New education policy to be announced with the possibility that FDI funds would be obtained for education.
  23. Government proposes to set up investment clearance cell for entrepreneurs, approximately 150 higher education institutions to provide apprenticeship embedded degree courses and to start degree level full-fledged programmes.
  •  Economic Development 
  1. Development of smart cities and the promotion of manufacturing units to generate investment and employment opportunities.
  2. Focusing on the manufacturing of network products and encouraging the electronics manufacturing industry.
  3. All ministries are ordered to issue quality standards and the government would focus on the adoption of technical standard.
  4. A brand new scheme Nirwik, exclusively for exporters has been proposed which will digitally refund duties and taxes imposed locally and the scheme would be launched from the Fiscal Year 2020-21.
  5. Development of various districts as export hubs and promotion of government e-marketplaces (GEM).
  6. National logistics policy to be released with a single-window e-logistics market.
  7. Before 2024, 12 lots of highway bundles of over 6,000km would be monetized.
  8. Large solar power capacity on the land owned by railways would be set up.
  9. FM proposed to bring in more TEJAS like trains as well as Bengaluru suburban train.
  10. Increasing the number of airports to 100 by the year 2022.
  11. Power discoms sector – The government plans to introduce prepaid smart meters within the next 3 years in all states and UTs with the freedom to choose the supplier of electricity and the rate as per requirement. 
  12.  Rs. 22000 crore proposed to power and renewable energy sector by the government.
  13. FM proposes to expand the national gas grid from 16,200 km to reach 27,000 km to grow the gas markets in India.
  14. Digital India Announcements: Government proposes to adopt technology to directly transfer the finances with the beneficiaries. Various policies to be launched soon enabling the private sector to build data centre parks. FTTH connections will link 100,000-gram panchayats within a year. In the year 2020-21, Rs 6,000 crore has been allocated for Bharat Net Program. Knowledge translation clusters would be set up across different sectors. Quantum Technologies will be opening up new frontiers with 8000 crores of outlay in the next 5 years with the vision to provide public institutions bed with digital connectivity. 
Budget Shots – Genetic mapping of India to be done via two new medical schemes.  
  • Caring Society
  1. More than 600,000 Anganwadi workers would be equipped with a smartphone to upload the nutritional status of the students of India.
  2. Government proposes Rs 35,600 crore for nutrition-related programmes in the year 2020-21.
  3. Government has identified suitable technology to eliminate manual cleaning of sewer systems and septic tanks.
  4. The government has allocated Rs. 85,000 crores for the welfare of Scheduled Castes and Other Backward Classes and 53,700 crore rupees for Scheduled Tribes.
  5. Senior citizens: Government allocated Rs. 9,500 crore rupees for Senior citizens and Divyangs. 
  6. Culture: Government proposed to develop 5 archaeological sites as iconic sites with the on-site museum. A Tribal Museum to be set up in Ranchi, Jharkhand. A New currency museum to be embedded in the Kolkata Mint – The oldest mint in India. Ministry of culture got allocated Rs 3,150 crore in 2020-21. 
  7. Environment and climate change: India will comply with the promises made at Paris accord from January 1st, 2021. 
Budget Shots – The two hands that will hold above-mentioned themes are (a) government that is clean (b) trusting each and every citizen.
Stay tuned for more budget updates!
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