Major Highlights of Union Budget 2020-21
Economy

Major Highlights of Union Budget 2020-21

Agency News

New Delhi, Feb 1: Presenting the first Union Budget of the third decade of 21st century, Finance Minister Nirmala Sitharaman, on Saturday unveiled a series of far-reaching reforms, aimed at energising the Indian economy through a combination of short-term, medium-term, and long-term measures.

The Key Highlights of Union Budget 2020-21:

Three prominent themes of the Budget Aspirational India - better standards of living with access to health, education and better jobs for all sections of the society Economic Development for all - “Sabka Saath , Sabka Vikas , Sabka Vishwas”. Caring Society - both humane and compassionate; Antyodaya as an article of faith. Three broad themes are held together by: Corruption free, policy-driven Good Governance.

Clean and sound financial sector. Ease of Living underlined by the three themes of Union Budget 2020-21. Three components of Aspirational India Agriculture, Irrigation, and Rural Development Wellness, Water, and Sanitation Education and Skills Sixteen Action Points for Agriculture, Irrigation and Rural Development Rs 2.83 lakh crore to be allocated for the following 16 Action Points: Rs 1.60 lakh crore for Agriculture, Irrigation & allied activities. Rs 1.23 lakh crore for Rural development & Panchayati Raj. - Agriculture credit: Rs 15 lakh crore target set for the year 2020-21.

PM-KISAN beneficiaries to be covered under the KCC scheme. NABARD Re-finance Scheme to be further expanded. Comprehensive measures for 100 water-stressed districts proposed. Blue Economy: Rs 1 lakh crore fisheries’ exports to be achieved by 2024-25. 200 lakh tonnes fish production targeted by 2022-23. 3477 Sagar Mitras and 500 Fish Farmer Producer Organisations to involve youth in fisheries extension. Growing of algae, sea-weed and cage culture to be promoted. Framework for development, management and conservation of marine fishery resources. Kisan Rail to be setup by Indian Railways through PPP: To build a seamless national cold supply chain for perishables (milk, meat, fish, etc. Express and Freight trains to have refrigerated coaches. Krishi Udaan to be launched by the Ministry of Civil Aviation: Both international and national routes to be covered. North-East and tribal districts to realize Improved value of agri-products.

One-Product One-District for better marketing and export in the Horticulture sector. Balanced use of all kinds of fertilizers - traditional organic and innovative fertilizers. Measures for organic, natural, and integrated farming: Jaivik Kheti Portal – online national organic products market to be strengthened. Zero-Budget Natural Farming (mentioned in July 2019 Budget) to be included. Integrated Farming Systems in rain-fed areas to be expanded. Multi-tier cropping, bee-keeping, solar pumps, solar energy production in non-cropping season to be added.

PM-KUSUM to be expanded: 20 lakh farmers to be provided for setting up stand-alone solar pumps. Another 15 lakh farmers to be helped to solarise their grid-connected pump sets. Scheme to enable farmers to set up solar power generation capacity on their fallow/barren lands and to sell it to the grid. Village Storage Scheme: To be run by the SHGs to provide farmers a good holding capacity and reduce their logistics cost. Women, SHGs to regain their position as Dhaanya Lakshmi. NABARD to map and geo-tag agri-warehouses, cold storages, reefer van facilities, etc. Warehousing in line with Warehouse Development and Regulatory Authority (WDRA) norms: Viability Gap Funding for setting up such efficient warehouses at the block/taluk level.

Food Corporation of India (FCI) and Central Warehousing Corporation (CWC) to undertake such warehouse building. Financing on Negotiable Warehousing Receipts (e-NWR) to be integrated with e-NAM. State governments who undertake implementation of model laws (issued by the Central government) to be encouraged. Livestock: Doubling of milk processing capacity to 108 million MT from 53.5 million MT by 2025. Artificial insemination to be increased to 70% from the present 30%. MNREGS to be dovetailed to develop fodder farms. Foot and Mouth Disease, Brucellosis in cattle and Peste Des Petits ruminants (PPR) in sheep and goat to be eliminated by 2025.

Deen Dayal Antyodaya Yojana – 0.5 crore households mobilized with 58 lakh SHGs for poverty alleviation. Wellness, Water and Sanitation Rs 69,000 crore allocated for overall Healthcare sector. Rs 6400 crore (out of Rs 69,000 crore) for PM Jan Arogya Yojana (PMJAY): More than 20,000 hospitals already empanelled under PM Jan Arogya Yojana (PMJAY). Viability Gap Funding window proposed for setting up hospitals in the PPP mode. Aspirational Districts with no Ayushman empanelled hospitals to be covered in the first phase. Targeting diseases with an appropriately designed preventive regime using Machine Learning and AI. Jan Aushadhi Kendra Scheme to offer 2000 medicines and 300 surgicals in all districts by 2024.

TB Harega Desh Jeetega campaign launched - commitment to end Tuberculosis by 2025. Rs 3.60 lakh crore approved for Jal Jeevan Mission: Rs 11,500 crore for the year 2020-21. Augmenting local water sources, recharging existing sources, and promoting water harvesting and de-salination. Cities with million-plus population to be encouraged to achieve the objective during the current year itself. Rs12, 300 crore allocation for Swachh Bharat Mission in 2020-21: Committment to ODF-Plus in order to sustain ODF behaviour. Emphasis on liquid and grey water management. Focus also on Solid-waste collection, source segregation, and processing. Education and Skills Rs 99,300 crore for education sector and Rs. 3000 crore for skill development in 2020-21. New Education Policy to be announced soon. National Police University and National Forensic Science University proposed for policing science, forensic science, and cyber-forensics.

Degree level full-fledged online education program by Top-100 institutions in the National Institutional Ranking Framework. Up to 1-year internship to fresh engineers to be provided by Urban Local Bodies. Budget proposes to attach a medical college to an existing district hospital in PPP mode. Special bridge courses to be designed by the Ministries of Health, and Skill Development: To fulfill the demand for teachers, nurses, para-medical staff and care-givers abroad.

To bring in equivalence in the skill sets of the workforce and employers’ standards. 150 higher educational institutions to start apprenticeship embedded degree/diploma courses by March 2021. External Commercial Borrowings and FDI to be enabled for education sector. Ind-SAT proposed for Asian and African countries as a part of Study in India program. (UNI)

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