Finance Minister Nirmala Sitharaman began presenting the Union Budget for 2020-2021 on the 1st of February at 11:00 A.M. Ms. Sitharaman said this year’s budget would help people boost their income.
Ms. Sitharaman, who is presenting the Union Budget for the second time after taking over as the Finance Minister of India, said this year, the Budget’s theme is ‘Aspirational India.’
Ms. Sitharaman said, “The aspirational India theme covers agriculture, irrigation for rural development, commitment to double farmers’ income by 2022. Financial inclusion has raised farmers’ income.”
Highlighting the developments in the past, Nirmala Sitharaman said between 2006 and 2016, India lifted approximately 217 million people out of poverty. She also added the Government’s debt came down from 52.2 % of the GDP in March 2014 to 48.7 % in March 2019.
The 2020 Budget of India would help the State Governments, which would implement model laws like Model Agricultural Land Leasing Act, 2016, Model Agricultural Produce and Livestock Marketing Act, 2017 and Model Agricultural Produce and Livestock Contract Farming and Service Promotion and Facilitation Act of 2018.
For the health and medical fields, the Union Finance Minister proposed to expand the Jan Aushadhi scheme to hospitals under Ayushmann Bharat by 2025. The FM also allocated Rs. 69,000 crores for the health sector.
Nirmala Sitharaman also proposed to raise fish production to 200 lakh tonnes by 2023.
For the development of industries in India, Nirmala Sitharaman proposed Rs. 27,300 crores. In addition, the FM announced more Tejas trains to connect tourist places. The Union Government allocated Rs. 1.7 lakh crores for the transport infrastructure in India and Rs. 22,000 crores for the energy sector.
Under the Beti Bachao, Beti Padhao scheme, the percentage of girls getting education recorded well compared to boys. Approximately 94.2 % of girls were educated at the elementary level, 81.32 % at the secondary level and 59.7 % received higher secondary education. The Government would also propose a task force to review the minimum age of marriage for women.
Nirmala Sitharaman proposed a Rs. 8,000 crore outlay over 5 years for National Mission of Quantum Technology and Application.
Rs. 85,000 crores was proposed for the development of Scheduled Castes and Backward Classes, whereas Rs. 53,700 crores was proposed for the development of Scheduled Tribes in India between 2020 and 2021.
The Union Government proposed Rs. 35,600 crores for nutrition related programmes in India and Rs. 9,500 crores for senior citizens.
Nirmala Sitharaman proposed Rs. 23,150 crores for the Ministry of Cultural Affairs and Rs. 4,400 crores for combating climate change and ensuring clean air in India.
Stay tuned for further updates.
