Union Budget 2020 Live Updates & Key Highlights

Agriculture

• The goal of government is to double farmers’ income by 2022.
• Government to help 15 lakh farmers solarize their grid-connected pump sets.
• Government’s to promote the use of solar energy in the farming sector.
• Government Will set up Kisan rail so that goods can be quickly transported across the country.
• Comprehensive measures for 100 water-stressed districts being proposed.
• Beneficiaries of PM Kisan Yojana to be covered under Kisan Credit Card.
• NABARD Re-finance scheme will be expanded.
• Agriculture credit target set at Rs 15 lakh crore.
• Village storage scheme by SHG (Self-help groups).
• To expand fish production capacity to 200 lakh tonnes.
• Coverage of artificial insemination to be increased from 30% to 70%.
• Allocation of Rs 2.83 lakh crores given to Irrigation and Rural Development.
• Youth to be involved through 3477 Sagar Mitras, 500 fish farmer producer organization.
• Rural Development and Panchayat Raj gets Rs 1.23 lakh crores.
• Civil Aviation Ministry to launch “KRISHI UDAAN” for exports.
• MGNREGA to be used to develop fodder farms.

Health Care

• Rs 69,000 crore has been allocated for the health care sector.
• Government to expand mission Indradhanush.

Education

• Rs 99,300 crore for the education sector for FY21
• Government to allocate Rs 3,000 crore for skill development.
• Study in India Programme to be launched.
• Govt proposes to start a program for urban local bodies to provide opportunities for internships to young engineers.
• Govt proposes National Police University and National Forensic University.
• Government announces the introduction of ‘Ind-SAT’, an exam for Asian and African countries to help make India a higher education destination.

MSME

• The government proposes amendments to Factor Regulation Act 2011.
• Amendments to enable NBFCs to extend invoice financing to MSMEs through TReDS.
• Subordinate debt to be provided by banks to count as quasi-equity.
• Subordinate debt would be fully guaranteed through CGTMSE and CGTMSE corpus to be governed by the government.
• App-based invoice financing loans to be launched.
• Scheme of Rs 1000 crore will be anchored by EXIM Bank together with SIDBI.

Water and Sanitation

• A very focused safe water ‘Jal Jeevan Mission’ and sanitation program ‘Swachh Bharat Yojna’ have been launched to tackle health concerns.
• Government approves Rs 3.60 lakh crore for Jal Jeevan Mission.

Industry and Commerce

• Government proposes Rs 27,300 crore for the development and promotion of industry and commerce in 2020-21

Manufacturing

• Government proposes a scheme focused on encouraging the manufacturing of mobile phones and electrical equipment.

Technology

• An allocation of Rs 8,000 crore for National Mission on Quantum Computing and Technology.
• Government to bring new policy to enable the private sector to build data center parks.

Welfares Schemes

• Govt provides Rs 53,700 crore for development and welfare of Scheduled Tribes.
• The government proposes budget provision of Rs 85,000 crore in 2020-21 for the welfare of SC and other backward classes.

Finance

• Insurance cover increased to Rs 5 lakh per depositor.
• Government to sell balance holding of IDBI Bank to private, retail, institutional investors.
• Balance holding of IDBI Bank to be sold through stock exchange.
• Auto-enrolment to be infused into Universal Pension Coverage.

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Infrastructure

• National Infrastructure pipeline of Rs 103 lakh crore launched don 31 Dec 2019.
• National Logistics policy to be released soon.
• Government will create a single-window e-logistics market.
• Delhi-Mumbai and two other packages to be completed by 2023.
• Government proposes at least 12 lots of highways bundles of over 5000km before 2024.
• 100 more airports to be developed b 2024 to support UDAAN scheme.
• Government proposes to provide Rs 1.70 lakh crore for transport infrastructure in 2020-21.
• The government proposes to expand the national gas grid from present 16,200 km to 27,000 km.

Culture and Tourism

• Rs 3,150 crore allocated for the ministry of culture in 2020-21.
• Government will establish Indian Institute of Heritage and Conservation under culture ministry.
• Five archaeological sites to be developed at iconic sites with on-site museums. 
  1. Rakhigarhi, Haryana.
  2. Hastinapur, Uttar Pradesh.
  3. Sivasagar, Assam.
  4. Dholavira, Gujarat.
  5. Adichanallur, Tamil Nadu

Miscellaneous

• Rs 1,480 cr for National Textile Mission proposed.
• National Technical Textile Mission proposed with 4 year implementation period from 2020-2024.
• Government announces Rs 22,000 crore for the power and the renewable energy sector.
• Single investment clearance window soon to promote entrepreneurship.
• Conventional energy meters to be replaced by prepaid ‘smart meters’ in the next three years. Pre-paid meters (smart meters) will give consumers the freedom to choose suppliers.
• NIRVIK being launched to achieve higher export credit disbursement and to provide higher insurance coverage.
• Government allocates Rs 9,000 crore for senior citizens and Divayang.
• Govt to set up a national recruitment agency for the recruitment of non-gazetted posts.
• Govt proposes to sell a part of its holding in LIC via IPO.
• India to host G20 presidency in 2022.
• The total allocation for Swachh Bharat Mission is Rs 12,300 crore in 2020-21