Summary of Union Budget 2020-21

Summary of Union Budget 2020-21

PART-A

Presenting the first Union Budget of the third decade of the 21st century, Finance Minister Smt. Nirmala Sitharaman, today unveiled a series of far-reaching reforms, aimed at energizing the Indian economy through a combination of short-term, medium-term, and long term measures.

The Union Budget has been structured on the overall theme of “Ease of Living.” This has been achieved by farmer friendly initiatives such as Agriculture credit target of Rs 15 lakh crore for 2020-21; schemes of “Kisan Rail” and “Krishi Udaan” for a seamless national cold supply chain for perishables; and expansion of PM-KUSUM to provide 20 lakh farmers for setting up stand-alone solar pumps. In the health sector, the Budget proposes more than 20,000 empanelled hospitals under PM Jan Arogya Yojana for poor people; and expansion of Jan Aushadhi Kendra Scheme to all districts offering 2000 medicines and 300 surgicals by 2024. Infrastructure receives a boost, with 100 more airports by 2024 to support Udaan scheme; and operation of 150 passenger trains to be done through PPP mode. Starting apprenticeship embedded courses through 150 higher educational institutions by March 2021 and a proposal to establish Indian Institute of Heritage and Conservation are some of the other major highlights.

The Finance Minister said that the Union Budget Aims:

o To achieve seamless delivery of services through Digital governance
o To improve physical quality of life through National Infrastructure Pipeline
o Risk mitigation through Disaster Resilience
o Social security through Pension and Insurance penetration.

The budget is woven around three prominent themes:

o Aspirational India in which all sections of the society seek better standards of living, with access to health, education and better jobs.

o Economic development for all, indicated in the Prime Minister‟s exhortation of “Sab ka Saath, Sab ka Vikas, Sab ka Vishwas”.

o Caring Society that is both humane and compassionate, where Antyodaya is an article of faith.

The three broad themes are held together by

o Corruption free – policy-driven good governance
o Clean and sound financial sector.

The three components of Aspirational India are-

  • Agriculture, Irrigation and Rural Development ,
  • Wellness, Water and Sanitation and
  • Education and Skills Agriculture, Irrigation and Rural Development

To read more in details, find the enclosed file

File: 40_17983_budgetsummary

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