{"id":6076,"date":"2020-02-03T11:57:28","date_gmt":"2020-02-03T06:27:28","guid":{"rendered":"https:\/\/triumphias.com\/blog\/?p=6076"},"modified":"2020-02-03T11:57:28","modified_gmt":"2020-02-03T06:27:28","slug":"key-highlights-of-union-budget-2020-21","status":"publish","type":"post","link":"https:\/\/triumphias.com\/blog\/key-highlights-of-union-budget-2020-21\/","title":{"rendered":"KEY HIGHLIGHTS OF UNION BUDGET 2020-21"},"content":{"rendered":"<p><strong>Relevance:Prelims\/Mains G.S paper III: Economy<\/strong><\/p>\n<p><strong>Presenting the first Union Budget of the third decade of 21<sup>st<\/sup>\u00a0century, Finance Minister Smt. Nirmala Sitharaman, 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.<\/strong><\/p>\n<p><span style=\"color: #0000ff;\"><strong>The Key Highlights of Union Budget 2020-21 are as follows:<\/strong><\/span><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Three prominent themes of the Budget<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"color: #ff0000;\"><strong><em>Aspirational India<\/em><\/strong>\u00a0<\/span>&#8211; better standards of living with access to health, education and better jobs for all sections of the society<\/li>\n<li><span style=\"color: #ff0000;\"><strong><em>Economic Development for all<\/em><\/strong><em>\u00a0<\/em><\/span>&#8211; \u201cSabka Saath , Sabka Vikas , Sabka Vishwas\u201d.<\/li>\n<li><span style=\"color: #ff0000;\"><strong><em>Caring Society<\/em><\/strong><em>\u00a0<\/em><\/span>&#8211; both humane and compassionate; Antyodaya as an article of faith.<\/li>\n<li>Three broad themes are held together by:\n<ul>\n<li>Corruption free, policy-driven\u00a0<em>Good Governance.<\/em><\/li>\n<li>Clean and sound\u00a0<em>financial sector.<\/em><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #ff0000;\"><strong><em>Ease of Living<\/em><\/strong>\u00a0<\/span>underlined by the three themes of Union Budget 2020-21.<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>Three components of Aspirational India<\/strong><\/span><\/p>\n<ul>\n<li>Agriculture, Irrigation, and Rural Development<\/li>\n<li>Wellness, Water, and Sanitation<\/li>\n<li>Education and Skills<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>Sixteen Action Points for Agriculture, Irrigation and Rural Development<\/strong><\/span><\/p>\n<ul>\n<li>Rs. 2.83 lakh crore to be allocated for the following 16 Action Points:\n<ul>\n<li>Rs. 1.60 lakh crore for Agriculture, Irrigation &amp; allied activities.<\/li>\n<li>Rs. 1.23 lakh crore for Rural development &amp; Panchayati Raj.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 &#8211;<\/li>\n<\/ul>\n<\/li>\n<li>Agriculture credit:\n<ul>\n<li>Rs. 15 lakh crore target set for the year 2020-21.<\/li>\n<li>PM-KISAN beneficiaries to be covered under the KCC scheme.<\/li>\n<li>NABARD Re-finance Scheme to be further expanded.<\/li>\n<\/ul>\n<\/li>\n<li>Comprehensive measures for 100 water-stressed districts proposed.<\/li>\n<li><span style=\"color: #ff0000;\"><strong><em>Blue Economy<\/em><\/strong>:<\/span>\n<ul>\n<li>Rs. 1 lakh crore fisheries\u2019 exports to be achieved by 2024-25.<\/li>\n<li>200 lakh tonnes fish production targeted by 2022-23.<\/li>\n<li>3477\u00a0<em>Sagar Mitras<\/em>\u00a0and 500 Fish Farmer Producer Organisations to involve youth in fisheries extension.<\/li>\n<li>Growing of algae, sea-weed and cage culture to be promoted.<\/li>\n<li>Framework for development, management and conservation of marine fishery resources.<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #ff0000;\"><strong><em>Kisan Rail<\/em><\/strong><\/span>\u00a0to be setup by Indian Railways through PPP:\n<ul>\n<li>To build a seamless national cold supply chain for perishables (milk, meat, fish, etc.<\/li>\n<li>Express and Freight trains to have refrigerated coaches.<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #ff0000;\"><strong><em>Krishi Udaan<\/em><\/strong><\/span>\u00a0to be launched by the Ministry of Civil Aviation:\n<ul>\n<li>Both international and national routes to be covered.<\/li>\n<li>North-East and tribal districts to realize Improved value of agri-products.<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #ff0000;\"><strong><em>One-Product One-District<\/em><\/strong><\/span><em>\u00a0<\/em>for<em>\u00a0<\/em>better marketing and export in the Horticulture sector.<\/li>\n<li>Balanced use of all kinds of fertilizers &#8211; traditional organic and innovative fertilizers.<\/li>\n<li>Measures for organic, natural, and integrated farming:\n<ul>\n<li><span style=\"color: #ff0000;\"><strong><em>Jaivik Kheti<\/em><\/strong><\/span>\u00a0Portal \u2013 online national organic products market to be strengthened.<\/li>\n<li><span style=\"color: #ff0000;\"><strong><em>Zero-Budget Natural Farming<\/em><\/strong><\/span><em>\u00a0<\/em>(mentioned in July 2019 Budget) to be included.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li><span style=\"color: #ff0000;\"><strong><em>Integrated Farming Systems\u00a0<\/em><\/strong><\/span>in rain-fed areas to be expanded.<\/li>\n<li>Multi-tier cropping, bee-keeping, solar pumps, solar energy production in non-cropping season to be added.<\/li>\n<\/ul>\n<ul>\n<li><span style=\"color: #ff0000;\"><strong><em>PM-KUSUM<\/em><\/strong><\/span>\u00a0to be expanded:\n<ul>\n<li>20 lakh farmers to be provided for setting up stand-alone solar pumps.<\/li>\n<li>Another 15 lakh farmers to be helped to solarise their grid-connected pump sets.<\/li>\n<li>Scheme to enable farmers to set up solar power generation capacity on their fallow\/barren lands and to sell it to the grid.<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #ff0000;\"><strong><em>Village Storage Scheme<\/em><\/strong>:<\/span>\n<ul>\n<li>To be run by the SHGs to provide farmers a good holding capacity and reduce their logistics cost.<\/li>\n<li>Women, SHGs to regain their position as\u00a0<strong><em>Dhaanya Lakshmi<\/em><\/strong>.<\/li>\n<\/ul>\n<\/li>\n<li>NABARD to map and geo-tag agri-warehouses, cold storages, reefer van facilities, etc.<\/li>\n<li>Warehousing in line with Warehouse Development and Regulatory Authority (WDRA) norms:\n<ul>\n<li>Viability Gap Funding for setting up such efficient warehouses at the block\/taluk level.<\/li>\n<li>Food Corporation of India (FCI) and Central Warehousing Corporation (CWC) to undertake such warehouse building.<\/li>\n<\/ul>\n<\/li>\n<li>Financing on Negotiable Warehousing Receipts (e-NWR) to be integrated with e-NAM.<\/li>\n<li>State governments who undertake implementation of model laws (issued by the Central government) to be encouraged.<\/li>\n<li>Livestock:\n<ul>\n<li>Doubling of milk processing capacity to 108 million MT from 53.5 million MT by 2025.<\/li>\n<li>Artificial insemination to be increased to 70% from the present 30%.<\/li>\n<li>MNREGS to be dovetailed to develop fodder farms.<\/li>\n<li>Foot and Mouth Disease, Brucellosis in cattle and Peste Des Petits ruminants (PPR) in sheep and goat to be eliminated by 2025.<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #ff0000;\"><strong><em>Deen Dayal Antyodaya Yojana<\/em><\/strong><\/span>\u00a0\u2013 0.5 crore households mobilized with 58 lakh SHGs for poverty alleviation.<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>Wellness, Water and Sanitation<\/strong><\/span><\/p>\n<ul>\n<li>Rs. 69,000 crore allocated for overall Healthcare sector.<\/li>\n<li>Rs. 6400 crore (out of Rs. 69,000 crore) for\u00a0<strong><em>PM Jan Arogya Yojana<\/em><\/strong>\u00a0(PMJAY):\n<ul>\n<li>More than 20,000 hospitals already empanelled under PM Jan Arogya Yojana (PMJAY).<\/li>\n<li>Viability Gap Funding window proposed for setting up hospitals in the PPP mode.<\/li>\n<li>Aspirational Districts with no Ayushman empanelled hospitals to be covered in the first phase.<\/li>\n<li>Targeting diseases with an appropriately designed preventive regime using Machine Learning and AI.<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #ff0000;\"><strong><em>Jan Aushadhi Kendra Scheme<\/em><\/strong><\/span>\u00a0to offer 2000 medicines and 300 surgicals in all districts by 2024.<\/li>\n<\/ul>\n<ul>\n<li><span style=\"color: #ff0000;\"><strong><em>TB Harega Desh Jeetega<\/em><\/strong>\u00a0<\/span>campaign launched &#8211; commitment to end Tuberculosis by 2025.<\/li>\n<\/ul>\n<ul>\n<li>Rs. 3.60 lakh crore approved for\u00a0<strong><em>Jal Jeevan Mission<\/em><\/strong>:\n<ul>\n<li>Rs. 11,500 crore for the year 2020-21.<\/li>\n<li>Augmenting local water sources, recharging existing sources, and promoting water harvesting and de-salination.<\/li>\n<li>Cities with million-plus population to be encouraged to achieve the objective during the current year itself.<\/li>\n<\/ul>\n<\/li>\n<li>Rs.12, 300 crore allocation for\u00a0<strong><em>Swachh Bharat Mission<\/em><\/strong>\u00a0in 2020-21:\n<ul>\n<li>Committment to\u00a0<strong><em>ODF-Plus<\/em><\/strong>\u00a0in order to sustain ODF behaviour.<\/li>\n<li>Emphasis on liquid and grey water management.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul style=\"list-style-type: square;\">\n<li><strong>\u00a0Focus also on Solid-waste collection, source segregation, and processing.<\/strong><\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>Education and Skills<\/strong><\/span><\/p>\n<ul>\n<li>Rs. 99,300 crore for education sector and Rs. 3000 crore for skill development in 2020-21.<\/li>\n<li>New Education Policy to be announced soon.<\/li>\n<li><span style=\"color: #ff0000;\"><strong><em>National Police University<\/em><\/strong>\u00a0<\/span>and\u00a0<strong><span style=\"color: #ff0000;\"><em>National Forensic Science University<\/em><\/span>\u00a0<\/strong>proposed<strong>\u00a0<\/strong>for policing science, forensic science, and cyber-forensics.<\/li>\n<li>Degree level full-fledged online education program by Top-100 institutions in the National Institutional Ranking Framework.<\/li>\n<li>Up to 1-year internship to fresh engineers to be provided by Urban Local Bodies.<\/li>\n<li>Budget proposes to attach a medical college to an existing district hospital in PPP mode.<\/li>\n<li>Special bridge courses to be designed by the Ministries of Health, and Skill Development:\n<ul>\n<li>To fulfill the demand for teachers, nurses, para-medical staff and care-givers abroad.<\/li>\n<li>To bring in equivalence in the skill sets of the workforce and employers\u2019 standards.<\/li>\n<\/ul>\n<\/li>\n<li>150 higher educational institutions to start apprenticeship embedded degree\/diploma courses by March 2021.<\/li>\n<li>External Commercial Borrowings and FDI to be enabled for education sector.<\/li>\n<li>Ind-SAT proposed for Asian and African countries as a part of\u00a0<span style=\"color: #ff0000;\"><strong><em>Study in India<\/em><\/strong><\/span>\u00a0program.<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong><u>Economic Development<\/u><\/strong><\/span><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Industry, Commerce and Investment<\/strong><\/span><\/p>\n<ul>\n<li>Rs. 27,300 crore allocated for 2020-21 for development and promotion of Industry and Commerce.<\/li>\n<li><span style=\"color: #ff0000;\"><strong><em>Investment Clearance Cell<\/em><\/strong><\/span>\u00a0proposed to be set up:<\/li>\n<\/ul>\n<p>o\u00a0To provide \u201cend to end\u201d facilitation and support.<\/p>\n<p>o\u00a0To work through a portal.<\/p>\n<ul>\n<li>Five new smart cities proposed to be developed.<\/li>\n<li>Scheme to encourage manufacture of mobile phones, electronic equipment and semi-conductor packaging proposed.<\/li>\n<li><span style=\"color: #ff0000;\"><strong><em>National Technical Textiles Mission<\/em><\/strong><\/span>\u00a0to be set up:<\/li>\n<\/ul>\n<p>o\u00a0With four-year implementation period from 2020-21 to 2023-24.<\/p>\n<p>o\u00a0At an estimated outlay of Rs 1480 crore.<\/p>\n<p>o\u00a0To position India as a global leader in Technical Textiles.<\/p>\n<ul>\n<li>New scheme<span style=\"color: #ff0000;\">\u00a0<strong><em>NIRVIK<\/em><\/strong>\u00a0<\/span>to be launched to achieve higher export credit disbursement, which provides for:<\/li>\n<\/ul>\n<p>o\u00a0Higher insurance coverage<\/p>\n<p>o\u00a0Reduction in premium for small exporters<\/p>\n<p>o\u00a0Simplified procedure for claim settlements.<\/p>\n<ul>\n<li>Turnover of Government e-Marketplace (GeM) proposed to be taken to Rs 3 lakh crore.<\/li>\n<li>Scheme for Revision of duties and taxes on exported products to be launched.<\/li>\n<\/ul>\n<p>o\u00a0Exporters to be digitally refunded duties and taxes levied at the Central, State and local levels, which are otherwise not exempted or refunded.<\/p>\n<ul>\n<li>All Ministries to issue quality standard orders as per PM\u2019s vision of <span style=\"color: #ff0000;\">\u201c<strong><em>Zero Defect-Zero Effect<\/em><\/strong>\u201d<\/span> manufacturing.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/02\/Budget.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6077\" src=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/02\/Budget.jpg\" alt=\"\" width=\"505\" height=\"504\" \/><\/a><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Infrastructure<\/strong><\/span><\/p>\n<ul>\n<li>Rs.100 lakh crore to be invested on infrastructure over the next 5 years.<\/li>\n<li>National Infrastructure Pipeline<em>:<\/em><\/li>\n<\/ul>\n<p>o\u00a0Rs. 103 lakh crore worth projects; launched on 31st December 2019.<\/p>\n<p>o\u00a0More than 6500 projects across sectors, to be classified as per their size and stage of development.<\/p>\n<ul>\n<li>A National Logistics Policy to be released soon:<\/li>\n<\/ul>\n<p>o\u00a0To clarify roles of the Union Government, State Governments and key regulators.<\/p>\n<p>o\u00a0A single window e-logistics market to be created<\/p>\n<p>o\u00a0Focus to be on generation of employment, skills and making MSMEs competitive.<\/p>\n<ul>\n<li>National Skill Development Agency to give special thrust to infrastructure-focused skill development opportunities.<\/li>\n<li>Project preparation facility for infrastructure projects proposed.<\/li>\n<\/ul>\n<p>o\u00a0To actively involve young engineers, management graduates and economists from Universities.<\/p>\n<ul>\n<li>Infrastructure agencies of the government to involve youth-power in start-ups.<\/li>\n<li>Rs.1.7 lakh crore proposed for transport infrastructure in 2020-21.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/02\/Budget1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6078\" src=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/02\/Budget1.jpg\" alt=\"\" width=\"456\" height=\"466\" \/><\/a><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Highways:<\/strong><\/span><\/p>\n<ul>\n<li>Accelerated development of highways to be undertaken, including:<\/li>\n<\/ul>\n<p>o\u00a02500 Km access control highways.<\/p>\n<p>o\u00a09000 Km of economic corridors.<\/p>\n<p>o\u00a02000 Km of coastal and land port roads.<\/p>\n<p>o\u00a02000 Km of strategic highways.<\/p>\n<ul>\n<li>Delhi-Mumbai Expressway and two other packages to be completed by 2023.<\/li>\n<li>Chennai-Bengaluru Expressway to be started.<\/li>\n<li>Proposed to monetise at least 12 lots of highway bundles of over 6000 Km before 2024.<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>Indian Railways:<\/strong><\/span><\/p>\n<ul>\n<li>Five measures:<\/li>\n<\/ul>\n<p>o\u00a0Large solar power capacity to be set up alongside rail tracks, on land owned by railways.<\/p>\n<p>o\u00a0Four station re-development projects and operation of 150 passenger trains through PPP.<\/p>\n<p>o\u00a0More Tejas type trains to connect iconic tourist destinations.<\/p>\n<p>o\u00a0High speed train between Mumbai and Ahmedabad to be actively pursued.<\/p>\n<p>o\u00a0148 km long Bengaluru Suburban transport project at a cost of Rs 18600 crore, to have fares on metro model. Central Government to provide 20% of equity and facilitate external assistance up to 60% of the project cost.<\/p>\n<ul>\n<li>Indian Railways\u2019 achievements:<\/li>\n<\/ul>\n<p>o\u00a0550 Wi-fi facilities commissioned in as many stations.<\/p>\n<p>o\u00a0Zero unmanned crossings.<\/p>\n<p>o\u00a027000 Km of tracks to be electrified.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Ports &amp; Water-ways:<\/strong><\/span><\/p>\n<ul>\n<li>Corporatizing at least one major port and its listing on stock exchanges to be considered.<\/li>\n<li>Governance framework keeping with global benchmarks needed for more efficient sea-ports.<\/li>\n<li>Economic activity along river banks to be energised as per Prime Minister\u2019s\u00a0<span style=\"color: #ff0000;\"><strong><em>Arth Ganga<\/em><\/strong><\/span>\u00a0concept.<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>Airports:<\/strong><\/span><\/p>\n<ul>\n<li>100 more airports to be developed by 2024 to support Udaan scheme.<\/li>\n<li>Air fleet number expected to go up from present 600 to 1200 during this time.<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>Electricity:<\/strong><\/span><\/p>\n<ul>\n<li>\u201cSmart\u201d metering to be promoted.<\/li>\n<li>More measures to reform DISCOMs to be taken.<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>Power:<\/strong><\/span><\/p>\n<ul>\n<li>Rs.22, 000 crore proposed for power and renewable energy sector in 2020-21.<\/li>\n<li>Expansion of national gas grid from the present 16200 km to 27000 km proposed.<\/li>\n<li>Further reforms to facilitate transparent price discovery and ease of transactions.<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>New Economy<\/strong><\/span><\/p>\n<ul style=\"list-style-type: disc;\">\n<li>To take advantage of new technologies:<\/li>\n<li>Policy to enable private sector to build Data Centre parks throughout the country to be brought out soon.<\/li>\n<li>Fibre to the Home (FTTH) connections through Bharatnet to link 100,000 gram panchayats this year.<\/li>\n<li>Rs.6000 crore proposed for Bharatnet programme in 2020-21.<\/li>\n<\/ul>\n<ul>\n<li><span style=\"color: #ff0000;\"><strong>Measures proposed to benefit Start-ups:<\/strong><\/span><\/li>\n<li>A digital platform to be promoted to facilitate seamless application and capture of IPRs.<\/li>\n<li>Knowledge Translation Clusters to be set up across different technology sectors including new and emerging areas.<\/li>\n<li>For designing, fabrication and validation of proof of concept, and further scaling up Technology Clusters, harbouring test beds and small scale manufacturing facilities to be established.<\/li>\n<li>Mapping of India\u2019s genetic landscape- Two new national level Science Schemes to be initiated to create a comprehensive database.<\/li>\n<li>Early life funding proposed, including a seed fund to support ideation and development of early stage Start-ups.<\/li>\n<\/ul>\n<ul>\n<li>Rs.8000 crore proposed over five years for National Mission on Quantum Technologies and Applications.<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong><u>Caring Society<\/u><\/strong><\/span><\/p>\n<ul>\n<li>Focus on:<\/li>\n<\/ul>\n<ul style=\"list-style-type: square;\">\n<li>Women &amp; child,<\/li>\n<li>Social Welfare;<\/li>\n<li>Culture and Tourism<\/li>\n<\/ul>\n<ul>\n<li>Allocation of Rs. 35,600 crore for nutrition-related programmes proposed for the FY2020-21.<\/li>\n<li>Rs.28, 600 crore proposed for women specific programs.<\/li>\n<li>Issue about age of a girl entering motherhood &#8211; proposed to appoint a task force to present its recommendations in six months\u2019 time.<\/li>\n<li>Financial support for wider acceptance of technologies, identified by Ministry of Housing and Urban Affairs to ensure no manual cleaning of sewer systems or septic tanks, to be provided.<\/li>\n<li>Rs. 85, 000 crore proposed for 2020-21 for welfare of Scheduled Castes and Other Backward Classes.<\/li>\n<li>Rs. 53, 700 crore provided to further development and welfare of Scheduled Tribes.<\/li>\n<li>Enhanced allocation of Rs. 9,500 crore provided for 2020-21 for senior citizens and Divyang.<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>Culture &amp; Tourism<\/strong><\/span><\/p>\n<ul>\n<li>Allocation of Rs. 2500 crore for 2020-21 for tourism promotion.<\/li>\n<li>Rs.3150 crore proposed for Ministry of Culture for 2020-21.<\/li>\n<li>An Indian Institute of Heritage and Conservation under Ministry of Culture proposed; with the status of a deemed University.<\/li>\n<li>5 archaeological sites to be developed as iconic sites with on-site Museums:<\/li>\n<\/ul>\n<ul style=\"list-style-type: square;\">\n<li>Rakhigarhi (Haryana)<\/li>\n<li>Hastinapur (Uttar Pradesh)<\/li>\n<li>Shivsagar (Assam)<\/li>\n<li>Dholavira (Gujarat)<\/li>\n<li>Adichanallur (Tamil Nadu)<\/li>\n<\/ul>\n<ul>\n<li>Re-curation of the Indian Museum in Kolkata, announced by Prime Minister in January 2020.<\/li>\n<li>Museum on Numismatics\u00a0 and Trade to be located in the historic Old Mint building in Kolkata.<\/li>\n<li>4 more museums from across the country to be taken up for renovation and re-curation.<\/li>\n<li>Support for setting up of a Tribal Museum in Ranchi (Jharkhand).<\/li>\n<li>Maritime museum to be set up at Lothal- the Harrapan age maritime site near Ahmedabad, by Ministry of Shipping.<\/li>\n<li>State governments expected to develop a roadmap for certain identified destinations and formulate financial plans during 2021 against which specified grants to be made available to the States in 2020-21.<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>Environment &amp; Climate Change<\/strong><\/span><\/p>\n<ul>\n<li>Allocation for this purpose to be Rs.4400 crore for 2020-21.<\/li>\n<li>Proposed to advise the utilities to close the running old thermal power plants with carbon emission above the pre-set norms.<\/li>\n<li>States that are formulating and implementing plans for ensuring cleaner air in cities above one million to be encouraged.<\/li>\n<li>PM launched Coalition for Disaster Resilient Infrastructure (CDRI) with Secretariat in Delhi. Second such international initiative after International Solar Alliance.<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>Governance<\/strong><\/span><\/p>\n<ul>\n<li>Clean, corruption-free, policy driven, good in intent and most importantly trusting in faith.<\/li>\n<li><span style=\"color: #ff0000;\"><strong><em>Taxpayer Charter<\/em><\/strong><\/span>\u00a0to be enshrined in the Statute will bring fairness\u00a0and efficiency in tax administration.<\/li>\n<li>Companies Act to be amended to build into statues, criminal liability for certain acts that are civil in nature.\n<ul>\n<li>Other laws with such provisions are to be corrected after examination.<\/li>\n<\/ul>\n<\/li>\n<li>Major reforms in recruitment to Non-Gazetted posts in Government and Public sector banks:\n<ul>\n<li>An independent, professional and specialist\u00a0<span style=\"color: #ff0000;\"><strong><em>National Recruitment Agency (NRA)<\/em><\/strong><\/span>\u00a0for conducting a computer-based online Common Eligibility Test for recruitment.<\/li>\n<li>A test-centre in every district, particularly in the Aspirational Districts.<\/li>\n<\/ul>\n<\/li>\n<li>A robust mechanism to be evolved for appointment including direct recruitment to various Tribunals and specialised bodies to attract best talents and professional experts.<\/li>\n<li>Contract Act to be strengthened.<\/li>\n<li>New\u00a0<span style=\"color: #ff0000;\"><strong><em>National Policy on Official Statistics<\/em><\/strong><\/span>\u00a0to:\n<ul>\n<li>Promote use of latest technologies including AI.<\/li>\n<li>Lay down a road-map towards modernised data collection, integrated information portal and timely dissemination of information.<\/li>\n<\/ul>\n<\/li>\n<li>A sum of Rs. 100 crore allocated to begin the preparations for G20 presidency to be hosted in India in the year 2022.<\/li>\n<li>Development of North East region:\n<ul>\n<li>Improved flow of funds using online portal by the Government.<\/li>\n<li>Greater access to financial assistance of Multilateral and Bilateral funding agencies.<\/li>\n<\/ul>\n<\/li>\n<li>Development of Union Territories of J&amp;K and Ladakh:\n<ul>\n<li>An amount of Rs. 30,757 crore provided for the financial year 2020-21.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul style=\"list-style-type: square;\">\n<li>The Union Territory of Ladakh has been provided with Rs. 5,958.<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>Financial Sector<\/strong><\/span><\/p>\n<ul>\n<li>Reforms accomplished in PSBs :\n<ul>\n<li>10 banks consolidated into 4.<\/li>\n<li>Rs. 3,50,000 crore capital infused.<\/li>\n<\/ul>\n<\/li>\n<li>Governance reforms to be carried out to bring in transparency and greater professionalism in PSBs.<\/li>\n<li>Few PSBs to be encouraged to approach the capital market to raise additional capital<\/li>\n<li>Deposit Insurance and Credit Guarantee Corporation (DICGC) permitted to increase Deposit Insurance Coverage to Rs. 5 lakh from Rs.1 lakh per depositor.<\/li>\n<li>Scheduled Commercial Bank\u2019s health under monitoring through a robust mechanism, keeping depositors\u2019 money safe.<\/li>\n<li>Cooperative Banks to be strengthen by amending Banking Regulation Act for:\n<ul>\n<li>Increasing professionalism.<\/li>\n<li>Enabling access to capital.<\/li>\n<li>Improving governance and oversight for sound banking through the RBI.<\/li>\n<\/ul>\n<\/li>\n<li>NBFCs eligibility limit for debt recovery reduced from:\n<ul>\n<li>Rs. 500 crore to Rs 100 crore asset size.<\/li>\n<li>Rs 1 crore to Rs 50 lakh loan size.<\/li>\n<\/ul>\n<\/li>\n<li>Private capital in Banking system:\n<ul>\n<li>Government to\u00a0sell its balance holding in IDBI Bank to private, retail and institutional investors through the stock exchange.<\/li>\n<\/ul>\n<\/li>\n<li>Easier mobility in jobs:\n<ul>\n<li>Auto-enrolment in Universal Pension coverage.<\/li>\n<li>Inter-operability mechanism to safeguard the accumulated corpus.<\/li>\n<\/ul>\n<\/li>\n<li>Pension Fund Regulatory Development Authority of India Act to be amended to:\n<ul>\n<li>Strengthen regulating role of PFRDAI.<\/li>\n<li>Facilitate separation of NPS trust for government employees from PFRDAI.<\/li>\n<li>Enable establishment of a Pension Trust by the employees other than Government.<\/li>\n<\/ul>\n<\/li>\n<li>Factor Regulation Act 2011 to be amended to:\n<ul>\n<li>Enable NBFCs to extend invoice financing to the MSMEs through TReDS<\/li>\n<\/ul>\n<\/li>\n<li>New scheme to provide subordinate debt for entrepreneurs of MSMEs by the banks\n<ul>\n<li>Would be counted as quasi-equity.<\/li>\n<li>Would be fully guaranteed through the Credit Guarantee Trust for Medium and Small Entrepreneurs (CGTMSE).<\/li>\n<li>The corpus of the CGTMSE would accordingly be augmented by the government.<\/li>\n<\/ul>\n<\/li>\n<li>Window for MSME\u2019s debt restructuring by RBI to be extended by one year till March 31, 2021.\n<ul>\n<li>More than five lakh MSMEs have already been benefitted.<\/li>\n<\/ul>\n<\/li>\n<li>An app-based invoice financing loans product for MSMEs to be launched.\n<ul>\n<li>To prevent the problem of delayed payments and consequential cash flows mismatches.<\/li>\n<\/ul>\n<\/li>\n<li>Export promotion of MSMEs:\n<ul>\n<li>For selected sector such as pharmaceuticals, auto components and others.<\/li>\n<li>An Rs 1000 crore scheme anchored by EXIM Bank together with SIDBI.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>o\u00a0Hand holding support for technology upgradations, R&amp;D, business strategy etc.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Financial Market<\/strong><\/span><\/p>\n<ul>\n<li>Deepening Bond Market.\n<ul>\n<li>Certain specified categories of Government securities to be opened fully for non -resident investors also.<\/li>\n<li>FPI limit in corporate bonds increased to 15% from 9% of its outstanding stock.<\/li>\n<\/ul>\n<\/li>\n<li>New legislation to be formulated for laying down a mechanism for netting of financial contracts.\n<ul>\n<li>Scope of credit default swaps to expand.<\/li>\n<\/ul>\n<\/li>\n<li>Debt Based Exchange Traded Fund expanded by a new Debt-ETF consisting primarily of Government Securities.\n<ul>\n<li>To give attractive access to retail investors, pension funds and long-term investors.<\/li>\n<\/ul>\n<\/li>\n<li>A Partial Credit Guarantee scheme for the NBFCs formulated post the Union budget 2019-20 to address their liquidity constraints.\n<ul>\n<li>New mechanism to be devised to further this.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul style=\"list-style-type: square;\">\n<li>Government support to securities so floated.<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>Infrastructure Financing<\/strong><\/span><\/p>\n<ul>\n<li>Rs.103 lakh crore National Infrastructure Pipeline projects earlier announced.<\/li>\n<li>Rs 22,000 crore to cater to the equity support to Infrastructure Finance Companies such as IIFCL and a subsidiary of NIIF.<\/li>\n<li>IFSC, GIFT city: full of potential to become a centre of international finance as well as a centre for high end data processing:<\/li>\n<\/ul>\n<p>o\u00a0An International Bullion exchange(s) to be set up as an additional option for trade by global market participants with the approval of regulator.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>Disinvestment<\/strong><\/span><\/p>\n<ul>\n<li>Government to sell a part of its holding in LIC by way of Initial Public Offer (IPO).<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>Fiscal Management<\/strong><\/span><\/p>\n<ul>\n<li>XV Finance Commission (FC):<\/li>\n<\/ul>\n<p>o\u00a0XV Finance Commission has given its first report for FY2020-21<\/p>\n<p>o\u00a0Recommendations accepted in substantial measure<\/p>\n<p>o\u00a0Its final report for five years beginning 2021-22 to be submitted during the latter part of the year.<\/p>\n<ul>\n<li>GST Compensation Fund:<\/li>\n<\/ul>\n<p>-Balances due out of collection of the years 2016-17 and 2017-18 to be transferred to the Fund, in two instalments.<\/p>\n<p>-Hereinafter, transfers to the fund to be limited only to collection by way of GST compensation cess.<\/p>\n<ul>\n<li>Overhaul of Centrally Sponsored Schemes and Central Sector Schemes necessary:<\/li>\n<\/ul>\n<p>-To align them with emerging social and economic needs of tomorrow<\/p>\n<p><span>-To ensure that scarce public resources are spent optimally<\/span><\/p>\n<ul>\n<li>On the recent debate over transparency and credibility of projected fiscal numbers, it is assured that procedure adopted is compliant with the FRBM Act.<\/li>\n<li>For the FY 2019-20:<\/li>\n<\/ul>\n<p>-Revised Estimates of Expenditure: at Rs.26.99 lakh crore<\/p>\n<p>-Revised Estimates of Receipts: estimated at Rs.19.32 lakh crore.<\/p>\n<ul>\n<li><span style=\"color: #ff0000;\"><strong>For year 2020-21:<\/strong><\/span><\/li>\n<\/ul>\n<p>o\u00a0Nominal growth of GDP estimated at 10%.<\/p>\n<p>o\u00a0Receipts: estimated at Rs.22.46 lakh cr<\/p>\n<p>o\u00a0Expenditure: at Rs.30.42 lakh cr.<\/p>\n<ul>\n<li>Significant tax reforms for boosting investments recently undertaken. However, expected tax buoyancy expected to take time.<\/li>\n<li><span style=\"color: #ff0000;\"><strong>Fiscal deficit of 3.8% estimated in RE 2019-20 and 3.5% for BE 2020-21<\/strong>.\u00a0<\/span> It comprises two ingredients;<\/li>\n<\/ul>\n<p>o\u00a03.3% for year 2019-20 and 3% for the 2020-21 budget estimate.<\/p>\n<p>o\u00a0Deviation of 0.5%, consistent with Section 4(3) of FRBM Act, both for RE 2019-20 and BE 2020-21. (Section 4 (2) of the FRBM Act provides for a trigger mechanism for a deviation from the estimated fiscal deficit on account of structural reforms in the economy with unanticipated fiscal implications.)<\/p>\n<p>o\u00a0Return path, committing to fiscal consolidation without compromising needs of investment out of public funds, is laid in Medium Term Fiscal Policy cum Strategy Statement.<\/p>\n<p>o\u00a0Market borrowings: Net market borrowings: Rs.4.99 lakh crore for 2019-20 and Rs.5.36 lakh crore for 2020-21.<\/p>\n<ul>\n<li>A good part of the borrowings for the financial year 2020-21 to go towards Capital expenditure that has been scaled up by\u00a0 more than 21%.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/02\/Budgett.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6083\" src=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/02\/Budgett.jpg\" alt=\"\" width=\"456\" height=\"456\" \/><\/a><\/p>\n<p><span style=\"color: #ff0000;\"><strong><u>Direct Tax<\/u><\/strong><\/span><\/p>\n<p><span style=\"color: #ff0000;\"><strong>Direct Tax Proposals\u00a0<\/strong>&#8211;<\/span> To stimulate growth, simplify tax structure, bring ease of compliance, and reduce litigations.<\/p>\n<ul>\n<li><span style=\"color: #ff0000;\"><strong>Personal Income Tax:<\/strong><\/span>\n<ul>\n<li><span style=\"color: #ff0000;\"><strong><em>Significant relief to middle class taxpayers.<\/em><\/strong><\/span><\/li>\n<li>New and simplified personal income tax regime proposed:<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<table>\n<tbody>\n<tr>\n<td width=\"205\"><strong>Taxable Income Slab (Rs.)<\/strong><\/td>\n<td width=\"144\"><strong>Existing tax rates<\/strong><\/td>\n<td width=\"138\"><strong>New tax rates<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"205\">0-2.5 Lakh<\/td>\n<td width=\"144\">Exempt<\/td>\n<td width=\"138\">Exempt<\/td>\n<\/tr>\n<tr>\n<td width=\"205\">2.5-5 Lakh<\/td>\n<td width=\"144\">5%<\/td>\n<td width=\"138\">5%<\/td>\n<\/tr>\n<tr>\n<td width=\"205\">5-7.5 Lakh<\/td>\n<td width=\"144\">20%<\/td>\n<td width=\"138\">10%<\/td>\n<\/tr>\n<tr>\n<td width=\"205\">7.5-10 Lakh<\/td>\n<td width=\"144\">20%<\/td>\n<td width=\"138\">15%<\/td>\n<\/tr>\n<tr>\n<td width=\"205\">10-12.5 Lakh<\/td>\n<td width=\"144\">30%<\/td>\n<td width=\"138\">20%<\/td>\n<\/tr>\n<tr>\n<td width=\"205\">12.5-15 Lakh<\/td>\n<td width=\"144\">30%<\/td>\n<td width=\"138\">25%<\/td>\n<\/tr>\n<tr>\n<td width=\"205\">Above 15 Lakh<\/td>\n<td width=\"144\">30%<\/td>\n<td width=\"138\">30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<ul>\n<li><span style=\"color: #ff0000;\"><strong>Around 70 of the existing exemptions and deductions (more than 100) to be removed<\/strong><\/span>\u00a0in the new simplified regime.<\/li>\n<li>Remaining exemptions and deductions to be reviewed and rationalised in coming years.<\/li>\n<li>New tax regime to be optional &#8211; an individual may continue to pay tax as per the old regime and avail deductions and exemptions.<\/li>\n<li>Measures to pre-fill the income tax return initiated so that an individual who opts for the new regime gets pre-filled income tax returns and would need no assistance from an expert to pay income tax.<\/li>\n<li>New regime to entail estimated revenue forgone of Rs. 40,000 crore per year.<\/li>\n<\/ul>\n<ul>\n<li><span style=\"color: #ff0000;\"><strong>Corporate Tax:<\/strong><\/span>\n<ul>\n<li>Tax rate of 15% extended to new electricity generation companies.<\/li>\n<li>Indian corporate tax rates now amongst the lowest in the world.<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #ff0000;\"><strong>Dividend Distribution Tax (DDT):<\/strong><\/span>\n<ul>\n<li><span style=\"color: #0000ff;\"><strong>DDT removed\u00a0making India a more attractive investment destination.<\/strong><\/span><\/li>\n<li>Deduction to be allowed for dividend received by holding company from its subsidiary.<\/li>\n<li>Rs. 25,000 crore estimated annual revenue forgone.<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #ff0000;\"><strong>Start-ups:<\/strong><\/span>\n<ul>\n<li>Start-ups with turnover up to Rs. 100 crore to enjoy 100% deduction for 3 consecutive assessment years out of 10 years.<\/li>\n<li>Tax payment on ESOPs deferred.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li><span style=\"color: #ff0000;\"><strong>MSMEs to boost less-cash economy:<\/strong><\/span>\n<ul>\n<li>Turnover threshold for audit increased to Rs. 5 crore from Rs. 1 crore for businesses carrying out less than 5% business transactions in cash.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li><span style=\"color: #ff0000;\"><strong>Cooperatives:<\/strong><\/span>\n<ul>\n<li>Parity brought between cooperatives and corporate sector.<\/li>\n<li>Option to cooperative societies to be taxed at 22% + 10% surcharge and 4% cess with no exemption\/deductions.<\/li>\n<li>Cooperative societies exempted from Alternate Minimum Tax (AMT) just like Companies are exempted from the Minimum Alternate Tax (MAT).<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #ff0000;\"><strong>Tax concession for foreign investments:<\/strong><\/span>\n<ul>\n<li>100% tax exemption to the interest, dividend and capital gains income on investment made in infrastructure and priority sectors before 31<sup>st<\/sup>\u00a0March, 2024 with a minimum lock-in period of 3 years by the Sovereign Wealth Fund of foreign governments.<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #ff0000;\"><strong>Affordable housing:<\/strong><\/span>\n<ul>\n<li>Additional deduction up to Rs. 1.5 lakhs for interest paid on loans taken for an affordable house extended till 31st March, 2021.<\/li>\n<li>Date of approval of affordable housing projects for availing tax holiday on profits earned by developers extended till 31st March, 2021.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>Tax Facilitation Measures<\/strong><\/span><\/p>\n<ul>\n<li><strong><span style=\"color: #ff0000;\">Instant PAN<\/span>\u00a0<\/strong>to be allotted online through Aadhaar.<\/li>\n<\/ul>\n<ul>\n<li><strong><span style=\"color: #ff0000;\">\u2018<em>Vivad Se Vishwas<\/em>\u2019<\/span>\u00a0<\/strong>scheme,<strong>\u00a0<\/strong>with a deadline of<strong>\u00a0<\/strong>30<sup>th<\/sup>\u00a0June, 2020, to reduce litigations in direct taxes:\n<ul>\n<li>Waiver of interest and penalty &#8211; only disputed taxes to be paid for payments till 31<sup>st<\/sup>\u00a0March, 2020.<\/li>\n<li>Additional amount to be paid if availed after 31<sup>st<\/sup>\u00a0March, 2020.<\/li>\n<li>Benefits to taxpayers in whose cases appeals are pending at any level.<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #0000ff;\"><strong>Faceless appeals\u00a0<\/strong><\/span>to be enabled by amending the Income Tax Act.<\/li>\n<li><span style=\"color: #ff0000;\"><strong>For charity institutions:<\/strong><\/span>\n<ul>\n<li>Pre-filling in return through information of donations furnished by the done.<\/li>\n<li>Process of registration to be made completely electronic.<\/li>\n<li>Unique registration number (URN) to be issued to all new and existing charity institutions.<\/li>\n<li>Provisional registration to be allowed for new charity institutions for three years.<\/li>\n<li>CBDT to adopt a Taxpayers\u2019 Charter.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li><span style=\"color: #ff0000;\"><strong>Losses of merged banks:<\/strong><\/span>\n<ul>\n<li>Amendments proposed to the Income-tax Act to ensure that entities benefit from unabsorbed losses and depreciation of the amalgamating entities.<\/li>\n<li><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong><u>Indirect Tax<\/u><\/strong><\/span><\/p>\n<ul>\n<li><span style=\"color: #ff0000;\"><strong>GST:<\/strong><\/span>\n<ul>\n<li>Cash reward system envisaged to incentivise customers to seek invoice.<\/li>\n<li><span style=\"color: #0000ff;\"><strong>Simplified return with features like SMS based filing for nil return and improved input tax credit flow to be implemented from 1st April, 2020 as a pilot run.<\/strong><\/span><\/li>\n<li>Dynamic QR-code capturing GST parameters proposed for consumer invoices.<\/li>\n<li>Electronic invoice to capture critical information in a centralized system to be implemented in a phased manner.<\/li>\n<li>Aadhaar based verification of taxpayers being introduced to weed out dummy or non-existent units.<\/li>\n<li>GST rate structure being deliberated to address inverted duty structure.<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #ff0000;\"><strong>Customs Duties:<\/strong><\/span>\n<ul>\n<li>Customs duty raised on footwear to 35% from 25% and on furniture goods to 25% from 20%.<\/li>\n<li>Basic customs duty on imports of news print and light-weight coated paper reduced from 10% to 5%.<\/li>\n<li>Customs duty rates revised on electric vehicles and parts of mobiles.<\/li>\n<li>5% health cess to be imposed on the imports of medical devices, except those exempt from BCD.<\/li>\n<li>Lower customs duty on certain inputs and raw materials like fuse, chemicals, and plastics.<\/li>\n<li>Higher customs duty on certain goods like auto-parts, chemicals, etc. which are also being made domestically.<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #ff0000;\"><strong>Trade Policy Measures<\/strong><\/span>\n<ul>\n<li>Customs Act being amended to enable proper checks of imports under FTAs.<\/li>\n<li>Rules of Origin requirements to be reviewed for certain sensitive items.<\/li>\n<li>Provisions relating to safeguard duties to be strengthened to enable regulating such surge in imports in a systematic way.<\/li>\n<li>Provisions for checking dumping of goods and imports of subsidized goods being strengthened.<\/li>\n<li>Suggestions for reviews of exemptions from customs duty to be crowd-sourced.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li><span style=\"color: #ff0000;\"><strong>Excise duty proposed to be raised on Cigarettes and other tobacco products<\/strong>,<\/span> no change made in the duty rates of\u00a0<em>bidis<\/em>.<\/li>\n<li>Anti-dumping duty on PTA abolished to benefit the textile sector.<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>Unprecedented Milestones and Achievements of Indian Economy<\/strong><\/span><\/p>\n<ul>\n<li>India now the fifth largest economy of the world.<\/li>\n<li>7.4% average growth clocked during 2014-19 with inflation averaging around 4.5%.<\/li>\n<li>271 million people raised out of poverty during 2006-16.<\/li>\n<li>India\u2019s Foreign Direct Investment elevated to US$ 284 billion during 2014-19 from US$ 190 billion during 2009-14.<\/li>\n<li>Central Government debt reduced to 48.7% of GDP (March 2019) from 52.2% (March 2014).<\/li>\n<li>Two cross-cutting developments:\n<ul>\n<li>Proliferation of technologies (Analytics, Machine Learning, robotics, Bio-informatics and Artificial Intelligence).<\/li>\n<li>Highest ever number of people in the productive age group (15-65 years) in India.<\/li>\n<\/ul>\n<\/li>\n<li>GST removed many bottlenecks in the system.<\/li>\n<\/ul>\n<p><span style=\"color: #ff0000;\"><strong>Future Aim for sustaining India\u2019s unique global leadership, driven by Digital Revolution<\/strong><\/span><\/p>\n<ul>\n<li>Seamless delivery of services through\u00a0<em>Digital Governance<\/em>.<\/li>\n<li>Improvement in physical quality of life through\u00a0<em>National Infrastructure Pipeline<\/em>.<\/li>\n<li>Risk mitigation through\u00a0<em>Disaster Resilience<\/em>.<\/li>\n<li><em>Social security<\/em>\u00a0through Pension and Insurance penetration.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/02\/Budgget.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6084\" src=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/02\/Budgget.jpg\" alt=\"\" width=\"390\" height=\"390\" \/><\/a><a href=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/02\/budget3.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6079\" src=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/02\/budget3.jpg\" alt=\"\" width=\"455\" height=\"417\" \/><\/a><\/p>\n<p><a href=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/02\/budget4.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6080\" src=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/02\/budget4.jpg\" alt=\"\" width=\"456\" height=\"456\" \/><\/a><\/p>\n<p><a href=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/02\/budget5.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6081\" src=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/02\/budget5.jpg\" alt=\"\" width=\"455\" height=\"456\" \/><\/a><\/p>\n<p><a href=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/02\/budget6.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6082\" src=\"https:\/\/triumphias.com\/blog\/wp-content\/uploads\/2020\/02\/budget6.jpg\" alt=\"\" width=\"455\" height=\"523\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Relevance:Prelims\/Mains G.S paper III: Economy Presenting the first Union Budget of the third decade of 21st\u00a0century, Finance Minister Smt. Nirmala<\/p>\n","protected":false},"author":1,"featured_media":6085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[123,42,43],"tags":[392],"class_list":["post-6076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs","category-general-studies-iii-technology-economic-development-bio-diversity-environment-security-and-disaster-management","category-indian-economy","tag-union-public-service-commission-upsc"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/6076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/comments?post=6076"}],"version-history":[{"count":1,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/6076\/revisions"}],"predecessor-version":[{"id":6086,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/6076\/revisions\/6086"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media\/6085"}],"wp:attachment":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media?parent=6076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/categories?post=6076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/tags?post=6076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}