Budget 2020 Highlights: Government launches Kisan Rail, Krishi Udan; 5 archaeological sites to be developed
Budget 2020: Get all the latest updates regarding new schemes, tax slab, education and agriculture sector funding and budget 2020 key highlights here.
Budget 2020: Union Finance Minister Nirmala Sitharaman has begun her Budget 2020 speech in the parliament. The Government has committed to double farmers' income by 2022 and launched various new initiatives to support agriculture growth.
Budget 2020 Highlights:
• Kisan Rail and Krishi Udan: The initiatives have been launched to facilitate smooth and fast transport of perishable goods to assist the farmers.
• Solar Pumps: The Government will also help 20 lakh farmers to set up standalone solar pumps.
• Funds: The Government has announced allocation of Rs 99,000 crore for the education sector.
• New Universities: The government will be setting up National Police University and National Forensic University.
• IND-SAT test: The government has also proposed to set up IND-SAT test for foreign students wishing to pursue higher education in India.
• Five archaeological sites will be developed as iconic sites with on-site museums in 5 different states.
• The sites include- Rakhigarhi in Haryana, Hastinapur in UP, Shivsagar in Assam, Dholavira in Gujarat and Adichanallur in Tamil Nadu.
Read about all the new schemes: Budget 2020: Top schemes and announcements
This is the Union Minister's second full-year annual budget presentation. The budget comes amid falling market situation in India with real estate, agriculture, manufacturing and automobile industry being the worst hit. India's GDP growth rate was recently revised downwards to 6.1 per cent from 6.8 per cent estimated earlier for fiscal year 2018-2019. This year too, the finance minister has kept up her tradition of using a 'Bahi-Khata' instead of a briefcase to carry the Union Budget 2020. The budget speech began in the Parliament at 11 am.
Nirmala Sitharaman's Budget speech 2020 offered major relief for taxpayers, specially individual tax payers. Those falling in the income tax bracket of 5-10 percent will now have to pay only 10 percent tax under the newly revised rates. The budget also revealed new initiatives to boost farmers' income and quality of infrastructure and education in India.
Get all live updates and news from Indian Budget 2020 here.
Get detailed analysis of the Union Budget 2020 and know about the key policy decisions announced by Union Finance Minister Niramala Sitharaman in her 2020 budget speech here.
February 1, 2020 – the day of the Union Budget, is one day when the entire country looks upon Finance Minister Nirmala Sitharaman with several expectations and Budget 2020 is no exception to this rule! In fact, with the GDP growth screeching to a near halt and the majority of the economic indicators in red, India looks upon Finance Minister to deliver a blockbuster Budget 2020. A budget that takes care of the aspirations of people, while also bringing the Indian Economy back on track to achieve its target of USD 5 Trillion. So, let’s look at some of the key expectations from Union Budget 2020- Click here!
Economic Survey 2020: All you need to know!
The Economic Survey 2019- 20 was tabled in the Parliament by Finance Minister Nirmala Sitharaman on January 31, 2020. The theme of Economic Survey 2020 is- "Enable markets, promote 'pro-business' policies and strengthen 'trust' in the economy". The Economic Survey 2020 document comprised two volumes- Volume I and Volume II.
The survey maintains an optimistic stance regarding the Indian economy, making an attempt to rest all worries and skeptism regarding slow growth rate. The survey suggests framework to enable ethical wealth creation in India, which will in turn propel growth and help India become a $5 trillion economy by 2025. The Economic Survey was prepared by the Department of Economic Affairs under the guidance of the Chief Economic Advisor (CEA) Krishnamurthy V Subramanian.
How to download the Economic Survey 2020 PDF?
The Economic survey 2020 PDF is available for download on this link-Click here. You can also get the PDF from the official budget website of the central government- https://www.indiabudget.gov.in/economicsurvey/.
The Economic Survey of India 2019-20 has projected India’s GDP growth to be 6-6.5% in the next fiscal year. The survey has projected that India will see a strong growth resurgence in the second half of the upcoming financial year. The detailed report recommends aggressive disinvestment of the Central Public Sector Enterprises to enable higher profitability and promote efficiency in the operations of the public sector units. To decode the key highlights and get the latest and most important updates from the Economic Survey 2019-20, click here.
The Economic Survey 2020 has projected agriculture and its allied sectors to grow at 2.8 percent and the industries to grow at 2.5 percent in the next fiscal. Check here for complete analysis of the Economic Survey 2020 and get to know the GDP projections, employment data, GDP growth rate of previous fiscal and future prospects.
What is the Economic Survey?
Economic Survey is an annual document of the finance ministry, which provides comprehensive details about the state of the Indian economy, and reviews the economic progress made and issues faced in the past year. The report highlights the performance of the government’s major developmental schemes, policies along with their impact. It also discusses various economic factors in detail such as prices and inflation, key fiscal developments, monetary management and other macroeconomic factors. It also covers the impact of climate change, employment and agriculture on the Indian economy.
When was Economic Survey 2020 released?
The Economic Survey 2019-2020 was released on January 31, 2020, just a day before the release of Union Budget 2020-21.
Where to get live updates of Economic Survey 2019-20 report?
You can catch the live updates of Economic Survey 2019-20 here on our live blog.
Why is Economic Survey important?
The annual Economic Survey is the second most important document after the Union Budget that outlines the government’s vision, its plan and the future outlook for the Indian Economy, making it very important for the people of India. On the other hand, being a document with government-approved data about the economic outlook; it is also a very important resource for competitive exam aspirants as well.
The Economic Survey is a comprehensive analysis of the Indian economy, including both its growth and fall, in the past year. The survey is released a day before the presentation of the new Union Budget.
The Union Budget 2020-21 will be presented in the Indian Parliament on February 1, 2020 by Finance Minister Nirmala Sitharaman. This would be the Minister’s second budget presentation. The Union Budget is an account of the Indian Government’s finances and its estimated revenue and expenditure for the current and next fiscal year. The budget brings with it new hopes of improved growth, increased jobs and employment and a thriving domestic sector.
Also read: Economic Survey 2019