What was claimed to be the budget of the century has finally been revealed today by the honorable Finance Minister. With high hopes, increased pressure, and aim to boost the economy, the current union budget has its base on six important aspects - health and well being, capital and infrastructure, physical and financial capital, inclusive development for aspirational India, innovation and R&D, and ‘Minimum Government and Maximum Governance’.
So, without making further ado, let us dig into the highlights of the Union Budget 2020-2021: -
1) Education
- Proposal of establishing 100 Sainik Schools
- Tribal areas to get 750 Eklavya Schools
- Ladakh to get a central university
2) Health And Sanitation
- To develop primary, secondary and tertiary healthcare, PM Atma Nirbhar Swasthya Bharat Yojna will be launched
- POSHAN 2.0 will be launched to improve the nutritional outcomes across 112 aspirational districts
- 17 new health units to become operational at the entry points
- Health units at 32 airports, 15 seaports, and land ports to be modernized
- To optimize water supply, Jal Jeevan Mission Urban to be launched
- Swachh Bharat Mission to get further levels
3) Infrastructure
- Vehicle scrapping policy to be implemented where private vehicles will undergo fitness tests every 20 years while commercial vehicles will have a 15-year cycle for the test. All tests to be conducted in automated fitness centers.
- Kerala, Tamil Nadu, Assam, and West Bengal to get new highway projects
- National Asset Monetising Pipeline launched to monitor asset monetization process
- National Rail Plan to be created for future-ready Railway system by 2030
- 100% electrification of railways to be done by 2023
- 27 cities to get Metro services while additional phases announced for Chennai, Kochi, Bengaluru, Nashik, and Nagpur.
- Aim to double the recycling capacity by 2024
- Jammu and Kashmir to get a Gas pipeline project
- 1 crore more beneficiaries to be added to the Pradhan Mantrii Ujjwala Yojana (LPG Scheme)
4) Employment
- Reforms to be made to extend social security for gig and platform workers
- Gig workers and construction workers to get a dedicated portal for a centralized information center
- Margin capital reduced to 15% from 25% for loans through Stand-up India Scheme for SCs, STs, and women
5) Agriculture
- APMCs to get agriculture infrastructure fund for improving infrastructure
- E-Nam market place to get 1000 more Mandis
- Important fishing hubs including Chennai, Kochi, and Paradip to be developed
- Tamil Nadu to get multipurpose seaweed park
6) Economy and Finance
- Fiscal deficit estimated to be 6.8% in 2021-2022 against 9.5%
States can borrow up to 4% of GSDP this year - Unified securities code of conduct to be created for the provisions of the Sebi Act, Depositories Act, and other two laws
- Proposal for the FDI limit of 74% from the existing 49%
- Stressed loan to be taken care of by an asset reconstruction company
- Deposit insurance limit extended to 5 lakhs over 1 lakh for the bank depositors
- Strategic disinvestment of government organizations like IDBI Bank, BPCL, Air India to be completed this year
- LIC IPO to be issued this year
7) Tax
- People above 75 years exempted from IT filing
- IT assessment of cases reopening limit reduced to 3 years from 6 years. In case of tax evasion amounting to more than 50 lakhs, it can go up to 10 years
- Tax holiday for affordable housing projects
- Copper scrap duty reduced to 2.5%
- Duty on naphtha reduced to 2.5%
- Custom duty on Silver and Gold to be rationalised
- Custom duty on nylon to be charged at 5%
- Custom duty on Tunnel boring machines to be capped at 7%
- Certain items like apples, crude soybean, urea, crude palm oil, sunflower oil, peas, and Kabuli chana to attract agriculture infrastructure and development cess
- Import of solar inverters to attract 20% custom duty while solar lanterns to get 15% duty
Also Read: BSEB Class 10 Admit Cards Released
Share this article
Popular Exams
- Vacancies: 45284
- Exam Year: 2023
- Conducted By: SSC
- Category : Central Government Exam
- Vacancies: 1673
- Exam Year: 2022
- Conducted By: SBI
- Category : Banking & Insurance
- Vacancies: 312
- Exam Year: 2022
- Conducted By: BSF
- Category : Defence & Police
- Vacancies: 577
- Exam Year: 2023
- Conducted By: UPSC
- Category : Central Government Exam
- Vacancies: 174
- Exam Year: 2024
- Conducted By: HPSC
- Category : Haryana State Exam
Related Articles
We all are familiar with the fact that current affairs play a vital role in cracking any competitive exams. And, since you are on this page, you must
- Ajay Singh
- 26-Feb-2022
- 64 Views
It is crucial to have a good command over the General Knowledge section to score high in competitive exams, especially SSC and Civil Services, and mak
- Ajay Singh
- 25-Feb-2022
- 43 Views
We all are familiar with the fact that current affairs play a vital role in cracking any competitive exams. And, since you are on this page, you must
- Ajay Singh
- 24-Feb-2022
- 13 Views
We all are familiar with the fact that current affairs play a vital role in cracking any competitive exams. And, since you are on this page, you must
- Ajay Singh
- 23-Feb-2022
- 10 Views
We all are familiar with the fact that current affairs play a vital role in cracking any competitive exams. And, since you are on this page, you must
- Ajay Singh
- 23-Feb-2022
- 8 Views
Trending Articles
The Tamil Nadu Public Service Commission has published the recruitment notification for Assistant Commissioner and District Educational Officer on its
- Govind Sharma
- 16-May-2024
- 5 Views
Calcutta High Court has published the recruitment notification for the different categories of posts including English Stenographer, Lower Division Cl
- Govind Sharma
- 30-Apr-2024
- 3 Views
Himachal Pradesh Public Service Commission (HPPSC) has published the recruitment notification for the various Administrative posts on its official web
- Govind Sharma
- 23-Apr-2024
- 2 Views
The Union Public Service Commission (UPSC) has published the recruitment notification for the Central Armed Police Forces (Assistant Commandants) Exam
- Govind Sharma
- 04-May-2024
- 2 Views
Oil and Natural Gas Corporation (ONGC) Limited has published the recruitment notification for the post of Junior Consultants and Associate Consultants
- Govind Sharma
- 06-May-2024
- 2 Views
Latest Articles
The High Court of Gujarat has published the recruitment notification for the post of Translator on its official website. A total of 16 vacancies have
- Govind Sharma
- 18-May-2024
- 0 Views
The India Post Payments Bank Limited (IPPB) has published the recruitment notification for the Information Technology Executives on a contract basis f
- Govind Sharma
- 18-May-2024
- 0 Views
The High Court of Gujarat has published the recruitment notification for the post of English Stenographer on its official website. The High Court of G
- Govind Sharma
- 17-May-2024
- 1 Views
Hindustan Aeronautics Limited, Hyderabad (HAL) has published the recruitment notification for the post of Graduates/Diploma Apprentice on its official
- Govind Sharma
- 17-May-2024
- 0 Views
The Tamil Nadu Public Service Commission has published the recruitment notification for Assistant Commissioner and District Educational Officer on its
- Govind Sharma
- 16-May-2024
- 5 Views
The Assam Public Service Commission (APSC) has published the recruitment notification for the post of Junior Engineer (Mechanical) on its official web
- Govind Sharma
- 16-May-2024
- 0 Views
The High Court of Kerala has published the recruitment notification for the post of Research Assistant for a duration of 1 year, which may be extended
- Govind Sharma
- 16-May-2024
- 0 Views
The Odisha Staff Selection Commission (OSSC) has published the recruitment notification for the Combined Higher Secondary Level (CHSL) posts on its of
- Govind Sharma
- 09-May-2024
- 1 Views
CSIR-Central Glass & Ceramic Research Institute, Kolkata has published the recruitment notification for the Apprentice in Non-Technical category p
- Govind Sharma
- 09-May-2024
- 0 Views
ICMR-National Institute of Nutrition (NIN) has published the recruitment notification for various posts including Junior Medical Officer, Sr. Technica
- Govind Sharma
- 09-May-2024
- 0 Views