Topic:
- The General Budget 2020-21 was presented by the Union Finance Minister Nirmala Sitharaman in the Lok Sabha.
- This article provides a summary of it.
Trivia
- Finance Minister Nirmala Sitharaman is only the second woman in the history of Independent India to present the Union Budget.
- Ms. Sitharaman has also presented the General Budget 2019-20 in 2019.
- Indira Gandhi was the first woman to have presented the Union Budget. In 1970, she presented the Union Budget of India for 1970-71, after she took briefly over the finance portfolio.
- She carried the budget documents in a ‘Bahi Khata’ (traditional Indian ledger), a red parcel like bag with a key hole on the emblem, breaking the age-old tradition of carrying a briefcase.
About: Annual Financial Statement (Budget)
- Under Article 112 of the Constitution, a statement of estimated receipts and expenditure of the Government of India has to be laid before Parliament in respect of every financial year (1st April to 31st March).
- The Annual Financial Statement (AFS) is the main Budget document and is commonly referred to as the Budget Statement.
Note to students: Go through the following graphics carefully. For example, what forms part of capital/revenue income/expenditure, which tax income is highest, which subsidy is the most etc. They could be important for prelims.
Budget at a glance
Budget Profile
State of the Economy
Prominent Themes of Budget 2020-21
Budget 2020-21 is woven around three prominent themes:
- Aspirational India in which all sections of the society seek better standards of living, with access to health, education and better jobs.
- Economic development for all, indicated in the Prime Minister’s exhortation of “Sabka Saath , Sabka Vikas , Sabka Vishwas”. This would entail reforms across swathes of the economy. Simultaneously, it would mean yielding more space for the private sector. Together, they would ensure higher productivity and greater efficiency.
- Ours shall be a Caring Society that is both humane and compassionate. Antyodaya is an article of faith.
Theme-I: Aspirational India
Programmes and plans towards this theme are related to:
- Agriculture Irrigation and Rural development
- Wellness, Water and Sanitation
- Education and Skills
(i) Agriculture Irrigation and Rural development
(ii) Wellness, Water and Sanitation
(iii) Education and Skills
Theme-II: Economic Development
(i) New Economy
- Knowledge Translation Clusters for emerging technology sectors
- Scaling up of Technology Clusters harbouring test beds and small scale manufacturing facilities
- National Mission on Quantum Technologies and applications with an outlay of Rs.8000 crore proposed
(ii) Industry, Commerce and Investment
(iii) Infrastructure
Theme-III: Caring Society
New Scheme
NIRVIK
- To achieve higher export credit disbursement, a new scheme, NIRVIK is being launched, which provides for higher insurance coverage, reduction in premium for small exporters and simplified procedure for claim settlements.
Note: Detailed budget summary and analysis will be posted tomorrow
