Finance Minister Nirmala Sitharaman presented the Union Budget on Saturday.
"This budget is woven around three prominent themes, aspirational India, in which all sections of society seek better standards of living, economic development for all, indicated in Prime Minister's exhortation 'Sabka Saath, Sabka Vikaas', and lastly, ours shall be a caring society," Sitharaman said during the presentation of the Budget.
"Budget 2020 is to boost the income of people and enhance their purchasing power," she added.
Here are the key takeaways from the Finance Minister's speech
1. "GST has resulted in efficiency gains in the transport and logistics sector, inspector raj has vanished, it has benefitted Micro, Small & Medium Enterprises (MSME). Consumers have got an annual benefit of 1 lakh crore rupees by GST"
2. Sitahraman paid homage to former Finance Minister, the "chief architect" of the Goods and Services Tax.
"GST has been the most historic of the structural reforms. GST has been gradually maturing into a tax that has integrated the country economically," he sad.
3. "Government's debt has reduced to 48.9% from 52.2%"
"The government debt came down to 48.9 per cent from 52.2 per cent," Finance Minister Nirmala Sitharaman said.
She said: "Our people should be gainfully employed, our businesses should be healthy, for all minorities, women and people from SCs and STs. This Budget aims to fulfil their aspirations."
"With renewed vigour, under PM's leadership, we commit ourselves to present the people of India with all humility and dedication. People have reposed faith in our economic policy," she added.
4. "Efforts we have made in the last five years and the enthusiasm and energy of our youth are the ignition of our growth"
5. "Our government is committed to the goal of doubling farmers income by 2022"
The Central government is set to disburse Rs 15 lakh crore among farmers as credit during the year 2020-21, the Finance Minister said.
She said the refinancing scheme of the National Bank for Agriculture and Rural Development (NABARD) will be further expanded.
"Agriculture credit target for the year 2020-21 has been set at Rs 15 lakh crore," she said.
Finance Minister Sitharaman also presented a 16-point plan to revive the farm and agriculture sector.
6. "Our government is proposing comprehensive measures for 100 water-stressed districts in the country."
Other schemes to aid farmers include encouraging states to take up model agricultural laws, PM Kusum Scheme, which removes dependence on kerosene and encourages the use of solar power, and balanced use of fertilisers.
7. Pradhan Mantri Kisan Urja Suraksha avem Utthan Mahabhiyan (PM KUSUM) to be expanded to provide 20 lakh farmers in setting up standalone solar pumps.
8. Indian Railways to set up Kisan Rail through PPP model to build a seamless national cold supply chain for perishables.
Krishi Udaan will be launched by MoCA on international and national routes, the Finance Minister said.
9. Youth and fishery extension work to be enabled by rural youth as 'Sagar Mitras', forming 500 fish farmer producing organizations.
10. There is a shortage of qualified medical doctors both general practitioners and specialists; it is proposed to attach a medical college to a district hospital in PPP mode; details of the scheme to be worked out soon.
She said that viability gap funding window would be set up to cover hospitals, with priority given to aspirational districts that don't have hospitals empanelled under Ayushman Bharat scheme.
11. Entrepreneurship is strength of India. I propose to set up an investment clearance cell that will provided end to end facilitation and support including pre-investment advisory, info on land banks and facilitate clearance at state level
12. I propose to provide Rs 27300 crore for development for industry and commence for year 2020-21
13. A degree-level full-fledged online education programme to be offered by institutes in top 100 in National Institutional Ranking Framework.
14. Setting up large solar panel capacity alongside the railway tracks on land owned by railways, a proposal is under consideration. More Tejas type trains will connect iconic destinations.
15. Total allocation for Swachh Bharat is around 12,300 crore rupees for this year.
