Union Budget 2020: Glance Of New Schemes and Initiatives

Finance Minister Niramala Sitharaman is giving her first full time Budget speech today. Prior to this, she had presented Interim Budget in 2019. This is the fresh new budget of the new decade. Mrs Sitharaman come up with new hopes with the budget focussing on key schemes and initiatives that our government is running and is about to initiate.

Also check: Union Budget 2020-21 Key Highlights: Download PDFs

With aspirational India, economic development for all, and develop a caring society as the themes of Budget 2020, the important schemes are given here:

Nirvik Scheme

This new scheme is launched in order to achieve higher export credit disbursement with the following benefits

  • Higher insurance coverage
  • Reduction in premium for small exporters
  • Simplified procedure for claim settlements.

Kisan Rail

Kisan Rail is to be set up by Indian Railways under PPP (Public Private Partnership) model to transport perishable goods. This will help in  building a seamless national cold supply chain for perishables goods can be transported quickly.

Krishi UDAN Scheme

One of the hit scheme in this budget as explained by Nirmala Sitharaman, Finance Ministry is the introduction of Krishi UDAN which will be launched by Ministry of Civil Aviation on international and national routes focusing to enhance value realization in North East and tribal districts.

One District One Product Initiative

Finance Minister has come up with a new initiative in her Budget 2020-21 which is named as “One Product for One District”. This will help in improving marketing and export supporting states so that focus is given at district level for horticulture to gain strength in the economy.

“Vivaad Se Vishwas” Scheme

Government is about to launch Vivaad Se Vishwas Scheme to reduce tax litigation. This is in lieu to amend I-T Act to allow faceless appeals.

PM-KUSUM

Ministry of New and Renewable Energy (MNRE) launched the Pradhan Mantri Kisan Urja Suraksha evem Utthan Mahabhiyan (PM KUSUM) Scheme for farmers for installation of solar pumps and grid connected solar and other renewable power plants in the country. It has been expanded in this new Budget with these provisions:

  • 20 lakh farmers provided for setting up stand-alone solar pumps.
  • 15 lakh more farmers to be helped to solarize their grid-connected pump sets.
  • Solar power generation capacity to be set up on the fallow/barren lands of farmers and to sell it to the grid

Also check:

Click Here to Get Full Updates of BUDGET 2020-21

Economic Survey 2020

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