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The indian union budget 2020-21 presents significant changes in various sectors including agriculture, education, healthcare, defence, and taxes. Key announcements include the raising of the deposit insurance limit, the introduction of a new simplified personal tax regime, and increased allocations for agriculture, rural development, and education. A summary of the major budgetary announcements and initiatives.
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President Abdulqawi Ahmed Yusuf - From Somalia Vice-President Xue Hanqin - from China Key Budget takeaways:- ● Govt to raise funds via listing of LIC ● Deposit insurance raised to Rs 5 lakh ● FY21 fiscal deficit target pegged at 3.5% of GDP ● FY20 fiscal deficit at 3.8% of GDP vs earlier target of 3.3% ● Companies Act to be amended to decriminalise civil offences ● FY21 nominal GDP growth pegged at 10% ● To bring new education policy; allocates Rs 99,300 crore for sector in FY ● 100 more airports to be developed by 2025 to support UDAN scheme ● To introduce a new simplified personal tax regime ● No income tax for income up to Rs 5 lakh ● 10% income tax for those earning between Rs 5 lakh to Rs 7.5 lakh versus 20% earlier ● 15% income tax for those earning between Rs 7.5-10 lakh versus 20% earlier ● 20% income tax for those earning between Rs 101-2.5 lakh versus 30% earlier ● 25% income tax for those earning between Rs 12.5-15 lakh versus 30% earlier ● Income above Rs 15 lakh to continue to pay tax at 30% ● New income tax scheme is optional, without exemptions ● Dividend Distribution Tax (DDT) abolished, shifted to individuals instead of companies 100% tax exemption on Sovereign Wealth Funds’ India investments ● Tax holiday for affordable housing extended by one-year ● To amend I-T Act to allow faceless appeals ● FY21 divestment target: Rs 2.1 lakh crore versus FY20 target of Rs 1.05 lakh crore ● To launch new direct tax dispute settlement scheme; interest, penalty waived till March 31, 2020 ● Budget 2020 removed 70 exemption from personal income tax ● Audit threshold for MSMEs raised to ₹ 5 crore from ₹ 1 crore ● Excise duty hiked on tobacco, cigarettes raised ● Here’s a list of key budgetary allocations: ● FY21 agriculture allocation ₹ 1.38 lakh crore ● FY21 rural development allocation ₹1.23 lakh crore ● FY21 agriculture and rural allocation ₹ 2.83 lakh crore ● FY21 agriculture credit target ₹15 lakh crore ● FY21 education allocation at ₹ 99,300 crore ● FY21 healthcare allocation at ₹69,000 crore ● FY21 transport infra allocation at ₹1.7 lakh crore ● FY21 renewable energy sector allocation at ₹20,000 crore ● FY21 defence sector budget allocation Rs 3.37 lakh crore
c. Mission Shakti launched in Uttar Pradesh d. KAPILA campaign. e. Thalassemia Bal Sewa Yojana f. Union Cabinet approved the special package of Rs 520 crores under National Rural Livelihood Mission for Jammu and Kashmir and Ladakh. g. The Union Minister of AYUSH inaugurated the Regional Raw Depository at the National Institute of Siddha, Chennai. The Regional Raw Repository is the important component of National AYUSH Mission h. the government of Haryana launched “Lab on Wheels” to test the water quality in the state. i. The Garib Kalyan Rojgar Abhiyan is currently on its 15th week of implementation. So far 32 crore man days of employmen t have been provided. j. the Rashtriya Kamdhenu Aayog (RKA) began the nation wide campaign called “Kamadhenu Deepawali Abhiyan”. Key Highlights The campaign aims to promote extensive use of cow dung during the Diwali season. k. Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy has launched Jagan Anna Vidya kanuka scheme. The state government has allocated Rs 650 crores for the scheme. Under the scheme the state government will provide school kits to 43.32 to lakh government school students. l. uttarakhand Chief Minister Trivendra Singh Rawat recently launched Mukhyamantri Saur Swarojgar Yojana in Dehradun. The scheme promotes self-employment of the youth. m. Prime Minister Narendra Modi is to digitally launch the Pradhan Mantri Matsya Sampada Yojana (PMMSY) on 10 September. He will also launch the e-Gopala App, w hich aims for a comprehensive breed improvement marketplace and information portal for the direct use of farmers. n. Chief Minister YS Jagan Mohan Reddy launched YSR Sampoorna Poshana and YSR Sampoorna Poshana Plus schemes on 7 September.
3. Swachh Bharat Mission: Swachh Bharat Mission was launched in the entire country as a national movement. The campaign aims to achieve the vision of a ‘Clean India’ by 2nd October 2019. The Swachh Bharat Abhiyan is the most significant campaign with regards to sanitation by the Government of India. 4. Beti Bachao Beti Padhao: The goal of this scheme is to make girls socially and financially self-reliant through education. 5. Atal Pension Yojna: Atal Pension Yojana is a pension scheme mainly aimed at providing a universal pension scheme for those who are a part of the unorganized sector such as maids, gardeners, delivery boys, etc. This scheme replaced the previous Swavalamban Yojana which wasn’t well-received by the people. 6. Digital India Mission: The Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. 7. Pradhan Mantri Shram Yogi Maan-dhan: It is a voluntary and contributory pension scheme, under which the subscriber would receive the following benefits: (i) Minimum Assured Pension: Each subscriber under the PM-SYM, shall receive minimum assured pension of Rs 3000/- per month after attaining the age of 60 years. (ii) Family Pension: During the receipt of a pension, if the subscriber dies, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as a family pension. Family pension is applicable only to a spouse. (iii) If a beneficiary has given a regular contribution and died due to any cause (before age of 60 years), his/her spouse will be entitled to join and continue the scheme subsequently by payment of regular contribution or exit the scheme as per provisions of exit and withdrawal. 8. Gold Monetisation Scheme: Gold Monetisation Scheme was launched by Government of India in 2015, under this scheme one can deposit their gold in any form in a GMS account to earn interest as the price of the gold metal goes up. 9. PM CARES Fund -Prime Minister’s Citizen Assistance and Relief in Emergency Situation Fund: Is a public charitable trust initiated by the Prime Minister Narendra Modi. This national trust is created with the objective to meet the distressed and dreadful situation like COVID-19 in times ahead. PM CARES was initiated on March 28, 2020, under the chairmanship of the Indian Prime Minister with Ministry of Home Affairs, Defence Minister and Finance Minister as the ex-officio Trustee. 10. Aarogya Setu: The Government of India took the initiative to fight the Coronavirus pandemic. It launched a mobile application to spread the awareness of COVID_19 among the citizens of India through an app called Aarogya Setu. The Aarogya Setu mobile app has been developed by the National Informatics Centre (NIC) that comes under the Ministry of Electronics and Information Technology. For detailed information, visit the link of Aarogya Setu given above. 11. Ayushman Bharat: Launched in 2018 by Prime Minister Narendra Modi Ayushman Bharat is a health scheme. It is the largest government-funded healthcare programme in the world with over 50 crore beneficiaries. The Ayushman Bharath programme has two sub-missions PM-JAY & HWCs. ● Pradhan Mantri Jan Arogya Yojana (PM-JAY), earlier known as the National Health Protection Scheme (NHPS) will cover the financial protection for availing healthcare services at the secondary and tertiary levels. ● Health and Wellness Centres (HWCs) aimed at improving access to cheap and quality healthcare services at the primary level. Read about Ayushman Bharat in detail in the link provided above. 12. UMANG – Unified Mobile Application for New-age Governance is a mobile application launched by PM Narendra Modi to provide secured access to the citizens to multiple government services at one platform.
25. Any missiles launched recently? a. India successfully test fires BrahMos cruise missile from Indian Navy’s stealth destroyer b. India successfully test-fires new version of nuclear-capable Shaurya Missile c. India conducted two tests of a nuclear-capable, submarine-launched ballistic missile (SLBM) in January. When deployed, the missile, known as the K-4, will significantly expand India's second-strike capability. The Jan. 19 and Jan.
SEPTEMBER 2020