Budget 2020 – A detailed Analysis – Part I

Budget 2020 – Economic development

The economy is the basis for a country’s development. The larger the economy of a country, the greater is its turnover. To improve India, in terms of economy, total funding of Rs.27,300 crore has been allocated under the budget 2020. This is mainly to promote industrialization in the country.

In terms of industry and commerce, and Investment Clearance Cell is to be created to facilitate an end to end support. This will help the country to progress in terms of an increasing number of industries and also the economic turnover. 

The number of cities in the country is increasing each year. To make these cities a much better place to live in a smart city scheme was initiated. In continuation with this 5 more cities have been added to the already existing list of smart cities. This will simplify the living, transportation and other basic amenities of people living in these cities. Smart cities will have a completely classy lifestyle with amenities available in countries abroad. The 100 selected smart cities will be ranked based on their progress made in the previous years. The report card will prove the people in the city, the progress they have made in the past, thereby helping them create a better future for themselves and their city.

Credits: IndianEconomy

Technology is a new era. Mobile phones have become the ultimate essentials in such conditions. To increase the in house production of mobile phones, the manufacturing sector and semi-conductor packaging sector have been enhanced under this budget scheme. This will reduce import and make sure technology reaches everyone within the country as well.

The textile industry is a major hub in India since ages. To make sure that we sustain the global leadership position in the field of textiles, National Technical Textile mission has been proposed under this budget. With an estimated cost of about, Rs.1480 crore, the textile industries in India will go through a revolution, making India a global leader in the world textile market. This target is believed to be achieved within the year 2024.

To improve the export level of the country, a brand new scheme called NIRVIK has been formulated. This scheme is to provide higher insurance coverage to the exported products. Along with this it also provides a cut down in premium for small scale exporters. This promotes more manufacturers to join in the field of export. Apart from this, the scheme also works on a simplified procedure for claiming settlements. All these put together will increase the number of people taking up exporting into their business.

Credits: Scroll.in

There will be a revision in taxation and duties with the budget 2020. in case of excess payment, refunds will be provided digitally to the exporters. This again encourages a lot of manufacturers to take up the export. All ministries are to take up zero defect, zero effect manufacturing certificate according to the prime minister’s vision. This will also create a boom in the field of better industrialization in the country.

A total of Rs.100 Lakh crore to be invested in infrastructure development in the next 5 years. This infrastructure will make the country better. Rs.103 lakh crore worth projects launched on Dec 31, 2019, have been aimed at improving the industrial sector of the country. Along with this 6500 projects in all major sectors will be classified based on their size and stage. This classification will help the government to formulate policies to improve the industries and provide subsidies according to their size and need. This classification will also let the industries know their competitors and will help them perform better.

The budget 2020 has come out with numerous ideas for the betterment of industries that have been created in India. The policies are in favour of the manufacturers, both to create and export their products. The simplification of the export protocols and reduction in excise duties is done to encourage the manufacturers to venture into the field of exportation. Exporting goods will generate income, and in turn, build the country’s economy. Apart from this, the ministry is also working on better transportation and logistic facilities to improve the movement of goods within and outside the country. All this put together, will help the industrialization in the country a successful one.

Health and sanitation

Health or hygiene and sanitation is the basic requirement for every individual in the country. This has a direct role to play in the development of a country. A country’s progress is dependent on the people. And to keep the people healthy, sanitation is necessary. Keeping this factor in mind, the budget 2020 has allotted total funding of Rs.69,000 crore only for sanitation and wellness of the general public. There are various schemes in the 2020 budget regarding sanitation.

Credits: The Indian Express

PM-JAY or the PM Jan Arogya Yojna has been allotted with total funding of Rs.6400 crore. Under this scheme, a total of 20,000 hospitals have already been created. Those districts and local areas that do not have hospitals are to be targeted and provided with one in the first phase. The ultimate aim of this scheme is to make hospitals accessible to people of all classes and communities. Apart from this specific disease to be targeted to be diagnosed and cured using Artificial intelligence and machine learning. This is believed to create an advancement in the field of medicine.

Jan Aushadi Kendra scheme is yet another idea, that offers medicines at a low cost. A total of 2000 different medicines and 300 surgical to be provided in all district within the year 2024. The scheme has been initiated in the previous budgets itself. This budget’s allocation is to continue providing the same service with more medicines and surgical goods. This scheme is believed to cut down medical expenses of middle-class families to some extent. Thereby providing them relief in terms of health.

TB Harega Desh Jeetega is a campaign that has been initiated to help people suffering from Tuberculosis. According to this campaign, India is believed to be TB free by the year 2025. This scheme has been given importance under this budget mainly because India has the highest incidence of Tuberculosis in the world. With an average of 2.8 million cases every year. India also has the problem of multi-drug resistant Tuberculosis, which is difficult to cure when compared with regular tuberculosis. The fund allocated will create awareness on tuberculosis and provide medications to the sufferers.

Credits: Medical Buyer

Jal Jeevan Mission is yet another initiative by the Government of India. This is to heal and recreate the water bodies in the country. A total of Rs.3.60 lakh crore has been allotted under this scheme. The major aims under this scheme are, augmenting water bodies, Recharging the existing water bodies and also promotion of rainwater harvesting and desalination. All this will help us put an end to the water crisis that the country faces every summer. This will also help to improve the sanitation in the country.

One of the most important missions about sanitation and spoken country-wide is the Swachch Bharat mission. Funding of Rs.12,300 crore has been allotted exclusively for this mission under the budget 2020. The main emphasis of this scheme in the year 2020 is liquid waste and greywater management. Also, solid waste collection and segregation are given importance. This is done to improve the sanitation as well.

One major sanitation issue in the villages of India is open defecation. The government of India has adopted various schemes to keep this behavior in containment. There are also mobile applications on reporting open defecation and building of public restrooms to avoid sanitation issues. Under the Swachch Bharat mission, a special mention is done to this to avoid open defecation in the rural areas of the country

All these schemes mentioned above are mainly to work on a cleaner and better India that is safe for the public in terms of general health. India is currently in the bottom five countries on the world cleanliness list. All these schemes are initiated with a motive to improve the sanitation in India, along with eradication of diseases. On the other hand, to meet out the requirements of the people on the basic requirements like water, recycling and water management have been highlighted under this budget. The Swachch Bharat mission is taking an upper hand and has been working efficiently in the past years to gift a better, cleaner and greener India.

Budget 2020 – Education and skill development

Educating the youths is the best way to improve and bring a nation forward. The education system in India has always been strong with good foundation and universities. This has enabled the country to give out many successful businessmen, entrepreneurs and scientists. The budget 2020 also has some good news for the education schemes in India. This is aimed to make the country better in terms of literacy as well as university education.

Total funding of Rs.99,300 crore is allocated exclusively for education. This deals with the general school and college medium of education that is provided to the youths in the country. Rs.3000 crore has been allocated extensively for skill development in the 2020-2021 budget. This is to provide more job opportunities, eradicate poverty and unemployment and women empowerment. All this is done mainly to improve the country’s economy and also the standard of living of most people in the country. Not only the country, but the people in it progress along with the country.

Credits: Education Career India

New education policy is expected in the upcoming year. This will be from the research results and from a group of panellists to improve the education system of the country. There was no proper detailing on this part. However, a new policy is to be created for the next academic year.

Two new universities are to be created under the budget allocated. National Police University and National Forensic Science University were proposed. These universities will provide courses on policing science, forensic science and cyberforensics.

To facilitate education, anytime and anywhere to all people, degree level full-fledged online education program to be created by the top 100 educational institutions of the country. This is based on the listings from NIRF- National Institutional Ranking Framework. This will remove the necessity for an individual to attend classes to secure a degree, making education more simple and available to all.

Engineering is an evergreen stream according to most Indian people. With the increase in the number of branches in engineering, a special scheme has been introduced in the budget exclusively for engineering candidates. Up to one-year internship for all engineering candidates by the Urban Local Bodies. This will increase the experience levels of the candidates, making them more successful and strong candidates while competing at the international level.

Credits: Education Care India

The budget has also made allocations to attach the local medical colleges in the country to a local general hospital by PPP mode. This would benefit both the student community and also the patients in the hospital with better medical facilities and more number of doctors.

Skill development is a major issue in India. Though educated, most professionals fail to meet the demanded skill for specific jobs. This is mostly true in the case of teachers and paramedics. To eradicate this bridge, special skill development courses have been formulated by the Ministries for Health and Skill development. This special bridge course will train the teachers, paramedics and care-givers working abroad, thereby making them more potent and fit for the job.

Experience in the field matters equally as education. Keeping this in mind, 150 educational institutions in the country have been chosen to come up with an apprenticeship linked degree/diploma course by the year 2021. This will keep the candidate balanced in terms of both education and experience.

To facilitate quality education in the country, External commercial borrowings and Foreign Direct Investment is to be enabled in the education sector. This is believed to improve the quality of education in the country with more funds.

To enhance inter-country relationships in terms of education, Ind-SAT program has been initiated. This is to improve the relationship between India and Africa in the field of education. According to this program, an exchange study program called Study in India has been created.

Overall, the schemes and policies under the budget 2020 have been aimed at improving the education system and skill development in India. The budget mainly works on improving the skill set of candidates making them more apt for job opportunities both within and outside the country. The new education system is believed to come with numerous reforms, thereby creating successful and potential Indian youths. 

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