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A Budget for All

What is the approach of Union Budget 2019-20?

1. It is a budget for New India based on an “inclusive approach” for various sections of the society.

2. It aims to bring an investment-driven growth model with a target of making India a $5trillion economy.

Which are the key areas focused by the Budget?

1. Simplifying tax procedures.

2. Incentivising performance

3. Making the best use of technology

4. Provision of gas connection, electricity, running water and clean toilets to every rural household, through various initiatives like ‘Swachh Bharat Abhiyaan’, ‘Har Ghar Jal’, etc.

5. A new ‘Jal Shakti Mantralaya’ is formed.

6. Focus on healthcare under schemes like ‘Ayushman Bharat’.

How the Union Budget aims to improve governance?

1. It has focussed on developmental initiatives in various areas like physical connectivity, rural India, railways, unified digital payments, inland waterways, etc.

2. Payment platform for MSMEs has been created which aims to eliminate delays in Government payments.

3. These are done to emphasis on minimum government and maximum governance.

Why is the Budget significant?

1. It focuses on enhancing the role and contribution of women in the workforce and economy through initiatives like Rs 1 lakh loan under the MUDRA scheme for women entrepreneurs.

2. It supports new-age technologies like electric vehicles, solar PV, storage batteries and charging infrastructure to create jobs and make the energy sector sustainable.

3. It is a “Green budget” emphasizing on the environment.

4. It has focussed on India’s space power under initiatives like Gaganyaan, Chandrayaan and the introduction of New Space India Limited (NSIL).

5. Globally valued skill-sets including Artificial Intelligence (AI), Internet of Things (IoT), Virtual Reality and, Robotics and Big Data have been identified as focus areas.

6. Focus has been laid on making the education system future-ready.

The Budget has been a “Budget for All” as it covers

1. Rural and urban population.

2. Farmers and students.

3. Empowerment of youth and women.