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Indian Economy

Union Budget 2020-21: Financial Sector and Governance

  • 03 Feb 2020
  • 3 min read

Why in News

The Union Minister of Finance has presented the Budget 2020-21.

Key Points

  • Bank deposit insurance cover has been increased from ₹1 lakh to ₹5 lakh per depositor.
  • Government plans to amend the Companies Act to decriminalise civil offences.
  • Government to sell part of its stake in LIC via public offering.
  • Scheme to encourage manufacturing of mobile phones, electronic equipment and semiconductor packaging.
  • National Technical Textiles Mission for a period of 4 years.
  • NIRVIK Scheme for higher export credit disbursement launched.
  • Setting up of an Investment Clearance Cell to provide end to end facilitation.
  • Early life funding proposed, including a seed fund to support ideation and development of early stage Start-ups.
  • Audit threshold for MSMEs raised to ₹5 crore from ₹1 crore.
  • Certain specified categories of Government securities to be opened fully for non -resident investors also.
  • Foreign Portfolio Investment (FPI) limit in corporate bonds increased to 15% from 9% of its outstanding stock.
  • NBFCs eligibility limit for debt recovery reduced from:
    • Rs. 500 crore to Rs 100 crore asset size
    • Rs 1 crore to Rs 50 lakh loan size.

Digitisation

  • Knowledge Translation Clusters for emerging technology sectors.
  • Policy to enable the private sector to build Data Centre parks throughout the country.
  • Rs.8000 crore proposed over five years for National Mission on Quantum Technologies and Applications.
  • Mapping of India’s genetic landscape- Two new national level Science Schemes to be initiated to create a comprehensive database.

Governance

  • An independent, professional and specialist National Recruitment Agency (NRA) for conducting a computer-based online Common Eligibility Test for recruitment on all non gazetted posts. A test-centre in every district, particularly in the Aspirational Districts will be set up.
  • New National Policy on Official Statistics to promote the use of the latest technologies including AI and lay down a road-map towards modernised data collection, integrated information portal and timely dissemination of information.
  • A sum of Rs. 100 crore allocated to begin the preparations for G20 presidency to be hosted in India in the year 2022.

Source: TH

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