FM Nirmala Sitharaman outlines three themes of Budget 2020. These are aspirational India, economic development and third is caring society. Digital revolution will see the next wave and the govt will achieve seamless delivery of services through this, says Nirmala Sitharaman

 

FM Nirmala Sitharaman spoke about skills, education and agriculture in the first theme. 

 

Technology like machine learning, robotics, AI alongwith number of productive age group (15-65 years) are cross-cutting streams in India and this is special to India, says Finance Minister.

 

The govt aims to double farmer income by 2022. A total of 6.11 crore farmers insured under Fasal Bima, says Finance Minister. She says hand-holding of farm-based activities needs to be done. This, she said, can be done in cooperation with states. Presents a 16-point action plan for this purpose.

 

Quoting Atichudi of Saint Avaiyar, FM Nirmala Sitharaman said that farm land should have sufficient manure and water and not an excessive one. The govt will also revise incentives for use of chemical fertilisers. Warehouse building incentives will also be given by the government for the farmers. The thrust, she says, is to offer viability gap funding and Mudra loans will also be provided for such self-help groups. 

 

This is likely to have positive impact on MSMEs operating in agri and food processing industry and their auxiliary equipment segment. 

 

“This is the budget to boost income and enhance purchasing power. At the beginning, (it) gives a sign of things to come. Expect significant benefits for consumption as the speech progresses. Aspirations, Economic development, Caring Society - an ACE in the making (is) aimed towards a $5 trillion economy by 2024-25. If achieved with the right efforts, is in the right direction,” said Vinay Pandit, Head, Institutional Equities, IndiaNivesh (Source: MoneyControl.com).

 

PM Kusum Scheme reduced dependence on diesel and kerosene and relied on social energy. Total of 20 lakh farmers can set up standalone solar pumps, she says. Further, she said that government can help 15 lakh solarise grid-connected pump sets, says finance minister Nirmala Sitharaman. Farmers can also use barren land for solar energy and have a livelihood out of it, says FM.

 

This will give a boost to solar pump makers and solar panel suppliers.