Presentation of details of 5th Tranche announced by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman under Aatmanirbhar Bharat Abhiyaan to support Indian economy in fight against COVID-19. Rs 40,000 crores increase in allocation for MGNREGS to provide employment boost. Public Expenditure on Health will be increased.
Infrastructure investment in India between fiscals 2013 and 2017 was estimated at Rs 57 lakh crore ($ 1.1 trillion at different annual exchange rates). The infrastructure investment was Rs ~36 lakh crore (at current prices) during fiscals 2013-17 or ~5.8% of gross domestic product (GDP).
In the case of Zambia, The IMF projects that the economy will grow by a negative 2.6% in 2020 from the earlier projection of 3.6%. The economic adjustments due to COVID-19 will result in a severe drop in revenue. It is estimated that the budgeted revenue will fall short of target by at least K14.8 billion or 19.7 % of the approved 2020 budget.
The Union Budget has been structured on the overall theme of “Ease of Living.” This has been achieved by farmer friendly initiatives such as Agriculture credit target of Rs 15 lakh crore for 2020-21; schemes of “Kisan Rail” and “Krishi Udaan” for a seamless national cold supply chain for perishables; and expansion of PM-KUSUM to provide 20 lakh
The Economic Survey identifies several levers for furthering wealth creation: entrepreneurship at the grassroots as reflected in new firm creation in India’s districts; promote “pro-business” policies that unleash the power of competitive markets to generate wealth as against “pro-crony” policies that may favour incumbent private interests.
National Infrastructure Pipeline to give top priority to energy, roads, urban development and railways in 5 years. The Centre unveiled the National Infrastructure Pipeline (NIP) with projects worth ₹102-lakh crore.
The Fifteenth Finance Commission (FC), in its report for fiscal year 2020-21, has recommended a marginal reduction in the vertical devolution of the divisible tax pool to 41 per cent from the prevailing 42 per cent.
India warned developed countries that their reluctance to loosen purse strings to support climate change mitigation plans by developing countries may threaten the progress achieved, leading to an uncertain future.