Recently, the government had announced that it would increase the estimate of taking loans from its market from the current Rs 4.2 lakh crore to Rs 12 lakh crore for the current financial year.
This order of the government is applicable till March 2021
Order not applicable on the government’s self-sufficient scheme
Due to Corona crisis and lockdown, the country’s economy looks battered. In view of this situation, the Modi government has stopped all those schemes which were announced in the general budget of 2020-21. This order will also apply to those schemes for which the Department of Expenditure of the Ministry of Finance has given in-principle approval. This order is applicable till March 2021.
Rules not applicable on self-reliant plans
However, this rule will not apply to the government’s self-sufficient scheme. Let us tell you that the government had announced a self-reliant plan of about 21 lakh crores. It also includes Pradhan Mantri Garib Kalyan Yojana. It is obvious that the Pradhan Mantri Garib Kalyan Yojana will also continue. There will be no restriction on these. However, the government has not explicitly named the plans that will be discontinued. But we tell you which schemes were mainly started in the general budget or which schemes were approved.
The plans announced
In the general budget, the introduction of “Kisan Rail” and “Krishi Udaan” were announced by the Ministry of Railways and Civil Aviation respectively. In addition to this, it was proposed to develop 5 new ‘smart cities’ in collaboration with the states under the Public-Private Partnership (PPP) system. A plan was also to be introduced to encourage the manufacture of mobile phones, electronic equipment and semi-conductor packaging.
In the budget, it was proposed to introduce a new scheme ‘Nirvik’ to fulfill the objective of disbursing more export credit. Under this, it was said that necessary assistance should be given to small exporters mainly. Similarly, a National Technical Textiles Mission was also proposed to be started. Its aim is to make India a global leader in the field of technical textiles.
General budget allocation
Why did the government decide
Actually, the government is having less revenue. The report available with the Controller General of Accounts shows that during April 2020 revenue was Rs 27,548 crore, which was 1.2% of the budget estimate. While the government spent 3.07 lakh crore, which was 10 percent of the budget estimate. Due to the financial crisis, the government is also taking more debt. Recently, the government had announced that it would increase the estimate of taking loans from its market from the current Rs 4.2 lakh crore to Rs 12 lakh crore for the current financial year.