Union Budget 2020 provisions for Assam and North East Archives

Union Budget 2020-21 - Provisions for Assam and North East India

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The Union Budget of India for 2020–2021 was presented by the Finance Minister, Nirmala Sitharaman on 1 February 2020, in a backdrop of a slowing down of the Indian economy with estimated GDP growth for 2019-20 being at an 11-year low of 5%. She becomes the second women to present budget for the second time after Indira Gandhi. The central ideas of the Budget are – “Aspirational India, Economic development, A Caring Society.”

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Provisions for Assam and NE in Union Budget 2020-21

The budgetary allocation for the Ministry of Development of North Eastern Region (DoNER) saw a hike of over 14 per cent from Rs 2,670 crore last year to Rs 3,049 crore in 2020-21.
The budget for the North Eastern Council (NEC) has been doubled from Rs 700 crore to Rs 1,474 crore in the last five years.
The budget has accorded the highest priority to the overall development of the Northeastern region keeping in tune with the vision and declaration of Prime Minister Narendra Modi since he came to power in 2014.
In case of the Ministry of DoNER, the budgetary allocation for 2020-21 is Rs 3,049 crore as against Rs 2,670 crore in the Revised Estimate (RE) 2019-20. Of the total Rs 3,049 crore, the provision for development of infrastructure is around Rs 2,900 crore compared to Advance Estimate (AE) 2014-15 of Rs 1,719 crore.
The budget allocation of the Ministry of DoNER in 2020-21 is higher by 77.26 per cent, he said.
In case of schemes being implemented by the North Eastern Council (NEC), the current year’s budgetary allocation is Rs 1,474 crore, an increase of 19.23 per cent over RE 2019-20 allocation of Rs 1,237 crore.
The government is ensuring smooth access to financial assistance from multilateral and bilateral funding agencies to help introduce innovative and global best practices. The Central government has effectively used an online portal to reduce gestation period. This has improved the flow of funds to the Northeast region.
The inland waterways received a boost in the last five years. The Jal Vikas Marg on National Waterway-1 will be completed. Further, the 890-km Dhubri-Sadiya waterway will be completed by 2022.
Plans are afoot to energise eco-heritage sites. Government proposes to establish an Indian Institute of Heritage and Conservation under the Ministry of Culture; it shall have the status of a deemed university to start with.
Archaeological sites would be developed as iconic sites with on-site museums at Sivasagar (Assam), along with .– Rakhigarhi (Haryana), Hastinapur (Uttar Pradesh), Dholavira (Gujarat) and Adichanallur (Tamil Nadu)
Union government increases allocation for eight states of Northeast India to Rs 50,169.39 crore in the union budget 2019-20 from Rs 39,201 crore of 2018-19.
Rs 4105 Crore is allocated to Oil India Limited for exploration and production, Rs 755 Crore is allocated for MSME sector.
The budget allocation for the Northeast under the North East Road Sector Development Scheme has been increased from Rs 391 crore during 2018-19 to Rs 666 crore for 2019-20.
Budget allocation of Rs. 3000 crore for the Ministry of Development of Northeastern Region (DoNER) is a gesture that the central government is extending its continued support to ensure development and thrust to the Northeast.
The increase of fund for the North East Special Infrastructure Development Scheme (NESIDS) from Rs 140 crore during 2018-19 to Rs 695 crore for 2019-20 will enable different states in the Northeast to further initiate large infrastructure activities.
Positive for North East companies as all private entity in North East will be within 25% tax rates, as corporate tax is reduced to 25% for companies with turnover upto 400 crores.
Increase in allocation for refund of central and integrated GST to North Eastern Region (NER) the Himalayan states will ensure timely refund of GST under industrial policy.”