union budget 2020-21: GK, General Studies and Current Affairs

First ‘Kisan Rail’ to ply between Maharashtra and Bihar

The Railways has decided to commence its ‘Kisan Rail’ services to transport perishable goods from August 07 onwards and the first train will be flagged off via video conferencing by the Union Minister of Agriculture and that of the Railways. This train will run between Maharashtra and Bihar and will carry vegetables and fruits. Details ..

GeM portal finished transactions worth Rs.40,000 crore

The national online platform for public procurement, Government e-Marketplace (GeM) was launched by the Union Commerce Ministry in 2016. It is an open and transparent procurement platform for government departments. GeM was recently in news as public procurement worth Rs.40,000 crore has taken place through the online portal. In the recent Union budget, it was ..

Krishi Udan Scheme to be launched by Aviation Ministry

A new scheme was proposed in the budget, which is to be implemented by the Aviation Ministry, for transporting agricultural products of farmers. The scheme was named as ‘Krishi Udan Scheme’. The scheme is to be launched by the ministry on both international and national routes, which will improve the value realisation on the agricultural ..

Maximum insurance for bank deposits increased to ₹ 5 Lakh

The Union Finance Minister hiked the maximum insurance provided for bank deposits to ₹ 5 Lakh, per depositor, in her recent Union Budget 20-21. As per the existing guidelines of the Reserve Bank of India, deposits of the customers with all commercial banks and cooperative banks are insured under the Deposit Insurance and Credit Guarantee ..

Fiscal deficit target raised to 3.8 percent for FY20

In the recent Union Budget 2020-21, the government has estimated the fiscal deficit target for 2020-21 at 3.5 per cent of GDP (Budget Estimate). The fiscal deficit target for 2019-20 was estimated at 3.3% earlier, which has also been revised to 3.8% of GDP, citing revenue shortage as the reason. Under the Fiscal Responsibility and ..