Smart electric meters, quantum computing, gene mapping and other absolutely new announcements in budget 2020
Feb 1, 2020, 17:37 IST
Nirmala Sitharaman broke her own record of “the longest speech” ever, during the Union Budget 2020 at the Lok Sabha. But that is not the only new thing. Her ‘Bahi-khata’ had many new schemes which had unfolded today.
Let’s take a look at each of them:
Museums at Archaeological sites
Sitharaman announced an allocation of ₹3,500 crore for the Ministry of Culture and proposed the establishment of Indian Institute of Heritage and Conservation under the ministry.
Finance minister listed Hastinapur in UP, Dholavira in Khadirbet, Adichanallur in Tamil Nadu, Rakhigarhi in Haryana and Sivasagar in Assam.
Nirvik - insurance cover for small exporters
A Nirvik (Niryat Rin Vikas Yojana) aims to provide enhanced insurance cover and reduce the premium for small exporters. She allocated ₹27,300 crore for industry and commerce in 2020-21, under which the Yojana would be running.
The insurance cover guaranteed will cover up to 90% of the principal and interest and will include both pre and post-shipment credit, once implemented in FY20.
Quantum Computers
She allocated ₹8,000 crore over a period of 5 years to set up a National Mission on Quantum technology and its applications.
A quantum computer can solve complex problems that would otherwise take billions of years for today's computers to solve.
“India would be the third biggest and pioneering nation if we are able to break into this technology,” said Preety Arora, head of business strategy at Amatra Hotels & Resorts.
National Statistics Office to use AI
“The new proposed new National Policy on Official Statistics will improve data collection and dissemination, using technology, said Sitharaman.
With the use of AI, they would generate modernised data, integrated information portal and timely dissemination of information.
Geo-tagging warehouses
India has an estimated capacity of 162 million million tonnes of agri-warehousing, cold storage, and reefer van facilities. NABARD will now map and geo-tag these agri-warehouses across India. This scheme comes at a time when vegetable prices are soaring even as a large part of produce is spoilt due to lack of adequate cold storage facilities.
Digital meter of Digital India
This will allow consumers to port out of a power discom , just like they port out of the mobile service provider.
IND-SAT Exam
Under the 'Study in India' programme, the government will introduce the IND-SAT exam to enrol Asian and African students in Indian universities. IND-SAT is the Indian version of the US’ SAT exam - and will be held for Asian and African students who intend to claim scholarships to 'Study in India.'
SEE ALSO: This is how top startup founders reacted to budget 2020
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Let’s take a look at each of them:
Museums at Archaeological sites
Sitharaman announced an allocation of ₹3,500 crore for the Ministry of Culture and proposed the establishment of Indian Institute of Heritage and Conservation under the ministry.
Finance minister listed Hastinapur in UP, Dholavira in Khadirbet, Adichanallur in Tamil Nadu, Rakhigarhi in Haryana and Sivasagar in Assam.
Nirvik - insurance cover for small exporters
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The insurance cover guaranteed will cover up to 90% of the principal and interest and will include both pre and post-shipment credit, once implemented in FY20.
Quantum Computers
She allocated ₹8,000 crore over a period of 5 years to set up a National Mission on Quantum technology and its applications.
A quantum computer can solve complex problems that would otherwise take billions of years for today's computers to solve.
“India would be the third biggest and pioneering nation if we are able to break into this technology,” said Preety Arora, head of business strategy at Amatra Hotels & Resorts.
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National Statistics Office to use AI
“The new proposed new National Policy on Official Statistics will improve data collection and dissemination, using technology, said Sitharaman.
With the use of AI, they would generate modernised data, integrated information portal and timely dissemination of information.
Geo-tagging warehouses
India has an estimated capacity of 162 million million tonnes of agri-warehousing, cold storage, and reefer van facilities. NABARD will now map and geo-tag these agri-warehouses across India. This scheme comes at a time when vegetable prices are soaring even as a large part of produce is spoilt due to lack of adequate cold storage facilities.
Digital meter of Digital India
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The Budget allocates ₹22,000 for the power and renewable sectors. The government has proposed to replace traditional meters with digital meters in the next three years.This will allow consumers to port out of a power discom , just like they port out of the mobile service provider.
IND-SAT Exam
Under the 'Study in India' programme, the government will introduce the IND-SAT exam to enrol Asian and African students in Indian universities. IND-SAT is the Indian version of the US’ SAT exam - and will be held for Asian and African students who intend to claim scholarships to 'Study in India.'
SEE ALSO: This is how top startup founders reacted to budget 2020