Union Budget 2020 was announced by Finance Minister Nirmala Sitharaman on Saturday. In her speech that lasted over 2 hours and a half hours, the FM spoke on tax slabs, GST, 5 trillion economy amongst other things. Like every budget, reallocation of funds to ministries was one in the Budget 2020.
Defence Ministry – Rs 4,71,378 crore
With Rs 4,71,378 crores allocated, the Ministry of Defence under Rajnath Singh tops the list of ministries with highest fund allocation. Defence Ministry that takes care of the Indian Armed forces including the Army, Navy and the Air Force, divides the funds allocated into 3 broad categories.
1. Pension: Most part of the funds allocated to the Defence Ministry is spent on the pensions of the retired defence personnel.
2. Maintenance: Maintenance includes taking care of the assets. These assets could be the soldiers and their salaries and perks or they could be the armoury, tanks, missiles and other machinery.
3. Procurement and Modernisation: Procurement of new weapons and technologies and modernising of the armed forces is done through this part.
Home Ministry — Rs 1,67,250 crore
Union Home Minister Amit Shah’s ministry has been allocated funds worth Rs 1,67,250 crore. The Ministry of Home Affairs (MHA) or Home Ministry is a ministry of the Government of India. As the interior ministry of India, it is mainly responsible for the maintenance of internal security and domestic policy.
Ministry of Agriculture & Farmers’ Welfare — Rs 1,42,762 crore
The Ministry of Agriculture and Farmers’ Welfare, a branch of the Government of India, is the apex body for formulation and administration of the rules and regulations and laws related to agriculture in India.
The three broad areas of scope for the Ministry are agriculture, food processing and co-operation. The current Minister is Narendra Singh Tomar.