UNION BUDGET … Finance Minister starts presenting Union Budget in Parliament

SALIENT POINTS FROM FM’s SPEECH

We are the sixth largest economy in the world. Third biggest economy in terms of purchasing power parity.

Economy grew to $2.7trillion in the last five years. India will cross the $3trillion mark in this year itself.

Minimum government, maximum governance, our motto.

Need now is to invest heavily in infrastructure sector.

Connectivity is getting top priority. Dedicated freight corridor among many new steps. Sagarmala aimed at improving infrastructure for external trade. Jal Maarg Vikas project under way, reducing cost of transport and increasing the competitiveness of domestically produced goods. Increased air connectivity. Helping bridge rural urban divide.

Road works worth 300km per day are done; big leap in aviation sector. India hopes to be self-reliant in aviation.

New project from April this year for faster adoption of electric vehicles… Affordable and environmental friendly public transport.

Comprehensive restructuring of national highway programme. States will be helped to develop state roads network. Inland cargo movement to be more by railways. 

Movement of cargo on Ganga to increase four times in next four years. Jal Marg station operational in Varanasi.

POWER connectivity.. one nation, one grid, will ensure power availability to states at affordable costs. More of regional airports.


UDAY aimed at operational turaround of discoms. The scenario would improve. 

MODEL TENANCY LAW … to reduce problems in rental sector.

AFFORDABLE HOUSING programme to be taken up.

LOANS for MSMEs upto one crore to be given in a matter of a few days. 

PAYMENT PLATFORM for MSMEs.

PENSION BENEFIT TO COVER MORE THAN 3crore retail traders under Pradhan Mantri Karam Yojan scheme for traders. What is needed is just a ration card.

SOURCES OF CAPITAL FOR INFRA FINANCING… Credit Guarantee system to come into being. 

Time to take capital market closer to the masses to also ensure financial inclusion. Electronic fund raising platform planned…. 

Aim to make India a more attractive FDI destination… aviation, insurance etc. 100 per cent FDI to be permitted for insurance intermediaries. Examining scope for FDI in aviation, media.

New Rupay Card scheme..

India must become part of the global financial system. An annual global investors meet planned… 

NRI INVESTMENT in capital markets is less… new and innovative financial instruments launched in the past five years… including real estate investment trust…

India has reasonable success in greenfield assets monetisation. 

These are part of efforts to reach $5trillion economy target by 2024.

GAAV, KISAN…

Through mega initiatives, the government transformed the lives of rural families… clean cooking gas for seven crore families for free, electricity to all our main aim. By 2022, every single rural family except those who are unwilling to take connection, will have electricity and clean cooking facility. This will be marking the 75th year of Independence…

1.95 crore houses to be provided to the homeless by 2022. with electricity and gas connections… it took 314 days to complete a house…  now it takes just about 100 days to complete a house construction…

FISHERIES .. PM Yojna will establish a robust fisheries management framework… a value chain envisaged… 

PM Satak Gram Satak Yojna… to achieve universal connectivity of habitations… all-weather connectivity to 97 per cent of all such habitations… high pace of road construction — 135km roads a day… important to connect villages to markets… PK Gram Satak Yojana…. Rs 8250crore to be spent on this…

Regeneration of traditional industries… cluster-based development to make traditional industries more productive and profitable.. focus sectors are bamboo, honey and Khadi clusters… 50,000 artisans to benefit… Innovation scheme … business incubators… technology incubators… to develop 75,000 skilled entrepreneurs in agro-based rural sectors…

To promote private entrepreneurship, bamboo, timber based industries in small-scale sector to be promoted… training to cooperatives….

PULSES … Speaker, Sir, I place my appreciation of farmers making the nation self-sufficient in pulses… They did a great job in the production of oil seeds… We hope to start 10,000 farmer producer cooperatives…to enable them get a fair price for their produce… ease of doing business should apply to farmers too…. and we shall go back to basics on one count… Speaker, sir, ZERO BUDGET FARMING… this may not be new, some states have tried this, we need to replicate this innovative model, farmers are being trained…

WATER SECURITY… Safe and adequate drinking water to all Indians is a priority for this government. We are integrating the ministries of water resources with other related ministries … to work in intergrated and holistic manner … mission to achieve goals by 2024. Local infra for rainwater harvesting, rain water recharge etc by Jal Jeevan Mission… sustainable water supply management.

The govt identified nearly 2000 blocks spread of 256 districts for Jal Shakti Abhiyan… additional funds available under compensatory forestry management to be made use of…

TOILETS … Over 9. 6crore toilets constructed since 2014 through govt scheme… 

PM GRAMIN DIGITAL SAKSHARATA ABHIYAN…Over 2 crore people in villages made digitally literate… PPP arrangement…. 


RAPID URBANISATION PLANNED….

House constructions started for over 47 lakh houses for homeless… 26 lakh houses delivered to the beneficiaries. New technology used in construction. 

OPEN DEFECATION FREE … 95 per cent of cities have become Open Defecation Free due to government’s provision for community toilets… Over 1 crore citizens downloaded the Swachhata App… PM Modi has taken up the challenge of making India open defecation free, to also realise Gandhiji’s dream… the full target will be achieved by October 2, this year…

INDIA RAILWAYS suburban and long-distance services … more investments in RRTS …More PPP initiatives, and ensuring completion of sanctioned works… to ensure commercial activities around transit hubs….

YOUTH … new National Educational Policy… to match India with global systems… changes in school and college education systems… more focus on research and innovation…national research foundation (NRF)  to fund research… it will assimilate the research grants given by various ministries… to have more focus on thrust areas… research oriented structure for NRF…Additional funds will flow… Online open courses help bridge digital divide… to upgrade quality of teaching… new scheme started… research innovation to be encouraged… IIT etc to give fillip to reserach… they would act as centres of innovation… 

There was not a single indian institution in the top 200 global rankings five years ago… due to the concerted efforts in the past five years, we have now three institutions in the top 200 global institutions, including IIT Bangalore… More funds on offer for this purpose… India has potential to become a hub of higher education… let us bring more of foreign students… the regulatory systems of higher education would be reformed…revamped… higher education commission of india in the making…


KHELO INDIA… created in 2917 has been of help to sports persons…a national sports education centre to be set up under this scheme…

LORD PASWESHWARA ..This govt follows the teachings of Lord Pasweswara… implementing Khev Kailasa… lakhs to be given skill training…. major economies to face severe labour shortage in future.. We need to train and equip our youths… new age skills like Artificial Intelligence, Internet of Things etc…
Technology upgradation to youths… for well-ness of society…


LABOUR LAWS … Reforms coming… streamline multiple labour laws into a set of four labour courts… with various labour definitions getting standardised, there will be less of labour disputes..

START UPS … a new initiative in the offing… 

STAND UP INDIA scheme has delivered results… from women, SCs, STs… many of them have set up their own industries… strong demand for its continutation… it will be continued for the entire period until 2025.. banks will provided assistance for acquisition of scavanging machines… human dignity to go up… In two years, over 300 entrepreneurs have emerged.. machines and robots deployed to handle scavenging work… commercial banks acted as catalyst to this change…

EASE OF LIVING… Minimum Government, Maximum Governance.. to make ordinary citizens life a bit easier… digital payments.. use of technology is an effective way… PM Shram Yogi scheme… to provide 3000 rupees pension to crores of workers in unorganised and informal sectors…30 lakh workers already joined the scheme….

LED BULBS.. free distribution … approximately 35crore LED bulbs distributed under the UJala Yojna…free… leading to a cost saving of Rs 18,341crore.
NEWS BUDGET

NEW DELHI: The Union Budget is set for presentation in Parliament by finance minister Nirmala Sitharaman at 11am on Friday. Both the houses are in session. The Union Cabinet met on Friday morning and gave its approval for presentation of the budget. This is the first budget by a woman finance minister. IHN-NN

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