FM Arun Jaitley has finally stated his budget speech 2015. We are here summarising very important facts you should know about budget 2015. It is worth read for 2 minutes only.
As per the finance minister, Indian economy is stable and has been able to successfully re-establish its credibility. Three major accomplishments of the current government have been laid down as per the finance minister. These were Coal Auctions, Jan-dhan Yojna as well as the Swachch-Bharat Abhiyan.
As per the budget, 6 crore new toilets have been announced across the nation as a preventive healthcare measure. New two projects have been launched, namely AJM Trinity and GST and Mr. Jaitley has ensured that by April 2016, GST will get implemented. To focus on the poor, 80,000 secondary schools will be upgraded. By 2022, there will be a house for everyone, as per the new financial budget.
Government has announced construction of 5 crore houses across urban areas and 2 crore across rural areas, by 2022. MNREGA, a social sector project started under the Congress government, will continue in this government too, and will be upgraded. The government has allocated 39,699 crore for the upgrading MGNERA. Government has announced 1,25,000 crore for public investment. Also, it has been targeted that the Indian economy will achieve 3 % fiscal deficit within two years. Loss-making units got a helping hand as government will undertake gross disinvestment. To enhance the overall soil health, 5,300 crore has been allocated to the organic farming scheme of the agriculture ministry, focusing on micro-irrigation watershed programs. This year, the rural credit goes up to 8, 50,000 crore. To aid microfinance, 2,000 crore corpus has been allocated with Mudra Bank. As per Mr. Jaitely, this step is for the unfunded and unbanked.
A comprehensive and elaborate bankruptcy code will be established in 2015-16. All NBFCs, with more than 5,000 crore and registered with RBI shall be given financial institution’s status. PMJJBY has been allocated coverage of Rs. 2, 00,000 with 1 rupees premium daily. Senior citizens existing below the current poverty level shall be given devises for assisted living. A new scheme named ‘Nayi Manzil’ has been launched that will enable the minority youth population to gain their school-leaving certificate as well as obtain chances of better employment. 70,000 crore has been allocated in infrastructure investment in which 20,000 crore will flow via a trust.
The PPP model will be revitalized. Another new scheme, Atal Innovation, has been established for researchers and entrepreneurs so that a culture is created for innovation. For this initiative, the government has allocated 150 crore. More and more number of ports will be corporatized as well as will be taken under the Companies Act.
More to come….please stay with us