BUDGET-2018

February 4, 2018

 

Key achievements of the Government:

  • Foreign direct investment has gone up.

  • Ease of doing business rating has improved to 100 from 130.

  • Indirect tax system has become simpler with GST.

  • Targeted delivery of services through digital technology.

  • Demonetisation has reduced the quantum of cash currency and circulation in India and increased tax base while simultaneously spurring greater digitisation.

  • Insolvency and bankruptcy code has changed lender - debtor relationship.

  • Bank recapitalisation has improved bank capacity.

 

Ease of Living: "Just other name for Good governance"

  • It is for common men especially poor and middle class.

  • Involves Good governance with minimum government.

 

Agriculture and Rural Economy:

  • Aim:

    • Double farmer income by 2022.

    • Higher productivity at low cost - Higher prices for same produce.

    • Generation of on farm and non-farm employment for the farmers and landless families.

    • Farmer income should be at least 1.5 times the cost of produce.

  • Steps taken:

    • MSP of all the Rabi crops has been declared at 1.5 times the cost involved. It will be implemented for other crops too. Same has been applied to all the kharif crops.

    • Gramin Agricultural Markets (GrAMs): For small and marginal farmers.

    • Agri-Market Infrastructure Fund

    • PMGSY Phase III  - New areas like GrAMs, higher secondary schools and hospitals added.

    • Cluster based approach for horticulture.

    • Organic Farming - Farmer Produce organisations (FPOs) and Village Produce organisations (VPOs)  are encouraged along with women SHGs.

    • PM Krishi Sampada Yojana: Flagship scheme for boosting investment in food processing.

    • Operation Green: Promote FPOs, agri-logistics, processing facilities and professional management.

    • State of the art testing facilities in all the 42 Mega food parks.

    • KCC extended to fisheries and animal husbandry.

    • Restructure National Bamboo Mission: Promote bamboo growth outside forests. “Bamboo is green gold.”

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      Long term Irrigation Fund: For funding requirement of irrigation works.

    • Fisheries and Aquaculture Infrastructure development fund

    • Institutional credit for Agriculture to be increased to 11 lakh crore. 

    • NITI Aayog in consultation with State governments will work to develop mechanism for lessee cultivator to obtain credit without compromising the right of land owners to protect them from moneylenders.

    • Favourable taxation treatment to Farmer Producer organisations (FPOs).

    • PM Ujjwala Yojana: Target increased from 5 crore to 8 crore poor women.

    • Saubhagya Yojana: Electricity to all households.

    • Swachh Bharat Mission: 2 crore more toilets to be constructed. 6 crore already completed.

    • PM Awas Yojana

    • Affordable housing fund in National Housing Bank: Funded by priority sector lending shortfall and fully serviced bonds.

    • PM Krishi Sinchai Yojana- Har khet ko pani: Ground water irrigation scheme.

 

Education:

  • National survey of 20 lakh students to help create district wise strategy for improving quality of education.

  • Improvement through use of technology by increasing digital intensity in education and thus move from black board to digital board.

  • Upgradation of skills of teachers through  the digital portal- Disha.

  • Eklavya Model Residential College: By 2022, every block with more than 50% of ST population and at least 20,000 tribal persons will have Eklavya model residential college. These schools will be at par with Navodaya Vidyalayas and will have special facilities for preserving local art and culture besides improving training in sports and skill development.

  • Revitalising Infrastructure and Systems in Education (RISE):  Investment in R&D infrastructure in premiere educational institution, including health institutions. Total investment of 1 lakh crore in next four years.

  • Higher education financial agency (HEFA)

  • PM Research Fellow: 1000 best B.Tech students from premier institutions will be selected every year and will be provided facilities to do Ph.D in IIT and IISc. These students are expected to voluntarily commit few hours every week for teaching in higher educational institutions.

  • Beti Bachao Beti Padhao

  • Sukanya Samriddhi Account Scheme

 

Health:

  • Two major initiatives launched as part of “Ayushman Bharat”.

  • National Health Protection Scheme: Targeted group- poor and vulnerable groups. Coverage of 5 lakh per family.

Social Protection:

  • Galvanising Organic Bio-Agro Resources Than (GOBAR-DHAN): Management and conversion of cattle dung and solid waste in farms to compost, fertiliser, bio gas and bio-CNG.

  • PM Jeevan Jyoti Bima Yojana: 330 per annum.

  • PM Suraksha Bima Yojana: 12 per annum

  • Jan Dhan Yojana

  • Namami Gange Programme: 

    • 187 projects have been sanctioned out of which 47 have been completed.

    • 4465 ganga gram villages- on the bank of river- have been declared open defecation free.

  • 115 districts are being developed to become model of development.

  • Funds earmarked for SC/ST have improved significantly.

 

MSME:

  • Trade Electronic Receivable Discounting System (TReDS)

  • MUDRA Yojana

  • NBFC as powerful tool to finance MSME.

  • Use of Fintech.

  • Start up India.

 

Employment:

  • Steps already taken by Government:

    • 8.33% of EPF contribution for new employees is being done by the government for three years.

    • Contribution of 12% to EPF for new employees for three years by the govt. in sectors employing large no. of people like textile, leather and footwear.

    • Additional deduction to the employees of 30% of the wages paid for new employees under the IT Act.

    • National Apprenticeship scheme with stipend support and sharing of the cost of basic training by the govt.

    • Introduction of fixed term employment for apparel and footwear sector.

    • Increasing paid maternity leave from 12 weeks to 26 weeks along with provision of creches.

  • New Steps:

    • Govt. will contribute 12% of the wages of the new employees in the EPF for all the sectors.

    • Facility of fixed term employment will be extended to all sectors.

    • To incentivise women in formal sector, women contribution to EPF will be reduced to 8% for first three years.

    • PM Kaushal Kendra Yojana: Model aspirational skill centre will be opened in every district.

    • 6000 crore textile package.

Infrastructure and Financial Sector Development:

  • PRAGATI: Online monitoring system which has facilitated 9..46 lakh crore worth projects.

  • Defence:

    • Rohtang tunnel has been completed.

    • Construction of Zozila Pass tunnel is under way.

  • Urbanisation:

    • Smart City Mission:

      • Smart command and control centre, smart roads, solar rooftops, intelligent transport system, Smart parks

    • Heritage:

      • HRIDAY

      • National Heritage city development.

    • AMRUT

      • Water supply to all households in 500 cities.

  • Road development:

    • National highways exceeding 9000 km length added during 2017-18.

    • Bharatmala Pariyojana:

      • Seamless connectivity of interior and backward areas and borders of the country.

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