Budget 2015-16
Reiterating that the Government’s commitment to farmers runs deep, the Finance Minister proposed to fully support Agriculture Ministry’s organic farming scheme – “Paramparagat Krishi Vikas Yojana”. Stating that the Pradhanmantri Gram Sinchai Yojana is aimed at irrigating the field of every farmer and improving water use efficiency to provide ‘ Per Drop More Crop’’ , Shri Jaitley proposed allocation of Rs. 5,300 crore to support micro-irrigation, watershed development and the Pradhan Mantri Krishi Sinchai Yojana.
In order to support the agriculture sector with the help of effective agriculture credit and focus on small and marginal farmers, the Finance Minister proposed to allocate Rs. 25,000 crore to the corpus of Rural Infrastructure Development fund (RIDF) set up in NABARD, Rs. 15,000 crore for Long Term Rural Credit Fund; Rs. 45,000 crore for Short Term Cooperative Rural Credit Refinance Fund; and Rs. 15,000 crore for Short Term RRB Refinance Fund. He said that the Government has set up an ambitious target of Rs. 8.5 lakh crore of agricultural credit. Stating the Government’s commitment to supporting employment through MGNREGA, The Minister proposed an initial allocation of Rs. 34,699 crore for the programme.
The Finance Minister proposed to create a Micro Units Development Refinance Agency (MUDRA) Bank, with a corpus of Rs. 20,000 crore, and credit guarantee corpus of 3,000 crore, which will refinance Micro-Finance Institutions through a Pradhan Mantri Mudra Yojana,. He added that priority will be given to SC/ST enterprises in lending.
Shri Jaitley said that the soon-to-be- launched Pradhan Mantri Suraksha Bima Yojana, will cover accidental death risk of Rs. 2 lakh for a premium of just Rs. 12 per year.
Similarly, he said, the Government will also launch the Atal Pension Yojana, which will provide a defined pension, depending on the contribution, and its period.
To encourage people to join this scheme, the Government will contribute 50% of the beneficiaries’ premium limited to Rs. 1,000 each year, for five years, in the new accounts opened before 31st December, 2015.
The third Social Security Scheme that the Minister announced is the Pradhan Mantri Jeevan Jyoti Bima Yojana which covers both natural and accidental death risk of Rs. 2 lakhs. The premium will be Rs. 330 per year, or less than one rupee per day, for the age group 18-50.
The Finance Minister underlined the pressing need to increase public investment in infrastructure. He said that he proposes increased outlays on both the roads and the gross budgetary support to the railways, by Rs. 14,031 crore and Rs. 10,050 crore respectively.
He said the CAPEX of the public sector units is expected to be Rs. 3,17,889 crore, an increase of approximately Rs. 80,844 crore over RE 2014- 15. He also proposed to establish National Investment and Infrastructure Fund (NIIF) with an annual flow of Rs. 20,000 crore.
He said that he also intends to permit tax free infrastructure bonds for the projects in the rail, road and irrigation sector. He said the PPP mode of infrastructure development has to be revisited and revitalized.
Shri Jaitley proposed to establish the Atal Innovation Mission(AIM) in NITI which will provide Innovation Promotion Platform involving academicians, and drawing upon national and international experiences. A sum of Rs. 150 crore is proposed to be earmarked for the mission
The Finance Minister said that the Government is establishing a mechanism to be known as SETU (Self-Employment and Talent Utilisation) which will support all aspects of start-up businesses, and other self-employment activities, particularly in technology-driven areas. Rs. 1,000 crore have been initially earmarked in NITI Aayog for the purpose.
Stating that India is one of the largest consumers of gold in the world, Shri Arun Jaitley proposed to introduce a Gold Monetisation Scheme, which will replace both the present Gold Deposit and Gold metal Loan Schemes. The New scheme will allow the depositors of gold to earn interest in their metal accounts and the jewelers to obtain loans in their metal account. Banks/other dealers would also be able to monetize this gold. He also proposed a Sovereign Gold Bond, as an alternative to purchasing metal gold. He also announced commencing work on developing Indian Gold Coin, which will carry the Ashok Chakra on its face.
Expressing concern over environmental degradation, the Minister said that the target of renewable energy capacity has been revised to 1,75,000 MW till 2022. He said the Government is also launching a Scheme for Faster Adoption and manufacturing of Electric Vehicles (FAME) with an initial outlay of Rs. 75 crore.
1000 cr allotted to nirbhaya fund for women security.
The Minister emphasized on formal skill training and said the Government will soon launch a National Skills Mission which will consolidate skill initiatives spread across several Ministries. He said Rs. 1,500 crore has been set apart for Deen Dayal Upadhyay Gramin Kaushal Yojana. He proposed to set up a fully IT based Student Financial Aid Authority to administer and monitor Scholarship as well Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram.
The Minister proposed to set up several New Institutions. An IIT will be set up in Karnataka and Indian School of Mines, Dhanbad will be upgraded in to a full-fledged IIT. New All India Institutes of Medical Sciences (AIIMS) will be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam. Another AIIMS like institution will be set up in Bihar. A post graduate institute of Horticulture Research & Education will be set up in Amritsar. Three new National Institutes of Pharmaceutical Education and Research will be set up in Maharashtra, Rajasthan and Chattisgarh and one institute of Science and Education Research will be set up in Nagaland and Odisha each. IIMs will be setup in J&K and Andhra Pradesh.
In order to support the agriculture sector with the help of effective agriculture credit and focus on small and marginal farmers, the Finance Minister proposed to allocate Rs. 25,000 crore to the corpus of Rural Infrastructure Development fund (RIDF) set up in NABARD, Rs. 15,000 crore for Long Term Rural Credit Fund; Rs. 45,000 crore for Short Term Cooperative Rural Credit Refinance Fund; and Rs. 15,000 crore for Short Term RRB Refinance Fund. He said that the Government has set up an ambitious target of Rs. 8.5 lakh crore of agricultural credit. Stating the Government’s commitment to supporting employment through MGNREGA, The Minister proposed an initial allocation of Rs. 34,699 crore for the programme.
The Finance Minister proposed to create a Micro Units Development Refinance Agency (MUDRA) Bank, with a corpus of Rs. 20,000 crore, and credit guarantee corpus of 3,000 crore, which will refinance Micro-Finance Institutions through a Pradhan Mantri Mudra Yojana,. He added that priority will be given to SC/ST enterprises in lending.
Shri Jaitley said that the soon-to-be- launched Pradhan Mantri Suraksha Bima Yojana, will cover accidental death risk of Rs. 2 lakh for a premium of just Rs. 12 per year.
Similarly, he said, the Government will also launch the Atal Pension Yojana, which will provide a defined pension, depending on the contribution, and its period.
To encourage people to join this scheme, the Government will contribute 50% of the beneficiaries’ premium limited to Rs. 1,000 each year, for five years, in the new accounts opened before 31st December, 2015.
The third Social Security Scheme that the Minister announced is the Pradhan Mantri Jeevan Jyoti Bima Yojana which covers both natural and accidental death risk of Rs. 2 lakhs. The premium will be Rs. 330 per year, or less than one rupee per day, for the age group 18-50.
The Finance Minister underlined the pressing need to increase public investment in infrastructure. He said that he proposes increased outlays on both the roads and the gross budgetary support to the railways, by Rs. 14,031 crore and Rs. 10,050 crore respectively.
He said the CAPEX of the public sector units is expected to be Rs. 3,17,889 crore, an increase of approximately Rs. 80,844 crore over RE 2014- 15. He also proposed to establish National Investment and Infrastructure Fund (NIIF) with an annual flow of Rs. 20,000 crore.
He said that he also intends to permit tax free infrastructure bonds for the projects in the rail, road and irrigation sector. He said the PPP mode of infrastructure development has to be revisited and revitalized.
Shri Jaitley proposed to establish the Atal Innovation Mission(AIM) in NITI which will provide Innovation Promotion Platform involving academicians, and drawing upon national and international experiences. A sum of Rs. 150 crore is proposed to be earmarked for the mission
The Finance Minister said that the Government is establishing a mechanism to be known as SETU (Self-Employment and Talent Utilisation) which will support all aspects of start-up businesses, and other self-employment activities, particularly in technology-driven areas. Rs. 1,000 crore have been initially earmarked in NITI Aayog for the purpose.
Stating that India is one of the largest consumers of gold in the world, Shri Arun Jaitley proposed to introduce a Gold Monetisation Scheme, which will replace both the present Gold Deposit and Gold metal Loan Schemes. The New scheme will allow the depositors of gold to earn interest in their metal accounts and the jewelers to obtain loans in their metal account. Banks/other dealers would also be able to monetize this gold. He also proposed a Sovereign Gold Bond, as an alternative to purchasing metal gold. He also announced commencing work on developing Indian Gold Coin, which will carry the Ashok Chakra on its face.
Expressing concern over environmental degradation, the Minister said that the target of renewable energy capacity has been revised to 1,75,000 MW till 2022. He said the Government is also launching a Scheme for Faster Adoption and manufacturing of Electric Vehicles (FAME) with an initial outlay of Rs. 75 crore.
1000 cr allotted to nirbhaya fund for women security.
The Minister emphasized on formal skill training and said the Government will soon launch a National Skills Mission which will consolidate skill initiatives spread across several Ministries. He said Rs. 1,500 crore has been set apart for Deen Dayal Upadhyay Gramin Kaushal Yojana. He proposed to set up a fully IT based Student Financial Aid Authority to administer and monitor Scholarship as well Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram.
The Minister proposed to set up several New Institutions. An IIT will be set up in Karnataka and Indian School of Mines, Dhanbad will be upgraded in to a full-fledged IIT. New All India Institutes of Medical Sciences (AIIMS) will be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam. Another AIIMS like institution will be set up in Bihar. A post graduate institute of Horticulture Research & Education will be set up in Amritsar. Three new National Institutes of Pharmaceutical Education and Research will be set up in Maharashtra, Rajasthan and Chattisgarh and one institute of Science and Education Research will be set up in Nagaland and Odisha each. IIMs will be setup in J&K and Andhra Pradesh.
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