Several Initiatives Taken By The Government To Overcome The Challenges
- Ongoing process of consultations with all the stakeholders on the enactment of the Indian Financial Code and reports of the Financial Sector Legislative Reforms Commission (FSLRC) to be completed.
- Government in close consultation with the RBI to put in place a modern monetary policy framework.
- Following measures will be taken to energize Capital markets:
- Introduction of uniform KYC norms and inter-usability of the KYC records across the entire financial sector.
- Introduce one single operating demat account
- Uniform tax treatment for pension fund and mutual fund linked retirement plan
BANKING AND INSURANCE SECTOR
- Time bound programme as Financial Inclusion Mission to be launched on 15 August this year with focus on the weaker sections of the society.
- Banks to be encouraged to extend long term loans to infrastructure sector with flexible structuring.
- Banks to be permitted to raise long term funds for lending to infrastructure sector with minimum regulatory pre-emption such as CRR, SLR and Priority Sector Lending (PSL).
- RBI to create a framework for licensing small banks and other differentiated banks.
- Differentiated banks serving niche interests, local area banks, payment banks etc. Are contemplated to meet credit and remittance needs of small businesses, unorganized sector, low income households, farmers and migrant work force.
- Six new Debt Recovery Tribunals to be set up.
- For venture capital in the MSME sector, a Rs. 10,000 crore fund to act as a catalyst to attract private Capital by way of providing equity , quasi equity, soft loans and other risk capital for start-up companies with suitable tax incentives to participating private funds to be established.
- The pending insurance laws (amendment) Bill to be immediately brought for consideration of the Parliament.
- The regulatory gap under the Prize Chits and Money Circulation Scheme (Banking) Act, 1978 will be bridged.
- Kissan Vikas Patra (KVP) to be reintroduced.
- A special small savings instrument to cater to the requirements of educating and marriage of the Girl Child to be introduced.
- A National Savings Certificate with insurance cover to provide additional benefits for the small saver.
- In the PPF Scheme, annual ceiling will be enhanced to Rs. 1.5 lakh p.a. from Rs. 1 lakh at present.
DEFENCE & INTERNAL SECURITY
- A further sum of Rs. 1000 crore to meet requirement for “One Rank One Pension”.
- Capital outlay for Defence increased by Rs. 5000 crore including a sum of Rs. 1000 crore for accelerating the development of the Railway system in the border areas.
- Urgent steps would also be taken to streamline the procurement process to make it speedy and more efficient.
- Rs. 100 crore is provided for construction of a war memorial in the Princes Park, which will be supplemented by a War Museum. I am allocating a sum of Rs.100 crore for this purpose.
- Rs. 100 crore is provided to set up a Technology Development Fund for Defence.
- Rs. 3000 crore is provided in the current financial year for modernization of state police forces.
- Adequate allocation for Additional Central Assistance for Left Wing Extremist Affected districts..
- Rs. 2250 crore provided to strengthen and modernize border infrastructure.
- Rs. 990 crore allocated for the socio economic development of the villages along the borders.
- A sum of Rs. 150 crore ear-marked for the construction of Marine Police Station, Jetties and for the purchase of boats etc.
- Rs. 50 crores provided for construction of National Police Memorial.
CULTURE & TOURISM
- Rs. 200 crore provided to build the Statue of unity(National project).
- Facility of Electronic Travel Authorization (e-Visa) to be introduced in phased manner at nine airports in India.
- Countries to which the Electronic Travel authorisation facility would be extended would be identified in a phased manner.
- Rs. 500 crore provided for developing 5 tourist circuits around specific themes.
- Rs. 100 crore provided for National Mission on Pilgrimage Rejuvenation and Spiritual Augmentation Drive (PRASAD).
- Rs. 200 crore provided for National Heritage City Development and Augmentation Yojana (HRIDAY).
- Rs. 100 crore provided for Archaeological sites preservation.
- Sarnath-Gaya-Varanasi Buddhist circuit to be developed with world class tourist amenities to attract tourists from all over the world.
Water Resources and cleaning of Ganga
- Rs. 100 crore provided for Detailed Project Reports for linking of rivers.
- Rs. 2037 crores provided for Integrated Ganga Conservation Mission “NAMAMI GANGE”.
- Rs. 100 crore provided for Ghat development and beautification at Kedarnath, Haridwar, Kanpur, Varanasi, Allahabad, Patna and Delhi.
- NRI Fund for Ganga will be set up.
Science and Technology
- Government to strengthen at least five institutions as Technical Research Centres.
- Development of Biotech clusters in Faridabad and Bengaluru.
- Nascent agri-biotech cluster in Mohali to be scaled up. In addition, two new clusters, in Pune and Kolkata to be established.
- Global partnerships will be developed under India’s leadership to transform the Delhi component of the International Centre for Genetic Engineering and Biotechnology (ICGEB) into a world-leader in life sciences and biotechnology.
- Several major space missions planned for 2014-15.
Sports and Youth Affairs
- Rs. 200 crore provided for upgrading the indoor and outdoor sports stadiums in J&K Valley to international standards.
- Rs. 100 crore provided for sports university in Manipur.
- India to start an annual event to promote Unique sports traditions in the Himalayan region games.
- Rs. 100 crore provided for the training of sports women and men for forthcoming Asian games.
- A “Young Leaders Programme” with an initial allocation of Rs. 100 crore to be set up.
North Eastern States
- Rs. 100 crore provided for development of organic farming in North Eastern States.
- Rs. 1000 crore provided for development of rail connectivity in the North Eastern Region.
- To provide a strong platform to rich cultural and linguistic identity of the North-East, a new 24×7 channel called “Arun Prabha” will be launched.
Andhra Pradesh and Telangana
- Government committed to addressing the issues relating to development of Andhra Pradesh and Telangana in the AP Re-organization Act, 2014. Provision made by various Ministries/ Departments to fulfill the obligation of Union Government.
NCT of Delhi
- Rs. 200 crore for power reforms and Rs. 500 crore for water reforms to make Delhi a truly World Class City.
- Rs. 50 crore provided to solve the long term water supply issues to the capital region. Construction of long pending Renuka Dam to be taken up on priority.
Andaman and Nicobar Island and Puducherry
- Rs. 150 crore provided to tide over communication related problems of the Island.
- Rs. 188 crore to Puducherry for meeting commitments for Disaster preparedness.
Displaced Kashmiri Migrants
- Rs. 500 crore provided to support displaced Kashmiri migrants for rebuilding their lives.
- Rs. 100 crore provided to set up a National Centre for Himalayan Studies in Uttarakhand.