Several Initiatives Taken By The Government To Overcome The Challenges
ADMINISTRATIVE AND ECONOMIC INITIATIVES
* Sovereign right of the Government to undertake retrospective legislation to be exercised with extreme caution and judiciousness keeping in mind the impact of each such measure on the economy and the overall investment climate.
* A stable and predictable taxation regime which will be investor friendly and spur growth.
* Legislative and administrative changes to sort out pending tax demands of more than Rs.4 lakh crore under dispute and litigation.
* Resident tax payers enabled to obtain on advance ruling in respect of their income-tax liability above a defined threshold.
* Measures for strengthening the Authority for Advance Rulings.
* Income-tax Settlement Commission scope to be enlarged.
* National Academy for Customs & Excise at Hindupur in Andhra Pradesh.
* The subsidy regime to be made more targeted for full protection to the marginalized, poor and SC/ST.
* New Urea Policy would be formulated.
* Introduction of GST to be given thrust.
* High level committee to interact with trade and industry on regular basis to ascertain areas requiring clarity in tax laws is required to be set up.
* Convergance with International Financial Reporting Standard (IFRS) by Adoption of the new Indian Accounting Standards (2nd AS) by Indian Companies.
* Setting up of Expenditure Management Commission to look into expenditure reforms.
* Employment exchanges to be transformed into career centres. A sum of Rs.100 crore provided .
Foreign Direct Investment (FDI)
* Government to promote FDI selectively in sectors.
* The composite cap of foreign investment to be raised to 49 per cent with full Indian management and control through the FIPB route.
* The composite cap in the insurance sector to be increased up to 49 % from 26 % with full Indian management and control through the FIPB route.
* Requirement of the built up area and capital conditions for FDI to be reduced from 50,000 square metres to 20,000 square metres and from USD 10 million to USD 5 million respectively for development of smart cities.
* The manufacturing units to be allowed to sell its products through retail including E-commerce platforms.
* Requirement to infuse Rs.2,40,000 crore as equity by 2018 in our banks to be in line with Basel-III norms.
* Capital of banks to be raised by increasing the shareholding of the people in a phased manner.
PSU Capital Expenditure
* PSUs will invest through capital investment a total sum of Rs. 2,47,941 crores in the current financial year.
* A sum of Rs. 7060 crore is provided in the current fiscal for the project of developing “one hundred Smart Cities’
* Incentives for Real Estate Investment Trusts (REITS). Complete pass through for the purpose of taxation.
* A modified REITS type structure for infrastructure projects as the Infrastructure Investment Trusts (INVITS).
* These two instruments to attract long term finance from foreign and domestic sources including the NRIs .
* Rs. 1000 crore provided for “Pradhan Mantri Krishi Sinchayee Yojna” for assured irrigation.
* Shyama Prasad Mukherji Rurban Mission for integrated project based infrastructure in the rural areas.
* Rs. 500 crore for “Deen Dayal Upadhyaya Gram Jyoti Yojana” for feeder separation to augment power supply to the rural areas.
* Rs. 14,389 crore provided for Pradhan Mantri Gram Sadak Yojna(PMGSY) .
* More productive, asset creating and with linkages to agriculture and allied activities wage employment would to be provided under MGNREGA.
* Under Ajeevika, the provision of bank loan for women SHGs at 4% to be extended to another 100 districts.
* Initial sum of Rs. 100 crore for “Start Up Village Entrepreneurship Programme” for encouraging rural youth to take up local entrepreneurship programs .
* Allocation for National Housing Bank increased to Rs. 8000 crore to support Rural housing.
* New programme “Neeranchal” to give impetus to watershed development in the country with an initial outlay of Rs. 2142 crores.
* Backward Region Grant Fund (BRGF) to be restructured to address intra-district inequalities.
Scheduled Caste/Scheduled Tribe
* An amount of Rs. 50,548 crore is proposed under the SC Plan and Rs. 32,387 crore under TSP.
* For the welfare of the tribals “Van Bandhu Kalyan Yojna” launched with an initial allocation of Rs. 100 crore.
Senior Citizen & Differently Abled Persons
* Varishtha Pension Bima Yojana (VPBY) to be revived for a limited period from 15 August, 2014 to 14 August, 2015 for the benefit of citizens aged 60 years and above.
* A committee will to examine and recommend how unclaimed amounts with PPF, Post Office, saving schemes etc. can be used to protect and further financial interests of the senior citizens?
* Government notified a minimum pension of Rs. 1000 per month to all subscriber members of EP Scheme. Initial provision of 250 crore.
* Increase in mandatory wage ceiling of subscription to Rs. 15000. A provision of Rs. 250 crore in the current budget.
* EPFO to launch the “Uniform Account Number” Service for contributing members .
* Scheme for Assistance to Disabled Persons for purchase/fitting of Aids and Appliances (ADIP) extended to include contemporary aids and assistive devices.
* National level institutes for Universal Inclusive Design , Mental Health Rehabilitation and a Centre for Disability Sports to be established.
* Assistance to State Governments to establish fifteen new Braille Presses and modernize ten existing Braille Presses.
* Government to print currency notes with Braille like signs for visibly challenged persons.
Women & Child Development
* Outlay of Rs. 50 crores for pilot testing a scheme on “Safety for Women on Public Road Transport”.
* Sum of Rs. 150 crores on a scheme to increase the safety of women in large cities.
* “Crisis Management Centres” in all the districts of NCT of Delhi this year government and private hospitals.
* A sum of Rs. 100 crore is provided for “Beti Bachao, Beti Padhao Yojana”, a focused scheme to generate awareness and help in improving the efficiency of delivery of welfare services meant for women.
* School curriculum to have a separate chapter on gender mainstreaming.
Drinking Water & Sanitation
* 20,000 habitations affected with arsenic, fluoride, heavy/ toxic elements, pesticides/ fertilizers to be provided safe drinking water through community water purification plants in next 3 years
* “Swachh Bharat Abhiyan” to cover every household with sanitation facility by the year 2019.
Health and Family Welfare
* Free Drug Service and Free Diagnosis Service to achieve “ Health For All”
* Two National Institutes of Ageing to be set up at AIIMS, New Delhi and Madras Medical College, Chennai.
* A national level research and referral Institute for higher dental studies to be set up.
* AIIMS like institutions in Andhra Pradesh, West Bengal, Vidarbha in Maharashtra and Poorvanchal in UP. A provision of Rs. 500 crores made.
* 12 new government medical colleges to be set up.
* States’ Drug Regulatory and Food Regulatory Systems to be strengthened by creating new drug testing laboratories and strengthening the 31 existing State laboratories.
* 15 Model Rural Health Research Centres to be set up for research on local health issues concerning rural population.
* A national programme in Mission Mode to halt the deteriorating malnutrition situation in India to be put in place within six months.