Current Affairs 10th July 2014 | Union Budget 2014-15: Highlights of Insurance and Banking Sector
Union Budget 2014-15: Highlights of Insurance and Banking Sector
10.07.2014: Budget presented in the Lok Sabha. Major Highlights of Banking sector are Financial Inclusion Mission to be launched on 15th August 2014 with the intension to focus on the weaker sections of the society, RBI to create a framework for licensing small banks, to set up 6 new Debt Recovery Tribunal, Banks to be encouraged to increase long term loans with flexible structuring to infrastructure sector, Rs.10000 crores to Venture capital in the MSME Sector.
Insurance sector Highlights are Pending Insurance Laws amendment Bill to be immediately come into effect , to bridge regulatory gap under the Money Circulation Scheme and Prize Chits, to provide additional benefits to the small savers National savings certificate with insurance cover, Kissan Vikas Patra to be reintroduced, PPF annul ceiling will increase to Rs.1.5 lakh per annum etc.
Union Budge 2014-15: Highlights of Agriculture, Industry, Infrastructure and Energy sector
10.07.2014:
Agricultural Sector: Agri Tech Infrastructure Fund to set up; Pradhan Mantri Krishi Sinchayee Yojna assured irrigation Rs.1000 Crores; with the outlay of Rs.200 crores Agricultural universities to set up in Rajasthan and Andhra Pradesh & Horticulture Universities in Haryana and Telangana; Across India 100 Mobile Soil Testing Laboratories to set up; Protein revolution to be launched; Warehouse infrastructure Fund to set up.
Industry: Export Promotion Mission to be established with the intension to bring all stakeholders under one umbrella; National Industrial Corridor Authority to set up; By 31st December 2014 Central Government departments and Ministries to integrate their services with the e-Biz a single window platform for services on priority; Technology Network Centres to set up.
Infrastructure: Special Economic Zones to be developed in Jawaharlal Nehru Port trust and in Kandla; Tax incentives for Infrastructure Investment Trusts; Scheme for the development of new airports in Tier I and Tier II Cities to be launched; Phase – I of Outer Harbour Projects in Tuticorin, Tamilnadu to be developed; 4p India to be set up.
Energy: To facilitate evacuation of renewable energy in India Green Energy Corridor Project to be implemented; For the development of 1 MW Solar Parks on the Banks of canals Rs.100 crores provided; solar power driven agricultural pump sets and water pumping stations to set up, ultra Mega Solar power projects to be provided to Laddakh, Andhra Pradesh, Tamilnadu, Gujarat, Rajasthan.
Defence and Internal Security: One Rank one pension to get Rs.1000 crores; Technology Development Fund for Defence to set up; National Police Memorial to set up; With full Indian Management and control FDI in the defence sector to be raised to 49 %.
Banking and Finance: Introduce one single operating Demat Account; Introduction of uniform KYC norms; inter usability of the KYC records across financial sector; Special small savings instrument to cater to the requirements of educating and Marriage of the girl Child to be introduced.
Tourism and Culture: Integrated Ganga Conservation Mission NAMAMI GANGE to be launched; National Mission on pilgrimage Rejuvenation and Spiritual Augmentation Drive to be launched; Statue of unity to be built; Facility of Electronic travel Authorization to be introduced at 9 airports in India; NRI Fund for Ganga to set up; Rs.100 crores provided for Ghat development and beautification at Delhi, Patna, Allahabad, Varanasi, Kanpur, Haridwar, Kedarnath.
Science and Technology: To Promote Good Governance programmes to be launched; Digital India which is a pan India programme to be launched; Development of Biotech Clusters in Bangalore and Faridabad.
Tax Administration: To look into expenditure reforms Expenditure Management commission to set up; National Academy for Customs & Excise at Hindupur in Andhra Pradesh.
Sports: With the initial allocation of Rs.100 crores Young Leaders Programmes to set up.
Union Budget 2014-15: Highlights of Social Sector schemes
10.07.2014:
Regional Development: To set up National centre for Himalayan Studies in Uttarakhand Rs.100 crores to be provided, To rebuild the lives of Kashmiri Migrants Rs.500 crores to be provided.
Employment and Skill Development: To encourage rural youth Village Entrepreneurship Programme to start up, Skill India to be launched to skill the youth with an emphasis on entrepreneurial skills and employability skills.
School Education: With the amount of Rs.100 Crores online and CLICK courses to be established as virtual Classrooms, with the outlay of Rs.500 crores Pandit Madan Mohan Malviya New Teachers Training programme to motivate teachers and infuse new training tools.
Higher Education : 5 IIMs to setup in Rajasthan, Odisha, Bihar, Punjab and Himachal Pradesh; 2 Agricultural Research Institute of excellence to set up in Jharkhand and Assam; Jai Prakash Narayan National Centre for Excellence in Humanities to set up in Madhya Pradesh; 5 IITs to set up in Kerala, Andhra Pradesh, Goa, Chhattisgarh and Jammu.
Drinking water & Sanitation: By the year of 2019, Swachh Bharat Abhiyan to cover every household with sanitation facility.
Weaker sections & Minorities: For the development of Minorities Up gradation of Traditional skills in Goods, Resources and Arts to be launched; With an outlay of Rs.100 crores Van Bandhu Kalyan Yojna for the welfare of the tribal’s; Natinal Institutes for Universal Inclusive Design, Mental Health Rehabilitation and centre for Disability Sports to be established.
Health and Family welfare: 12 new government Medical colleges to set up, for higher dental studies a national level research and referral institute to set up, to achieve health for all free diagnosis services and free drug services to set up, AIIMS like institutions to set up Uttar Pradesh, Maharashtra, West Bengal and Andhra Pradesh.
Women and Child Development: To improve the efficiency of delivery of Welfare services meant for women more focus to be done towards Beti Padhao, Beti Bachao Yojana; Safety women schemes to increase in large cities; For the safety of the women Public Road Transport Project to be set up.
Urban Development: Tax Incentives for REITS (Real Estate Investment Trusts); to encourage private sector slum development to be included in the list of Corporate Social Responsibility activities, By 2022 Housing for all; National Housing Bank to be set up with the mission on Low Cost Affordable Housing anchored.
Rural Development: Neeranchal to give impetus to watershed development in India; Ajeevika to be extended more in 100 districts which is a provision loan for women SHGs at 4%; Shyama Prasad Mukherji Rurban Mission for Integrated Project based infrastructure in the rural area.
