Key issues touched in the Union Budget-2016

Monday, February 29, 2016
New Delhi/Vijayawada

  • Higher Education Financing Agency:: Finance Minister Arun Jaitley announced creation of a regulatory architecture for 10 public and 10 private institutions to emerge as world-class teaching institutions and proposed creation of Higher Education Financing Agency with an initial capital of Rs.1,000 crore which will leverage funds from the market and work to create infrastructure in India’s top institutions like IITS. Jaitley announced Digital Depository for academic certificates and also opening of 62 Navodaya Vidyalayas. A detailed scheme will be formulated soon, he said.
  • Awas Yojana gets boost:: The government has earmarked Rs.5,400 crore for the Housing and Urban Poverty Alleviation ministry for the year 2016-2017. Jaitley earmarked Rs.5,075 crore for the Pradhan Mantri Awas Yojana . The Credit Linked Subsidy component of Yojana received allocation of Rs.475 crore . Among others, the Finance Minister earmarked Rs.325 crore for Deendayal Antyodaya Yojana-NULM which seeks to enhance employment opportunities and incomes of the urban poor through various initiatives including skill development.
  • CBI gets Rs.727.75 crore for investigation:: The Central Bureau of Investigation has been allocated Rs.727.75 crore in the budget. Sources said that the CBI that is dealing with several financial crimes needed funds to effectively conduct its probe. The amount has been allocated for establishment related expenditure for the investigating agency.
  • Aadhaar will get statutory backing:: Jaitley announced to give statutory backing to Aadhaar seeding of schemes. The Finance Minister said that the government will make an enactment of a law to ensure all government benefits are conferred to people who deserve it by giving a statutory backing to Aadhaar platform. He said that till now, 98 crore Aadhaar numbers have been generated and per day average of 26 lakh biometric and over 1.5 lakh e-KYC transactions are made.
  • Rs.9,000 crore for Swachchh Bharat Abhiyan:: The Union Finance Minister in his budget speech allocated Rs.9,000 crore for Swachchh Bharat Abhiyan to improve sanitation and cleanliness especially in rural areas. This was launched by Prime Minister Narendra Modi on October 2, 2014 on Gandhi’s 145th birth anniversary covering 4,041 statutory cities and towns.
  • crore youth to get skill training:: Jaitley said that one crore youth will get skill training in the next coming three years and announced a raft of measures including setting up 1,500 multi-skill training institutes and National Board for Skill Development Certification in the Union Budget. He announced the steps for creating new jobs in the economy as the government will pay 8.33 per cent of wages to EPS on behalf of employees for workers during the first three years of employment and had given Rs.1,000 crore for it. He proposed to set up Pradhan Mantri Kaushal Vikas Yojana to skill one core youth over the next three years.
  • Health cover up for Rs.1 lakh per family:: Jaitley said that National Dialysis Services Programme to provide dialysis service in all district hospitals will be made available. A new health protection scheme under which a cover up to Rs.1 lakh per family will be provided besides opening around 3,000 medical stores across the country to provide quality medicines at affordable prices was also announced.
  • Slashes in travel expenses of Ministers:: The government has slashed the travel and other expenses of Union Ministers by a huge 54 per cent in the Budget. According to estimates, the amount allocated under the head of ‘Tour Expenses’ have been fixed at Rs.259 crore. The expenditure under this head includes salaries, sumptuary and other allowances and travel of Cabinet Ministers, ministers of State and former Prime Ministers was put at Rs.269 crore for the financial year. The government has introduced Rs.4.35 core under the head of ‘Hospitality and Entertainment’ under which expenditure on government hospitality and entertainment of foreign state guests, arranged at Rashtrapati Bhavan on behalf of the vice-president and Prime Minister.

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