Budget announcements key highlights: Bihar takes centre stage in poll year
Union finance minister Nirmala Sitharaman is presenting her eighth consecutive budget in the Parliament.
In her opening remarks, she said the government will realise the ‘sab ka vikas’ goal by stimulating balanced growth for all regions.
She also announced a host of schemes for Bihar, which will go to polls later this year.
“Our economy is the fastest growing among all major economies. Our development track record for the past 10 years and structural reforms have drawn global attention. Confidence in India’s capability and potential has only grown in this period. We see the next 5 years as a unique opportunity to realise sabka vikas, stimulating balanced growth of all regions” she said.
Here are the key highlights of NIrmala Sitharaman’s Budget speech.
We will establish a National Institute of Food Technology in Bihar, which will boost food processing in eastern India. It will generate employment for the youth.
A Makhana Board will be established in the state to improve the production, processing, value addition and marketing of Makhana. The people engaged in these activities will be organised into FPOs. The Board will provide hand-holding and training support to Makhana farmers and will also work to ensure they receive the benefits of all relevant government schemes.
The government will create additional infrastructure in five IITs; it will expand IIT Patna.
The FDI limit for the insurance sector will be raised from 74 to 100 percent. This enhanced limit will be available for those companies which invest the entire premium in India. The current guardrails and conditionalities associated with foreign investment will be reviewed and simplified.
Inspired by the success, a modified UDAN scheme will be launched to enhance regional connectivity to 120 new destinations and carry 4 crore additional passengers in the next 10 years. The scheme will also support helipads and smaller airports in hilly, aspirational and northeast regional districts. Greenfield airports will be facilitated in Bihar to meet the future needs of the state. These will be in addition to the expansion of the capacity of the Patna Airport and Brownfield Airport in Bihta. Financial support will be provided for the Western Kosi Canal ERM project in Mithilanchal, benefitting a large number of farmers in the Mithilanchal region of Bihar.
I propose to introduce the New Income Tax bill next week.
The fiscal deficit is estimated to be 4.4% of the GDP.
The Central government to enhance the limit for interest subvention scheme for Kisan Credit Card from ₹3 lakh to ₹5 lakh.
PM Dhan Dhany Krisihi Yojna will cover 100 districts with low productivity. It will enhance agricultural productivity and augment storage at the panchayat level. This programme will cover 1.7 crore farmers. It will be launched with states and aims to create ample opportunities.
The government will launch a six-year program to achieve self-reliance in pulses, focusing on tur, urad, and masoor dals.
Fund of funds for startups to be set up with ₹10,000 crore contribution from the government.
The government will introduce customised credit cards with a ₹5 lakh limit for micro-enterprises.
Next year, 10,000 seats will be added in medical colleges and hospitals; 75,000 seats to be added in next 5 years.
The government to facilitate the setting up of daycare cancer centres in all district hospitals in the next 3 years.
The government to arrange identity cards and registration on the e-shram portal to assist 1 crore gig workers.
A scheme will be launched for 5 lakh women SC/ST first-time entrepreneurs. This will provide term loans up to ₹2 crore during the next five years. The scheme will incorporate lessons from the successful Standup India scheme.