As the PM Narendra Modi has instructed all the members of parliament to make people aware of Union Budget 2015 – 2016 and understand it in matter of financial growth and other features for the development of the nation, let us take a look at the main points of the budget and try to dissect the step.
- An agreement is signed with RBI to keep inflation below 6%, monetary policy framework agreement. Inflation rates control the economic growth, rates of interest on loans and investments and many other factors.
- Celebration of the year 2022 as Amrut Mahotsav as it will be 75th year of independence. As per the projection by the government we may see the most positive outputs and India in the better condition.
— PIB India (@PIB_India) February 28, 2015
- All Indians will have homes, 2 crore homes in Urban areas and 4 crores in rural. They way regular work is going on in our city, we are surprised at the fast pace government is working on slum clearance and distribution of homes to the poor. The government is even regulating scams in-house distribution process very positively, which is very much appreciable.
- All Indians should have basic facilities of 24 * 7 electricity, water, a toilet and road connectivity.
- Minimum one earning member in the family.
- Gradual reduction in the rate of poverty.
- Electricity will reach 20,000 remaining villages through solar power by 2020.
- Still 1,78,000 habitations are to be connected to the mainstream. Project under action.
- Medical services in all villages and cities of the nation.
- Improvement in quality of education and school reaching up to 5 Km reach of each child in the nation.
- Improvements in farming techniques, increase in the irrigation area, reasonable price for farm inputs and good price for selling of the products, which will in turn bring a better rural economy.
— PMO India (@PMOIndia) February 28, 2015
- Motivating Indian youths to be an entrepreneur and creating more jobs across the nation. This may be the reason to provide tax benefits to corporates to give indirect boost to laying down of new businesses.
- It has always been the complaint from eastern parts of the nation and the people who visit those parts that development has still not reached there. Narendra Modi has promised east and north east to bring them the prosperity by connecting them with roads and railways.
What are the challenges to achieving the goals?
- Agricultural income is still under stress in India.
- There is no enthusiasm among people to invest in infrastructure development.
- Declination in manufacturing
- States are imposed with higher taxes which have resulted in a resource crunch.
- Management of fiscal discipline.
Make in India program can be a major supporter to overcome all the issues mentioned. Bringing foreign investment in India and appointing Indian people for work and production in India can benefit in many ways. Public sector will be required to step in boost investments.
Better governance is the key
- Subsidies to be made directly available to the due. In this case, Direct bank transfer can be a help, which is decided to be extended from 1 crore to 10.3 crores.
- The government has identified to major areas because of which agricultural field is lagging that is soil quality and availability of water. Projects have started to address the issues.
- Paramparagat Krishi Vikas Yojana, which was laid down for the benefit of the farmers will be taken ahead.
- ‘Per drop more crop’ new slogan of Pradhanmantri Gram Sinchai Yojana, which is a step towards new irrigation techniques and improvement in quality of land with most efficient use of water. 5300 crore funding for micro-irrigation development.
- Huge amount of funds for rural infrastructure, rural credit and agricultural credit funds.
- MUDRA bank will be serving as a head of all micro financing institutions. It will act as supporter and lender to all these entities.
- Functional social security system for all Indians who are poor or under privilege.
- Postal network that is widespread in India and in interior villages too will be used as basic financial investment and awareness system in villages and interiors.
- Target on renewable sources of energy.
- Tourism to be boosted through many steps.
These are just the basic key features of the budget 2015- 2016. These points are the target of government to be achieved by laying down the path through budget 2015 – 2016. Targets are great with a clear future of shining India, but the roadmap should be successful to hit the bull’s eye.