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Major Schemes and Promotions Announced in General Budget 2014-15 (Part-2)
Jul 12, 2014

Pradhan Mantri Krishi Sinchayee Yojana: The Government has proposed to initiate the scheme Pradhan Mantri Krishi Sinchayee Yojana. There was a need to provide assured irrigation to mitigate risk to the farmer since bulk of the farm lands are rainfed and depend on monsoon. This scheme would facilitate access to irrigation. A sum of Rs.1,000 crores is being set aside for this scheme.

Multi Skill Programm–Skill India: The Government has announced the launch of a national Multi-Skill programme called Skill India. This programme would skill the youth with an emphasis on employability and entrepreneur skills. It will also provide training and support for traditional professions like welders, carpenters, cobblers, masons, blacksmiths and weavers etc. Convergence of various schemes to attain this objective is also proposed.

National Adaptation Fund for Climate Change: A National Adaptation Fund for climate change will also be established. As an initial sum, an amount of Rs 100 crore will be transferred to the Fund. Climate changes is a reality which all of us have to face together. Agriculture as an activity is most prone to the vagaries of climate change he added. 

Price Stabilization Fund: A sum of Rs. 500 crore is provided for establishing a Price Stabilization Fund to mitigate price volatility in the agriculture produce which create uncertainties and hardship for the farmers.  The farmers and consumers’ interest will be served by increasing competition and integrating markets across the country. To accelerate setting-up of a National Market, the Central Government will work closely with the State Governments to re-orient their respective APMC Acts., to provide for establishment of private market yards/private markets. The State Governments will also be encouraged to develop Farmers’ Markets in town areas to enable the farmers to sell their produce directly. 

Deendayal Upadhyaya Gram Jyoti Yojana: To augment power supply to the rural areas and for strengthening sub-transmission and distribution systems and for feeder separation Deendayal Upadhyaya Gram Jyoti Yojana will be launched. Power is a vital input for economic growth and the Government is committed to providing 24x7 uninterrupted power supply to all homes. A sum of Rs. 500 crores has been set aside for this scheme.

Shyama Prasad Mukherji Rurban Mission: Shyama Prasad Mukherji Rurban Mission will be launched to deliver integrated project based infrastructure in the rural areas. This will also include development of economic activities and skill development. The preferred mode of delivery would be through PPPs while using various scheme funds. 

National Industrial Corridor Authority: A National Industrial Corridor Authority, with its headquarter in Pune, is being set-up with an amount of Rs. 100 crore, to coordinate the development of industrial corridors with smart cities linked to transport connectivity. Amritsar-Kolkata Industrial Master Planning will be completed expeditiously for the establishment of Industrial Smart cities in seven states in this corridor.

Master planning of three new smart cities in the Chennai-Bengaluru Industrial Corridor region, viz., Ponneri in Tamil Nadu, Krishnapatnam in Andhra Pradesh and Tumkur in Karnataka will also be completed. The perspective plan for the Bengaluru-Mumbai Economic Corridor (BMEC) and Vizag-Chennai corridor would be completed with the provision for 20 new industrial clusters. There is also a proposal to establish an Export Promotion Mission to bring all stakeholders under one umbrella.

Financial Inclusion Mission: A Financial Inclusion Mission will be launched from Independence Day this year as a time bound programme to provide all households in the country with banking services. This step would particularly focus to empower the weaker sections of the society, including women, small and marginal farmers and labourers. Two bank accounts in each household are proposed to be opened.

After making suitable changes to current framework, a structure will be put in place for continuous authorization of universal banks in the private sector in the current financial year. RBI will create a framework for licensing small banks and other differentiated banks. Differentiated banks serving niche interests, local area banks and payment banks etc. are contemplated to meet credit and remittance needs of small businesses, unorganized sector, low income households, farmers and migrant workforce among others.

On rising Non Performing Assets (NPA) of Public Sector Banks (PSBs) there is a proposal for setting-up of six new Debt Recovery Tribunals at Chandigarh, Bangaluru, Ernakulum, Dehradun, Silliguri and Hyderabad.


(The End)


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