Budget to build Better India
Arjun Ram Meghwal
Contd from previous issue
The decriminalization of the Limited Liability Partnership Act, removal of restrictions on one person companies relating to paid-up capital and turnover and amendment in the definition of small companies will remove the doing business impediment. The proposed single security market code by consolidating related acts, enabling easy and time bound access to depositors for their deposit amount by amending DICGC Act 1961, and amendment in Insurance Act 1938 for increasing the permissible FDI limit from 49 % to 74 % and allow foreign ownership and control with safeguard are major financial sector reform that will significantly aid the growth story of India.
The Government is committed to doubling the farmer's income and undertaken reform measures for the welfare of the farming fraternity ranging from expanding the scope of Kisan Credit Card, PM Fasal Bima Yojna, PM-Kisan to recently enacted Farm Laws 2020. However, the Government is sincerely considering their apprehension with continuous dialogues and deliberated its will to resolve Farm Laws' clauses amicably. The budget has enhanced the agricultural credit target to 16.5 lakh crore focusing on credit flow to animal husbandry, dairy & fisheries. Expanding coverage of swamitva scheme to all States/UTs, strengthening APMCs & integration of more Mandis to eNAM, doubling micro-irrigation fund to 10,000 crores, enhancing rural infrastructure development fund & extension of operation green scheme to 22 perishable products for ensuring better prices among others are key budget highlights for empowering farmers.
To empower the weaker section, the margin money required for stand up India has been reduced to 15% & incorporated the loans related to agricultural & allied sectors. The revamped post metric Scholarship for Scheduled Caste students & increased budget for establishing 750 Eklavya modal schools will help uplift the downtrodden section of the society.
The proactive budget is wholly focused on reviving the economic growth & building India as global knowledge & economic superpower. Under the leadership of Prime Minister Narendra Modi, the Government has sincerely considered every stakeholders suggestion and presented a robust, omnidirectional development & welfare oriented budget. The measure undertaken will further provide impetus to our efforts towards achieving the sustainable development goals by end of this decade. The Government is unparallelly committed to walk the talk for building better India through ‘SabkaSaath, SabkaVishwas&SabkaVikas’ by empowering individuals, communities, societies at large with the Nation's first approach.
PIB The writer is Union Minister of State for Parliamentary Affairs, Heavy Industry & Public Enterprises, and MP Bikaner