Budget 2017: Key takeaways for education sector

Budget 2017 - Finance Minister Arun Jaitley presented the Union Budget as per schedule on February 1.

Business Standard presents some key takeaways for the education sector from the Union Budget 2017:

• Two new AIIMS institute in Jharkhand and Gujarat

• Take steps to increase post-graduate seats for medical sciences 

• Proposal to launch a system of measuring learning in schools. Emphasis on science education and flexible curriculum. 

• Focus will be the 3,479 educationally backward blocks where the government proposes to introduce the practise of measuring annual learning outcome in schools. 

• Certain colleges and institutions to be identified and granted an autonomous status based on accreditation.

• Use of DTH channels to link online courses available on the Swayam platform, that will offer 310 online courses, to enable student access high-quality education resource.

• A national agency to be instituted that will be in-charge of conducting all entrance exams for higher education. This would free the CBSS and ISCE from their current administrative responsibilities and focus on improving academic milieu.

• Pradhan Mantri Kaushal Kendras to be extended to more than 600 districts across the country. 110  centres to be opened to help youth get access to employment opportunities abroad.

• Rs 2,200 cr to be set aside for investment in vocational training.

• Innovation Fund for secondary education to be created.

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Govt to abolish Foreign Investment Promotion Board: Finance Minister

Budget2017 - The Foreign Investment Promotion Board (FIPB) has been decided to be abolished, Finance Minister Arun Jaitley declared in his budget presentation on Tuesday.

While, the FIPB had the final say in approving Foreign Direct Investment (FDI) proposals in the country for long, its power has been systematically reduced under the current government. Most notably, back in June, 2016 the government had announced relaxed FDI norms in single brand retail, civil aviation, airports, pharmaceuticals, animal husbandry and food products.

It had allowed up to 100% FDI in defence through the approval route, 100 per cent FDI in food product e-commerce, 100 per cent FDI in greenfield pharma via the automatic route, 100% in browfield pharma — of which 74% will be through automatic route — 100 per cent FDI in scheduled airlines, and up to 49 per cent FDI in airlines through automatic route.(Read More)

Budget 2017: Centre raises CLSS loan tenure to 20 years

Budget 2017 - The Centre on Wednesday approved extension of tenure of loans under Credit Linked Subsidy Scheme (CLSS) of Pradhan Mantri Awas Yojana (PMAY) to 20 years from 15 years and introduction of a new CLSS for middle income group with a provision of Rs 1,000 crore in 2017-18.

"The Union Cabinet chaired by Prime Minister Narendra Modi has given ex-post facto approval to the proposals for extension of tenure of loans under the CLSS vertical of Pradhan Mantri Awas Yojana (Urban) Mission from 15 to 20 years," said an official statement.

According to the statement, the scheme will be renamed as CLSS for EWS/LIG — for economically weaker sections (EWS) of society/Lower Income Group (LIG). Besides, the Cabinet approved the introduction of a new Credit-Linked Subsidy Scheme for the Middle Income Group (MIG).

The government has proposed to construct 1 crore houses for the homeless by 2019. The PMAY allocation has been raised to Rs 23,000 crore, from Rs 15,000 crore.(Read More)

Budget highlights: Fiscal deficit target for 2017-18 at 3.2%

Budget 2017 - Here are the highlights of Jaitley's budget for the 2017/18 fiscal year that begins on April 1.

FISCAL DEFICIT

* The 2017/18 budget seeks to pursue prudent fiscal management to preserve financial stability.

*Fiscal deficit at 3.4%

*Revenue deficit stands reduced to 2.1% in Fy18

GROWTH

* Jaitley says India seen as an engine of global growth

DEMONETISATION

* Demonetisation "a bold and decisive measure", will make GDP bigger and lead to higher tax revenues - finance minister

* Hit to economy from government decision to outlaw high-denomination notes will be "transient", effects of demonetisation not expected to spill over to next year

* Pace of remonetisation has picked up and will soon reach comfortable levels

* Surplus money in the banking system will lower borrowing costs, increase credit flow

INFLATION

*Consumer price index inflation is expected to remain within the central bank's mandated range of 2 to 6%

SPENDING

* India to spend more in rural areas, infrastructure and poverty alleviation

* The government will continue process of economic reforms for the benefit of poor

* Allocation under MNREGA increased to Rs 48,000 cr from Rs 38,500 cr; highest ever allocation

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Budget 2017: Bonanza for farmers & agriculture, Rs 10 lakh crore allocated

Budget 2017 - Budget 2017: Finance Minister Arun Jaitley announced during Budget presentation on Wednesday, that total allocation for Agriculture and Farmers’ welfare will be enhanced to Rs 10 lakh crore.
With better monsoon, agriculture is expected to grow at 4.1%. Target for agricultural credit for 2017-18 is set at ten lakh crore, announced Arun Jaitley

Last year, the Narendra Modi government had stepped up allocation for Agriculture and Farmers’ to Rs 35,984 crore. Last year, too, the government had reoriented its interventions in the farm and non-farm sectors to double the income of the farmers by 2022.

MGNREGA should create productive asets to improve farm productivity, incomes. MNREGA allocation increased. Highest ever allocation for MNREGA at Rs 48,000 crore. Participation of women in MGNREGA up to 55%.

On health, the government proposes to eliminate tuberculosis by 2025. Two new AIIMS Hospitals to be set up in Jharkhand and Gujarat. Budget allocation for welfare of women and children under various ministries increased to Rs 1,84,632 crore.(Read More)