New Delhi: The Union Finance Minister Arun Jaitley has announced several new schemes and initiatives. In his very exhaustive Budget speech, Jaitley mentioned many new projects to boost the economy and create new jobs.
Here's a list of Arun Jaitley's new initiatives:
- IIMs in J&K and Andhra Pradesh
- AIIMS in Punjab J&K, Tamil Nadu, HP and Assam this year
- Karnataka to get an IIT
- Speech and Hearing University in Kerala
- Set up a fully IT based student aid and loan facility through PM scheme
- Launch national skills mission soon
- Mudra Bank to finance micro-finance sector across India
- Will encourage IT industry and start-ups. Setting aside an initial fund of Rs 1000 Crore for this.
- Financial assistance to Heritage sites across India. It will boost tourism. Hampi in Karnataka and other heritage sites to get the benefit.
- Introduce a regulatory reform law for infrastructure
- Visa on arrival facility to be extended to 150 countries
- To allow foreign investment in alternate investment funds
- Government to introduce sovereign gold bonds
- Will introduce gold monetisation scheme
- Employees must be allowed to opt for Employee Provident Fund (EPF) or National Pension Scheme (NPS)
- Public debt management agency to be set up this year
- FMC to be merged with SEBI
- Five ultra mega power projects, each of 5,000 Mega Watt coming, this will bring Rs 1 lakh Crore investment
- Ports in public sector will be allowed to be corporatised
- Tax-free bonds in Rail and roads
- Infra investment to go up by Rs 70,000 Crore in Financial Year -2016
- Atal Pension Yojana for defined pension. The Government to bear 50 per cent of the money. Person gets pension once he/she reaches 60.
- Universal social security system for all Indians to be launched.
- Rs 34,699 Crore allocation for MGNREGA in Financial Year 2015-16, additional 5,000 crore can be given in MNREGA if there is a tax buoyancy.
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