SSB GD Topic : UNION BUDGET- 2015-16 - Part 3

In part 1 I tried to explain the basic terminology that can be helpful in understanding the budget for this annual year. In part 2 we saw the sector distribution and in this part we see the remaining study of the budget  as per sectors, what could be the impact and my views on the same.

Education

1. AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.

2. IIT in Karnataka; Indian Institute of Mines in Dhanbad to be upgraded to IIT.

3. PG institute of Horticulture in Armtisar.

4. Kerala to have University of Disability Studies

5. Centre of film production, animation and gaming to come up in Arunachal Pradesh.

6. IIM for Jammu and Kashmir and Andhra Pradesh.

Defense

1. Rs. 2,46,726 crore for Defense.

2. Focus on Make in India for quick manufacturing of Defense equipment.

Welfare Schemes

1. 50,000 toilets constructed under Swachh Bharath Abhiyan.

2. Two other programmes to be introduced- GST & JAM Trinity. GST will be implemented by April

2016.

3. MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.

4. Housing for all by 2020.

5. Upgradation 80,000 secondary schools.

6. DBT will be further be expanded from 1 crore to 10.3 crore.

7. For the Atal Pension Yojna, govt. will contribute 50% of the premium limited to Rs. 1000 a year.

8. New scheme for physical aids and assisted living devices for people aged over 80 .

9. Govt to use Rs. 9000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.

10. Rs. 5,000 crore additional allocation for MGNREGA.

11. Govt. to create universal social security system for all Indians.

Renewable Energy

1. Rs. 75 crore for electric cars production.

2. Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5KMWin small hydro

Tourism

1. Develpoment schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of

Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new

toursim scheme.

2. Visa on Arrival for 150 countries.

VIEW POINTS & CHALLENGES:

It isn't Big ,But is full of Bang. On Global road India Aims to hit Milestone Growth. As Budget has taken care of all segments-business, education, health ,senior citizens and youth. The consensus view is that This is a growth budget. If you think budget as a continuum and how this government has been redesigning the whole architecture of India, We are moving to a society where power is putting back to the hand of citizens and states. Pradhan Mantri Jan Dhan Yojna and Direct benefit transfer creates power back in to the hands of citizens rather than someone subsidizing you and then you are going out and buy things at subsidized price. Similarly the Power has been given back from center to states so they can decide the way ,as How they wish to move ahead accordingly. Steps have been taken widely on for infrastructure. Budget Promises rapid construction of Roads, Ports, UMPPs, Airports & green energy projects with help of massive Public funding while weeding out delays and corruption. Hence, This budget has a vision to propel India to double digit growth and make the country a manufacturing hub of the world with tremendous impetus to MAKE IN INDIA".

Challenges:

1.Five major challenges: Agricultural income under stress, increasing investment in infrastructure, decline in manufacturing, resource crunch in view of higher devolution in taxes to states, maintaining fiscal discipline. 

2.To meet these challenges public sector needs to step in to catalyze investment, make in India programme to create jobs in manufacturing, continue support to programmes with important national priorities such as agriculture, education, health, MGNREGA, rural infrastructure including roads.

 3.Challenge of maintaining fiscal deficit of 4.1% of GDP met in 2014-15, despite lower nominal GDP growth due to lower inflation and consequent subdued tax buoyancy

Good governance  : Need to cut subsidy leakages, not subsidies themselves. To achieve this, Government committed to the process of rationalizing subsidies.

 Direct Transfer of Benefits to be extended further with a view to increase the number of beneficiaries from 1 crore to 10.3 crore

And As the FM also said , India will be fastest growing Economy with 7.4% rate,CPI is down at 5.1%, WPI is negative, and CAD will be below 1.3%. This gives a reason to be optimistic which is rightly said.

About the Author:  Surya Deo Mishra is a mechanical engineer and a die heart defense aspirant. He loves travelling and playing volley ball. This article is a way to help defense aspirants to present his critical views on the topic, on the forum so that collective exchange of thoughts can take place.