(GIST OF YOJANA) 10-point Vision for the decade [AUGUST-2019]
(GIST OF YOJANA) 10-point Vision for the decade
10-point Vision for the decade
- Building Team India with Jan Bhagidari: Minimum Government Maximum Governance.
- Achieving green Mother Earth and Blue Skies through a pollution-free India.
- Making Digital India reach every sector of the economy.
- Launching Gaganyan. Chandrayan, other Space and Satellite programmes.
- Building physical and social infrastructure.
- Water, water management, clean rivers.
- Blue Economy.
- Self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables.
- Achieving a healthy society via Ayushman Bharat, well-nourished women & children, safety of citizens.
- Emphasis on MSMEs, Start-ups, defence manufacturing, automobiles, electronics, fabs and batteries, and medical devices under Make in India.
Towards a 5 Trillion Dollar Economy
- Indian economy to become a 3 trillion dollar economy in the current year.
- Government aspires to make India a 5 trillion dollar economy.
- Need for investment in:
★ Digital economy.
★ Job creation in small and medium firms.
- Initiatives to be proposed for kick-starting the virtuous cycle of investments.
- Common man’s life changed through MUDRA loans for ease of doing business.
Measures related to MSMEs
- Pradhan Mantri Karam Yogi Maandhan Scheme.
- Pension benefits to about three crore retail traders & small shopkeepers with annual turnover less than Rs. 1.5 crore.
- Enrolment to be kept simple, requiring only Aadhaar, bank account and a selfdeclaration.
- Rs. 350 crore allocated for FY 2019-20 for 2 per cent interest subvention (on fresh or incremental loans) to all GST-registered MSMEs, under the Interest Subvention Scheme for MSMEs.
- Payment platform for MSMEs to be created to enable filing of bills and payment thereof, to eliminate delays in government payments.
Social stock exchange:
- Electronic fund raising platform under the regulatory ambit of SEBI.
Listing social enterprises and voluntary organizations:
- To raise capital as equity, debt or as units like a mutual fund. SEB1 to consider raising the threshold for minimum public shareholding in the listed companies from 25 per cent
- to 35 per cent.
- Know Your Customer (KYC) norms for Foreign Portfolio Investors to be made more investor friendly.
- Government to supplement efTorts by RBI to get retail investors to invest in government treasury bills and securities, with further institutional development using stock exchanges.
Measures to make India a more attractive FDI destination:
- FDI in sectors like aviation, media (animation, AVGC) and insurance sectors can be opened further after multistakeholder examination.
- Insurance Intermediaries to get 100 per cent FDI.
- Local sourcing norms to be eased for FDI in Single Brand Retail sector.
- Government to organize an annual Global Investors Meet in India, using National Infrastructure Investment Fund (NIIF) as an anchor to get all three sets of global players (pension, insurance and sovereign wealth funds).
- Statutory limit for FPI investment in a company is proposed to be increased from 24 per cent to sectoral foreign investment limit. Option to be given to the concerned corporate to limit it to a lower threshold.
- FPIs to be permitted to subscribe to listed debt securities issued by RelTs and InvITs.
- NRI-Portfolio Investment Scheme Route is proposed to be merged with the Foreign Portfolio Investment Route.
- Cumulative resources garnered through new financial instruments like Infrastructure Investment Trusts (InvITs), Real Estate Investment Trusts (REITs) as well as models like Toll Operate-Transfer (ToT) exceed Rs. 24,000 crore.
- Tax Simplification and Ease of living - making compliance easier by leveraging technology:
- Interchangeability of PAN and Aadhaar
- Those who don’t have PAN can file tax returns using Aadhaar.
- Aadhaar can be used wherever PAN is required.
- Pre-filing of Income-tax Returns for faster, more accurate tax returns.
- Pre-filled tax returns with details of several incomes and deductions to be made available.
- Information to be collected from Banks, Stock exchanges, mutual funds etc.
- Faceless e-assessment.
- Faceless e-assessment with no human interface to be launched.
- To be carried out initially in cases requiring verification of certain specified transactions or discrepancies.
Ease of Living
- About 30 lakh workers joined the Pradhan Mantri Shram Yogi Maandhan Scheme that provides Rs. 3.000 per month as pension on attaining the age of 60 to workers in unorganized and informal sectors.
- Approximately 35 crore LED bulbs distributed under UJALA Yojana leading to cost saving of Rs. 1 8.341 Crore annually. Solar stoves and battery chargers to be promoted using the approach of LED bulbs mission.
- A massive program of railway station modernization to be launched.
Naari Tu Narayani/Women
- Approach shift from women-centric-policy making to women-led initiatives and movements.
- A Committee proposed with Government and private stakeholders for moving forward on Gender budgeting.
- Women SHG interest subvention program proposed to be expanded to all districts.
- Overdraft of Rs. 5.000 to be allowed for every verified women SHG member having a Jan Dhan Bank Account.
- One woman per SHG to be eligible for a loan up to Rs. 1 lakh under MUDRA Scheme.
India's Soft Power
- Proposal to consider issuing Aadhaar Card for NRIs with Indian Passports on their arrival without waiting for 180 days.
- Mission to integrate traditional artisans with global markets proposed, with necessary patents and geographical indicators.
- 18 new Indian diplomatic Missions in Africa approved in March, 2018. out of which 5 already opened. Another 4 new Embassies intended in 2019-20.
- Revamp of Indian Development Assistance Scheme (IDEAS) proposed.
- 17 iconic Tourism Sites being developed into model world class tourist destinations.
- Present digital repository aimed at preserving rich tribal cultural heritage, to be strengthened.
TDS of 2 per cent on cash withdrawal exceeding Rs. 1 crore in a year from a bank account.
- Business establishments with annual turnover more than Rs. 50 crore shall offer low cost digital modes of payment to their customers and no charges or Merchant Discount Rate shall be imposed on customers as well as merchants.
Mega Investment in Sunrise and Advanced Technology Areas
- Scheme to invite global companies to set up mega-manufacturing plants in areas such as Semi-conductor Fabrication (FAB). Solar Photo Voltaic cells. Lithium storage batteries. Computer Servers. Laptops, etc.
- Investment linked income tax exemptions to be provided along with indirect tax benefits.