Self Employment and Talent Utilisation (SETU) to be Established




Self Employment and Talent Utilisation (SETU) to be Established

Government has announced the setting up of a Self- Employment and Talent Utilisation (SETU) mechanism. Presenting the General Budget 2015-16 in the Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley stated that SETU will be a Techno-Financial, Incubation and Facilitation Programme to support all aspects of start up businesses, and other self-employment activities, particularly in technology-driven areas. An amount of Rs.1000 crore is being set up initially in NITI Aayog for SETU.


Shri Jaitley stated that “we are now seeing a growing interest in start-ups. Experimenting in cutting edge technologies, creating value out of ideas and initiatives and converting them into scalable enterprises and businesses is at the core of our strategy for engaging our youth and for inclusive and sustainable growth of the country.” He said concerns such as a more liberal system of raising global capital, incubation facilities in our Centres of Excellence, funding for seed capital and growth, and ease of Doing Business etc need to be addressed to create lakh of jobs and hundreds of billion dollars in value. The Minister said, with this objective in mind, SETU is being set up.


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ATAL Innovation Mission (AIM) to be Set up

The Union Finance Minister Shri Arun Jaitley has stated his intentions to establish the ATAL Innovation Mission(AIM) in NITI. Presenting the General Budget 2015-16 in the Lok Sabha here today, the Finance Minister stated that AIM will be an Innovation Promotion Platform involving academics, entrepreneurs and researchers and draw upon national and international experiences to foster a culture of innovation, R&D and scientific research in India. Shri Jaitley said that the platform will also promote a network of world-class innovation hubs and Grand Challenges for India. Initially a sum of Rs.150 crore wail be earmarked for this purpose.

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Corporate Tax to be Reduced and GST to be Implemented

The Finance Minister Shri Arun Jaitley has said that the Corporate Tax Rate is proposed to be reduced from the current 30% to 25% over the next 4 years. In his Budget Speech in the Lok Sabha here today, Shri Jaitley said this is expected to lead to higher level of investment, higher growth and more jobs. The Minister however said that the reduction has to be accompanied by rationalization and removal of various kinds of exemptions and incentives which is leading to a large number of tax disputes. He pointed out that the effective collection of Corporate Tax today is about 23%.

The Finance Minister said he did not start the process of reduction right away as he wanted to give advance notice that these changes will start from the next financial year.

Shri Arun Jaitley also said that his government is moving forward on various fronts to implement Goods and Services Tax (GST) from the next year. GST, on which his government introduced a Bill in the last session of the parliament, is expected to play a transformative role in the way our economy functions. It will add buoyancy to our economy by developing a common Indian market and reducing the cascading effect on the cost of goods and services, Shri Jaitley added. The Finance Minister said that as a part of the movement towards GST the Education Cess and the Secondary and Higher Education Cess are to be subsumed in the Central Excise Duty.

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National Investment and Infrastructure Fund to be Set up

The Union Finance Minister Shri Arun Jaitley has announced the setting up of a National Investment and Infrastructure Fund (NIIF). Presenting the General Budget 2015-16 in the Lok Sabha here today, the Finance Minister stated that an annual flow of Rs.20,000 crore will be ensured for the NIIF. This will enable the Trust to raise debt, and in turn, invest as equity, in infrastructure finance companies such as IRFC and NHB. The infrastructure finance companies can then leverage this extra equity, manifold.

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Five New Ultra-Mega Power Projects to be Set Up

Second Unit of Kudankulam Nuclear Power Station Will be Commissioned in 2015-16

The Government proposes to set-up 5 new Ultra Mega Power Projects, each of 4000 MWs in the plug-and-play mode. Presenting the General Budget 2015-16 in the Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley stated that all clearances and linkages will be in place before the project is awarded by a transparent auction system. This shall unlock investments to the extent of Rs. 1 lakh crore. Shri Jaitley said the Government would also consider similar plug-and-play projects in other infrastructure projects such as roads, ports, rail lines , airports etc. The Finance Minister announced that the second unit of Kudankulam Nuclear Power Station will be commissioned in 2015-2016.

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Facilities at Cultural World Heritage Sites are to be Restored: Arun Jaitley


            The Union Finance Minister Shri Arun Jaitley has said that the facilities at India’s 25 Cultural World Heritage Sites are still deficient and require restoration.

While presenting the General Budget 2015-16 in the Parliament today, the Finance Minister Shri Jaitley has stated that the facilities like landscaping restoration, signage and interpretation centres, parking, access for differently abled, amenities for visitors including securities and toilets, illumination and plans for benefiting communities around them would be restored. The Union Finance Minister Shri Jaitley has proposed to provide resources to start work along these lines for the following Heritage Sites:

1.      Churches & Convents of Old Goa
2.      Hampi, Karnataka
3.      Kumbalgarh and other Hill Forts of Rajasthan
4.      Rani ki Vav, Patan, Gujarat
5.      Leh Palace, Ladakh, J&K
6.      Varanasi Temple town, UP
7.      Jalianwala bagh, Amritsar, Punjab
8.      Qutub Shahi Tombs, Hyderabad, Telangana

Shri Jaitley proposed to extend the Visas on arrival facility to 150 countries, in stages, after the success of the same issued to travelers of 43 countries.

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Arun Jaitley Says Development Should be as Green as Possible

The Union Finance Minister Shri Arun Jaitley has said that the Government is committed to make development process as green as possible.

While presenting the General Budget 2015-16 in Parliament today, the Finance Minister Shri Jaitley stated that our de-facto ‘Carbon Tax’ on most petroleum products compares favourably with international norms. He said, with regard to coal, there is a need to find a balance between taxing pollution, and the price of power. Shri Jaitley also said that the government is launching a scheme for Faster Adoption and Manufacturing of Electric Vehicles. He proposed an initial outlay of Rs. 75 crore for the scheme in 2015-16. The Ministry of New and Renewable Energy has revised its target of renewable energy capacity to 1,75,000 MW till 2022, comprising 1,00,000 MW Solar, 60,000 MW Wind, 10,000 MW Biomass and 5,000 MW Small Hydro, he added.

Shri Arun Jaitley said that malfeasance in public procurement can be contained by having a procurement law and institutional structure. He urged the Parliament to take a view soon on whether we need a procurement law, and if so, what shape it should take.

The Finance Minister while stating that disputes arising in public contracts take a long to resolve, and the process is very costly, he proposed to introduce a Public Contracts (Resolution of Disputes) Bill to streamline the institutional arrangements for resolution of such disputes. Shri Arun Jaitley has also proposed to introduce a Regulatory Reform Law that will bring about a cogency of approach across various sectors of infrastructure to tackle the lack of common approach and philosophy in the regulatory arrangements prevailing with different sectors.

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Facilities at Cultural World Heritage Sites are to be Restored: Arun Jaitley

            The Union Finance Minister Shri Arun Jaitley has said that the facilities at India’s 25 Cultural World Heritage Sites are still deficient and require restoration.

While presenting the General Budget 2015-16 in the Parliament today, the Finance Minister Shri Jaitley has stated that the facilities like landscaping restoration, signage and interpretation centres, parking, access for differently abled, amenities for visitors including securities and toilets, illumination and plans for benefiting communities around them would be restored. The Union Finance Minister Shri Jaitley has proposed to provide resources to start work along these lines for the following Heritage Sites:

1.      Churches & Convents of Old Goa
2.      Hampi, Karnataka
3.      Kumbalgarh and other Hill Forts of Rajasthan
4.      Rani ki Vav, Patan, Gujarat
5.      Leh Palace, Ladakh, J&K
6.      Varanasi Temple town, UP
7.      Jalianwala bagh, Amritsar, Punjab
8.      Qutub Shahi Tombs, Hyderabad, Telangana

Shri Jaitley proposed to extend the Visas on arrival facility to 150 countries, in stages, after the success of the same issued to travelers of 43 countries.

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Education Sector Allocated Rs. 68968 Cr while Rural Development gets Rs 79526 Cr in the Year 2015-16

Nirbhaya Fund gets Another Rs 1000 Cr in 2015-16

The Finance Minister, Shri Arun Jaitley has said that adequate provision has been made for the schemes for the poor and disadvantaged in the Budget of 2015-16. Delivering his Budget Speech in the Parliament today, the Finance Minister said that an amount of Rs. 68,968 crore has been allocated to the Education Sector including Mid Day Meals, Rs. 33,152 crore to the Health Sector and Rs. 79,526 crore for Rural Development Activities including MGNREGA in the Budget for 2015-16. An amount of Rs. 22,407 crore has been provided for Housing and Urban Development, Rs. 10,351 crore for Women and Child Development and Rs. 4,173 crore for Water Resources and Namami Gange.

In order to support programmes for Women Security, Advocacy and Awareness, another Rs. 1000 crore have been allocated to the Nirbhaya Fund in the year 2015-16.

Shri Arun Jaitley said that the National Optical Fibre Network Programme of 7.5 lakh Kilometre, networking 2.5 lakh villages, is being speeded up as a part of progress towards making digital India.

The Finance Minister disclosed that an initial sum of Rs. 1200 crore has been given for the DMIC corridors in the current year. The Ahmedabad-Dholera investment region in Gujarat and the Shendra-Bidkin Industrial park near Aurangabad, in Maharashtra, are now in a position to start work on basic infrastructure. Additional funds will be provided for the Industrial Corridors as the pace of expenditure picks up, he added.


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Task Force to Establish a Sector Neutral Financial Redressal Agency to be Set Up

The Union Finance Minister Shri Arun Jaitley has proposed to create a task force to establish a sector neutral financial redressal agency that will address grievances against all financial service providers. Presenting the General Budget 2015-16 in the Lok Sabha here today, Shri Jaitley stated that a properly functioning capital market requires proper consumer protection.

The Finance Minister also informed that the work assigned to the Task Forces on the Financial Data Management Centre, the Financial Sector Appellate Tribunal, the Resolution Corporation, and the Public Debt Management Agency are progressing satisfactorily.

The Government has also received a large number of suggestions regarding the Indian Financial Code (IFC) which are currently being reviewed by the Justice SriKrishna Committee. The Finance Minister hoped that he would be able to introduce the IFC in Parliament for consideration in due course.

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Public Debt Management Agency (PDMA) to be Set Up

A Public Debt Management Agency (PDMA) will be set-up which will bring both India’s external borrowings and domestic debt under one roof. Presenting the General Budget 2015-16 in the Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley stated that deepening of the Indian Bond market is one vital factor in promoting investment in India. The process of bringing the Indian Bond Market at the same level as India’s world class equity market is proposed to be initiated by setting-up PDMA.

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Government to Launch A National Skills Mission Soon Aiims to be Launched in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam in 2015-16

Student Financial Aid Authority to Administer Scholarships and Educational Loan Schemes for Poor Students

The Government will soon launch a National Skills Mission through the Skill Development and Entrepreneurship Ministry. The Finance Minister, Shri Arun Jaitley, in his Budget Speech 2015-16 today, said that the Mission will consolidate skill initiatives spread across several Ministries. It will allow the Government to standardize procedures and outcomes across 31 Sector Skill Councils, he added.

Shri Arun Jaitely said “India is one of the youngest nations in the world with more than 54% of the total population below 25 years of age. Yet today less than 5% of our potential workforce gets formal skill training to be employable and stay employable”.

The Finance Minister said that the Deen Dayal Upadhyay Grameen Kaushal Yojana was launched to enhance the employability of Rural Youth which is the key to unlocking India’s demographic dividend. A sum of Rs. 1500 crore has been allocated for this scheme, he said, for which disbursement will be through a digital voucher directly into qualified student’s bank account. A 100th Birth Anniversary Celebration Committee will be announced soon and adequate resources will be provided for the celebration of 100th Birth Anniversary of the Great Nationalist Shri Deen Dayal Ji Upadhyay, he added.

Shri Jaitley announced that the Government will launch all India Institute of Medical Sciences (AIIMS) in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam in the fiscal year 2015-16. Similarly, to augment Medical Sciences in Bihar, another AIIMS like Institute is proposed to be set in the State.

In his Budget Speech, the Finance Minister also proposed to set up an IIT in Karnataka, and upgrade Indian School of Mines, Dhanbad into a full fledged IIT. IIMs will be set in J&K and Andhara Pradesh, the Minister added. Three new National Institutes of Pharmaceuticals Education and Research are proposed to be set up in Maharashtra, Rajasthan and Chattisgarh along with Institutes of Science and Education Research in Nagaland and Odisha.

For the North Eastern States, a Centre for Film Production, Animation and Gaming will be set up in Arunachal Pradesh while an Apprenticeship Training Institute for Women will be set in Haryana and Uttarakhand during 2015-16.

To enable all poor and middle class students to pursue higher education of their choice without any constraints of funds, a fully IT based Student Financial Aid Authority is proposed to be set up during the year 2015-16. It will administer and monitor scholarships as well as Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakaram to ensure that no student misses out on higher education for lack of funds.


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Self Employment and Talent Utilisation (SETU) to be Established Self Employment and Talent Utilisation (SETU) to be Established Reviewed by Ajit Kumar on 6:12 PM Rating: 5

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