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Union Finance Minister, Arun Jaitley presents his fourth budget in the Parliament today, on its scheduled time. With the agenda to Transform, Energize, and Clean India, the government has focused largely on rural infra and affordable housing ensuring the fiscal prudence as the guiding principle for 2017.
Finance Minister, Arun Jaitley announces the total allocation for rural, agricultural and allied sectors for 2017-18 Budget is INR1.87 cr., which is comparatively 24% higher than last year. Notably, more steps have been taken by the government to benefit the farmers and poor weaker sections of country.
The big highlights of Budget on Infra Growth are: The highest ever financial allocation in MNREGA of INR48,000 cr., launch of two more schemes, announcement of 100% village electrification for the first time in India, and much more.
With an aim to complete 1, 00, 00,000 houses by 2019 for houseless and those living in kaccha houses, FM, Jaitley has made following #12 big announcements for rural Infra growth in India:
- Target of agricultural loans to farmers set at record INR10 lakh crore in 2017-18.
- Dedicated micro-irrigation fund to be set up by NABARD to achieve goal of 'Per Drop More Crop'.
- Open defecation free villages are now being given priority for pipe to water supply.
- 100% village electrification to be achieved by 2018.
- Mission Antyodaya to bring 1 cr. households out of poverty and to make 50,000 Gram Panchayats poverty-free.
- NABARD to Set Up Micro Irrigation Fund; Cost of Digitizing Agri Co-Ops INR1900 Cr In 3 YR.
- Higher allocation of INR 9,000 cr. for payment of sugarcane arrears
- The Cabinet approves extension of tenure of loans under Credit Linked Subsidy Scheme of Pradhan Mantri Awas Yojana from 15 to 20 years.
- National Housing Bank will refinance the individual loans worth INR20,000 cr. in 2017-18
- Dairy processing infrastructure fund will be set up under NABARD, with fund of INR 8,000 crore.
- Budget allocation to MNREGA increased to a record Rs 48,000 crore for 2017-18, from INR 37,000 cr. in 2016-17 to enhance the rural livelihood security.
- Participation of women in MNREGA has increased to 55% to 45%.
- Issuance of soil health cards has gathered momentum, will setup a mini lab in Krishi Vigyan Kendras.