Marking the beginning of the Budget Session, President Ram Nath Kovind addressed both Houses of Parliament today. In his address, the President outlined the major policy priorities of the government across different sectors.
Some highlights from the Address:
1. Re-capitalisation of public sector banks has been decided by infusing more than Rs 2 lakh crore of capital to them.
2. The government sanctioned a scheme of more than Rs 18,000 crore for the modernisation of police forces.
3. The National Testing Agency has been approved to act as an autonomous and self-sufficient organisation to conduct all examinations of higher educational institutes.
4. Aim to set up 20 Institutes of Eminence. Under this Mission, selected public sector institutions will be provided financial assistance of Rs 10,000 crore
5. A new National Health Policy has been formulated for providing better and affordable healthcare facilities.
6. The government is continuously working for reforms in labour laws. Minimum wages have been increased by more than 40%. In addition, the number of registers for compliance of labour laws has been reduced from 56 to five.
7. Under Pradhan Mantri Gram Sadak Yojana, a target to provide road connectivity to every village by 2019 has been set. More than 82% villages have been connected by roads, as compared to 56% villages in 2014.
8. To prevent damage to agricultural produce and to ensure its safe storage, Pradhan Mantri Kisan Sampada Yojana has been launched.
9. Under Pradhan Mantri Fasal Bima Yojana, farmers are being provided affordable and simple crop insurance services. During 2017, 5.7 crore farmers were provided protection.
Our analytical note highlighting some items outlined in the 2017 President’s address and the current status of the initiatives undertaken with respect to these items can be read here.
The Economic Survey 2017 was tabled in Parliament.