FINANCIAL SECTOR:
- Foreign Investment Promotion Board (FIPB) to be abolished
- Commodities market: Panel to study legal framework for spot and derivative markets
- Resolution mechanism for financial firms
- Cyber-security: Computer emergency response team to be set up
- Listing of PSEs will foster public accountability; revised mechanism for time-bound listing
- To create integrated public sector oil major
- New ETF to be launched
- Pradhan Mantri Mudra Yojana: Lending target at ₹ 2.44 trillion
- Stand-up India scheme: over 16,000 new enterprises have been set up
DIGITAL ECONOMY:
- Govt to launch two new schemes to promote BHIM app, including cashback scheme for merchants
- Aadhaar Pay to be launched for people who don’t have mobile phones
- Focus on rural and semi-urban areas
- To strengthen financial inclusion fund
- Panel on digital payments has recommended structural reforms
- To create payment regulatory board at RBI
PUBLIC SERVICES:
- To use head post-office for passport services
- Defence: centralized defence travel system developed
- Defence: Centralized pension distribution system to be established
- Govt recruitment: To introduce two-tier exam system
- Govt looks to introduce laws to confiscate assets of economic defaulters
- High-level panel chaired by PM to commemorate Mahatma Gandhi’s 150th birth anniversary
FISCAL MANAGEMENT:
- Total budget expenditure: ₹ 21 trillion
- ₹ 3,000 crore to implement various budget announcements
- Defence expenditure excluding pensions: ₹ 2.74 trillion
- Consolidated outcome budget for all ministries being created
- Fiscal deficit for FY18 pegged at 3.2% of GDP
- Revenue deficit for FY18 at 1.9%
By: CS Swati Dodhi -
February 1, 2017
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