1100 hours: July 5, 2019. Lok Sabha
Here's what Finance Minister Nirmala Sitharaman said in her Budget 2019 speech:
Mr. Speaker Sir,
I rise to present the Budget for the year 2019-20.
The recent election which brought us to this august House today, was charged with brimming hope and desire for a bright and stable New India. Like never before, India celebrated its democracy by coming out to vote in large numbers, like never before. Voter turnout was the highest at 67.9%. Every section – young, old, first time voters, voters since the first General Election, women – all turned up to stamp their approval of a performing Government. Through their unambiguous and firm mandate they have reaffirmed “putting the nation first”. The people of India have validated the two goals for our country’s future: that of national society and economic growth.
The first term of Hon'ble PM Narendra Modi-led-NDA-Government stood out as a performing Government, a Government whose signature was in the last mile delivery. Between 2014-19, we provided a rejuvenated Centre-State dynamic, cooperative federalism, GST Council, and a strident commitment to fiscal discipline. We had set the ball rolling for a New India, planned and assisted by the NITI Aayog, a broad based think tank. We have showed by our deeds that the principle “Reform, Perform, Transform” can succeed.
Mega programmes and services which we initiated and delivered during those 5 years will now be further accelerated. We shall further simplify procedures, incentivize performance, reduce red-tape and make the best use of technology just as we did earlier. I am confident we will achieve our goals. Chankaya Niti Sutra too says: “Karya purusha karena lakshyam sampadyate.” Meaning “with determined human efforts, the task will surely be completed.
Our economy was at approximately US$ 1.85 trillion when we formed the Government in 2014. Within 5 years it has reached US$ 2.7 trillion. Hence, it is well within our capacity to reach the US$ 5 trillion in the next few years. In the interim Budget of 2019-20 presented in February 2019, we gave ourselves a Vision for the Decade. I flag here the ten points of our Vision laid before us:
a. Building physical and social infrastructure;
b. Digital India reaching every sector of the economy;
c. Pollution free India with green Mother Earth and Blue Skies;
d. Make in India with particular emphasis on MSMEs, Start-ups, defence manufacturing, automobiles, electronics, fabs and batteries, and medical devices;
e. Water, water management, clean Rivers;
f. Blue Economy;
g. Space programmes, Gaganyan, Chandrayan and Satellite programmes;
h. Self-sufficiency and export of food-grains, pulses, oilseeds, fruits and vegetables;
i. Healthy society – Ayushman Bharat, well-nourished women & children. Safety of citizens;
j. Team India with Jan Bhagidari. Minimum Government Maximum Governance.
7. With this Vision set before us and with the mandate given by its people, we are determined to take India to that height that it richly deserves. I strongly believe that with the clear headed leadership of Hon'ble Prime Minister we can achieve our goal.
5 Trillion Dollar Economy
The Indian economy will grow to become a 3 trillion dollar economyin the current year. It is now the sixth largest in the world. Five years ago, it was at the 11th position. In Purchasing Power Parity terms, we are in fact, the 3rd largest economy already, only next to China and the USA.
To attain this and more we need to continue undertaking many structural reforms. In the last five years, we saw many big reforms in particular, in indirect taxation, bankruptcy and real estate. While these reforms were happening here in the Parliament, the common man’s life was being changed through MUDRA loans to help him do his business, and through several programmes it was being ensured that his/her kitchen had become smokeless, his/her house got electricity connection and women’s dignity was respected with the provision of toilets in homes. The common man was served even as major transformational reforms were being rolled out. And for this to continue we need to invest heavily in infrastructure, in digital economy and on job creation in small and medium firms.
Respected Speaker Sir, it took over 55 years for the Indian economy to reach 1 trillion dollar but when the country and her people’s hearts are filled with aasha, vishwas and aakansha that is, when hearts are filled with hope, trust and aspirations, we, in 5 years, added 1 trillion dollar. Today we are nearing a 3 trillion dollar level. So when we aspire to reach a 5 trillion dollar level, many wonder if it is possible. If we can appreciate our citizens’ "purusharth” or their “goals of human pursuit” filled with their inherent desire to progress led by the dedicated leadership present in this House, the target is eminently achievable.
12. Connectivity is the lifeblood of an economy. The Government has
given a massive push to all forms of physical connectivity through Pradhan
Mantri Gram Sadak Yojana, industrial corridors, dedicated freight
corridors, Bhartamala and Sagarmala projects, Jal Marg Vikas and UDAN
Schemes. While the industrial corridors would improve infrastructure
availability for greater industrial investment in the catchment regions, the
dedicated freight corridors would mitigate the congestion of our railway
network benefitting the common man. The ambitious programme of
Bharatmala would help develop national road corridors and highways,
while Sagarmala would enhance port connectivity, modernization and
port-linked industrialization. If Sagarmala is aimed at improving the
infrastructure for external trade, equally it is the poor man’s transport
too. Waterways are proven as a cheap mode of transport. The Jal Marg
Vikas project for capacity augmentation of navigation on National
Waterways is aimed at smoothening internal trade carried through inland
water transport. These initiatives will improve logistics tremendously,
reducing the cost of transportation and increasing the competitiveness of
domestically produced goods.
13. The UDAN Scheme is providing air connectivity to smaller cities
and enabling the common citizens of our country to avail air travel. All
these programmes are also helping bridge the rural-urban divide.
14. As the world’s third largest domestic aviation market, the time is
ripe for India to enter into aircraft financing and leasing activities from
Indian shores. This is critical to the development of a self-reliant aviation
industry, creating aspirational jobs in aviation finance, besides leveraging
the business opportunities available in India’s financial Special Economic
Zones (SEZs), namely, International Financial Services Centre (IFSC).
Government will implement the essential elements of the regulatory
roadmap for making India a hub for such activities.
15. For providing an enabling ecosystem for growth in India of
Maintenance, Repair and Overhaul (MRO) industry, it is proposed to
leverage India’s engineering advantage and potential to achieve selfreliance in this vital aviation segment. Government will adopt suitable
policy interventions to create a congenial atmosphere for the
development of MRO in the country.
16. The New Metro Rail Projects for a total route length of 300
kilometers have been approved during 2018-19. Also, during 2019, about
210 kms metro lines have been operationalized. With this, 657 kms of
Metro Rail network has become operational across the country.
17. India’s first indigenously developed payment ecosystem for
transport, based on National Common Mobility Card (NCMC) standards,
was launched by Hon’ble Prime Minister in March, 2019. This will enable
people to pay multiple kinds of transport charges, including metro services
and toll tax, across the country. This inter-operable transport card runs on
RuPay card and would allow the holders to pay for their bus travel, toll
taxes, parking charges, retail shopping and even withdraw money.
18. Phase-II of FAME Scheme, following approval of the Cabinet with
an outlay of 10,000 crore for a period of 3 years, has commenced from
1st April, 2019. The main objective of the Scheme is to encourage faster
adoption of Electric vehicles by way of offering upfront incentive on
purchase of Electric vehicles and also by establishing the necessary
charging infrastructure for electric vehicles. Only advanced battery and
registered e-vehicles will be incentivized under the Scheme with greater
emphasis on providing affordable & environment friendly public
transportation options for the common man.
19. The Government will carry out a comprehensive restructuring of
National Highway Programme to ensure that the National Highway Grid of
desirable length and capacity is created using financeable model. After
completing the Phase 1 of Bharatmala, in the second Phase, States will be
helped to develop State road networks.
20. We need to develop our inland waterways to shift a significant
portion of inland cargo movement from road and rail. This Government
envisions using the rivers for cargo transportation, which will also help to
decongest roads and railways. As part of the Jal Marg Vikas Project for
enhancing the navigational capacity of Ganga, a multi modal terminal at
Varanasi has become functional in November 2018 and two more such
terminals at Sahibganj and Haldia and a navigational lock at Farakka would
be completed in 2019-20. The movement of cargo volume on Ganga is
estimated to increase by nearly four times in the next four years. This will
make movement of freight, passenger cheaper and reduce our import bill.
21. It is estimated that Railway Infrastructure would need an
investment of 50 lakh crores between 2018-2030. Given that the capital
expenditure outlays of Railways are around 1.5 to 1.6 lakh crores per
annum, completing even all sanctioned projects would take decades. It is
therefore proposed to use Public-Private Partnership to unleash faster
development and completion of tracks, rolling stock manufacturing and
delivery of passenger freight services.
22. To take connectivity infrastructure to the next level, we will build
on the successful model in ensuring power connectivity – One Nation, One
Grid – that has ensured power availability to states at affordable rates. I
propose to make available a blueprint this year for developing gas grids,
water grids, i-ways, and regional airports.
23. The recommendations of the High Level Empowered Committee
(HLEC) on retirement of old & inefficient plants, and addressing low
utilisation of Gas plant capacity due to paucity of Natural Gas, will also be
taken up for implementation now.
24. Our Government launched Ujjwal DISCOM Assurance Yojana
(UDAY) in 2015 aimed at financial and operational turnaround of
DISCOMs. Government is examining the performance of the Scheme and
it will be further improved. We will work with the State Governments to
remove barriers like cross subsidy surcharges, undesirable duties on open
access sales or captive generation for Industrial and other bulk power
consumers. Besides these structural reforms, considerable reforms are
needed in tariff policy. A package of power sector tariff and structural
reforms would soon be announced.
25. It is proposed that several reform measures would be taken up to
promote rental housing. Current Rental Laws are archaic as they do not
address the relationship between the Lessor and the Lessee realistically
and fairly. A Model Tenancy Law will also be finalized and circulated to the
States.
26. Large public infrastructure can be built on land parcels held by
Central Ministries and Central Public Sector Enterprises all across the
country. Through innovative instruments such as joint development and
concession, public infrastructure and affordable housing will be taken up.
27. For ease of access to credit for MSMEs, Government has
introduced providing of loans upto 1 crore for MSMEs within 59 minutes
through a dedicated online portal. Under the Interest Subvention Scheme
for MSMEs, 350 crore has been allocated for FY 2019-20 for 2% interest
subvention for all GST registered MSMEs, on fresh or incremental loans.
28. Government payments to suppliers and contractors are a major
source of cash flow, especially to SMEs and MSMEs. Investment in
MSMEs will receive a big boost if these delays in payment are eliminated.
Government will create a payment platform for MSMEs to enable filing of
bills and payment thereof on the platform itself.
29. Encouraged by the overwhelming response, the Government of
India has decided to extend the pension benefit to about three crore retail
traders & small shopkeepers whose annual turnover is less than 1.5 crore
under a new Scheme namely Pradhan Mantri Karam Yogi Maandhan
Scheme. Enrolment into the Scheme will be kept simple requiring only
Aadhaar and a bank account and rest will be on self-declaration.
30. We recognize that investment-driven growth requires access tolow cost capital. It is estimated that India requires investments averaging 20 lakh crores every year (USD 300 billion a year). A number ofmeasures are proposed to enhance the sources of capital forinfrastructure financing: A Credit Guarantee Enhancement Corporation for whichregulations have been notified by the RBI, will be set up in 2019-20. An action plan to deepen the market for long term bonds includingfor deepening markets for corporate bond repos, credit defaultswaps etc., with specific focus on infrastructure sector, will be putin place. It is proposed to permit investments made by FIIs/FPIs in debtsecurities issued by Infrastructure Debt Fund – Non-Bank FinanceCompanies (IDF-NBFCs) to be transferred/sold to any domesticinvestor within the specified lock-in period.31. Corporate Debt markets are crucial for the infrastructure sector.Given the need to further deepen bond markets, a number of measuresare proposed to be taken up:-
To deepen the Corporate tri-party repo market in Corporate Debt
securities, Government will work with regulators RBI/SEBI to
enable stock exchanges to allow AA rated bonds as collaterals.
User-friendliness of trading platforms for corporate bonds will be
reviewed, including issues arising out of capping of International
Securities Identification Number (ISIN).
32. It is right time to consider increasing minimum public shareholding
in the listed companies. I have asked SEBI to consider raising the current
threshold of 25% to 35%.
33. As a key source of capital to the Indian economy, it is important to
ensure a harmonized and hassle free investment experience for Foreign
Portfolio Investors. Hence, it is proposed to rationalize and streamline the
existing Know Your Customer (KYC) norms for FPIs to make it more
investor friendly without compromising the integrity of cross-border
capital flows.
34. It is time to take our capital markets closer to the masses and meet
various social welfare objectives related to inclusive growth and financial
inclusion. I propose to initiate steps towards creating an electronic fund
raising platform – a social stock exchange - under the regulatory ambit of
Securities and Exchange Board of India (SEBI) for listing social enterprises
and voluntary organizations working for the realization of a social welfare
objective so that they can raise capital as equity, debt or as units like a
mutual fund.
35. It is important to get retail investors to invest in treasury bills and
securities issued by the Government. Efforts made by the Reserve Bank
will need to be supplemented with further institutional development using
stock exchanges. For this purpose, inter-operability of RBI depositories and
SEBI depositories would be necessary to bring about seamless transfer of
treasury bills and government securities between RBI and Depository
ledgers and for enabling this. The Government will take up necessary
measures in this regard in consultation with RBI and SEBI.
36. FDI inflows into India have remained robust despite global
headwinds. Global Foreign Direct Investment (FDI) flows slid by 13% in
2018, to US$ 1.3 trillion from US$ 1.5 trillion the previous year – the third
consecutive annual decline, according to UNCTAD’s World Investment
Report 2019. India’s FDI inflows in 2018-19 remained strong at US$
64.375 billion marking a 6% growth over the previous year. I propose to
further consolidate the gains in order to make India a more attractive FDI
destination:
a. The Government will examine suggestions of further opening up of
FDI in aviation, media (animation, AVGC) and insurance sectors in
consultation with all stakeholders.
b. 100% Foreign Direct Investment (FDI) will be permitted for
insurance intermediaries.
c. Local sourcing norms will be eased for FDI in Single Brand Retail
sector.
37. It is high time India not only gets integrated into global value chain
of production of goods and services, but also become part of the global
financial system to mobilise global savings, mostly institutionalized in
pension, insurance and sovereign wealth funds. The Government is
contemplating organizing an annual Global Investors Meet in India, using
National Infrastructure Investment Fund (NIIF) as the anchor, to get all
three sets of global players-top industrialists/corporate honchos, top
pension/insurance/sovereignwealth funds and top digital
technology/venture funds.
38. An important determinant of attracting cross-border investments
is availability of investible stock to the Foreign Portfolio Investors (FPIs).
This issue assumes greater significance in view of the gradual shift, from
stock targeted investments, towards passive investment whereby funds
track global indices composition of which depends upon available floating
stock. Accordingly, I propose to increase the statutory limit for FPI
investment in a company from 24% to sectoral foreign investment limit
with option given to the concerned corporates to limit it to a lower
threshold. FPIs will be permitted to subscribe to listed debt securities
issued by ReITs and InvITs.
39. Even though India is the world's top remittance recipient, NRI
investment in Indian capital markets is comparatively less. With a view to
provide NRIs with seamless access to Indian equities, I propose to merge
the NRI-Portfolio Investment Scheme Route with the Foreign Portfolio
Investment Route.
40. New and innovative financial instruments have been launched in
the last five years like Infrastructure Investment Trusts (InvITs), Real
Estate Investment Trusts (REITs) as well as models like Toll-OperateTransfer (ToT) as part of the brownfield asset modernization strategy for
augmenting infrastructure investment. India has had a reasonable success
in brownfield asset monetization and several InvITs and one REIT
transaction have already been completed. Additionally, NHAI carried out
one ToT transaction as well. The cumulative resources garnered through
these instruments and model exceed 24,000 crore.
41. India has emerged as a major space power with the technology
and ability to launch satellites and other space products at globally low
cost. Time has come to harness this ability commercially. A Public Sector
Enterprise viz. New Space India Limited (NSIL) has been incorporated as a
new commercial arm of Department of Space to tap the benefits of the
Research & Development carried out by ISRO. The Company will
spearhead commercialization of various space products including
production of launch vehicles, transfer to technologies and marketing of
space products.
Grameen Bharat/Rural India
42. Mahatma Gandhi said, “The soul of India lives in its villages”. This
year even as we are marking the 150th birth anniversary of Mahatma
Gandhi, I submit that our Government keeps Antyodaya at the core of all
its efforts. At the Centre of everything that we do, we keep “gaon, garib,
aur kisan”.
43. Hon'ble Prime Minister's two mega initiatives of Ujjwala Yojana
and Saubhagya Yojana - have transformed the lives of every rural family,
dramatically improving ease of their living. Household access to clean
cooking gas has seen an unprecedented expansion, through provision of
more than 7 crore LPG connections. All villages, and almost 100%
households across the country have been provided with electricity. A
combination of efficient implementation and enthusiastic adoption has
significantly improved access to energy for rural households. By 2022, the
75th year of India’s independence, I would like to assure the nation that
every single rural family, except those who are unwilling to take the
connection will have an electricity and a clean cooking facility.
44. Pradhan Mantri Awas Yojana – Gramin (PMAY-G) aims to achieve
the objective of “Housing for All” by 2022. A total of 1.54 crore rural
homes have been completed in the last five years. In the second phase of
PMAY-G, during 2019-20 to 2021-22, 1.95 crore houses are proposed to
be provided to the eligible beneficiaries. These houses are also being
provided with amenities like toilets, electricity and LPG connections. With
the use of technology, the DBT platform and technology inputs, average
number of days for completion of houses has reduced from 314 days in
2015-16 to 114 days in 2017-18.
45. Fishing and fishermen communities are closely aligned with
farming and are crucial to rural India. Through a focused Scheme – the
Pradhan Mantri Matsya Sampada Yojana (PMMSY) – the Department of
Fisheries will establish a robust fisheries management framework. This will
address critical gaps in the value chain, including infrastructure,
modernization, traceability, production, productivity, post-harvest
management, and quality control.
46. Pradhan Mantri Gram Sadak Yojana (PMGSY) has brought many
socio economic gains in the rural areas. To accelerate the speed of
achieving universal connectivity of eligible habitations, the target of
connecting the eligible and feasible habitations was advanced from 2022
to 2019. I am happy to inform that all weather connectivity has now been
provided to over 97% of such habitations. This has been possible by
maintaining a high pace of road construction of 130 to 135 km per day in
the last 1,000 days. Committed to the agenda of sustainable development,
30,000 kms of PMGSY roads have been built using Green Technology,
Waste Plastic and Cold Mix Technology, thereby reducing carbon
footprint. With the changing economic scenario, it is important to upgrade
roads connecting villages to rural markets. For this PMGSY-III is envisaged
to upgrade 1,25,000kms of road length over the next five years, with an
estimated cost of 80,250 crore.
47. Considering the fact that majority of people still live in villages and
depend on agriculture and traditional industries, the ‘Scheme of Fund for
Upgradation and Regeneration of Traditional Industries’ (SFURTI) aims to
set up more Common Facility Centres (CFCs) to facilitate cluster based
development to make the traditional industries more productive,
profitable and capable for generating sustained employment
opportunities. The focused sectors are Bamboo, Honey and Khadi clusters.
The SFURTI envisions setting up 100 new clusters during 2019-20 which
should enable 50,000 artisans to join the economic value chain. Further,
to improve the technology of such industries, the Scheme for Promotion
of Innovation, Rural Industry and Entrepreneurship’ (ASPIRE) has been
consolidated for setting up of Livelihood Business Incubators (LBIs) and
Technology Business Incubators (TBIs). The Scheme contemplates to set
up 80 Livelihood Business Incubators (LBIs) and 20 Technology Business
Incubators (TBIs) in 2019-20 to develop 75,000 skilled entrepreneurs in
agro-rural industry sectors.
48. We will invest widely in agricultural infrastructure. We will support
private entrepreneurships in driving value-addition to farmers’ produce
from the field and for those from allied activities, like Bamboo and timber
from the hedges and for generating renewable energy. Annadata can also
be Urjadata. Dairying through cooperatives shall also be encouraged by
creating infrastructure for cattle feed manufacturing, milk procurement,
processing & marketing. I place my appreciation for our farmers who have
made India self-sufficient in pulses. I am sure they will repeat such a
success even in the production of oilseeds. Our import bill shall be
reduced by their Seva.
49. We also hope to form 10,000 new Farmer Producer Organizations,
to ensure economies of scale for farmers over the next five years.
50. This Government will work with State Governments to allow
farmers to benefit from e-NAM. The Agriculture Produce Marketing
Cooperatives (APMC) Act should not hamper farmers from getting a fair
price for their produce. Ease of doing business and ease of living both
should apply to farmers too. We shall go back to basics on one count: Zero
Budget Farming. We need to replicate this innovative model through
which in a few States farmers are already being trained in this practice.
Steps such as this can help in doubling our farmers’ income in time for our
75th year of Independence.
51. Ensuring India’s water security and providing access to safe and
adequate drinking water to all Indians is a priority of the Government. A
major step in this direction has been the constitution of the Jal Shakti
Mantralaya, integrating the Ministry of Water Resources, River
Development and Ganga Rejuvenation and Ministry of Drinking Water and
Sanitation. This new Mantralaya will look at the management of our water
resources and water supply in an integrated and holistic manner, and will
work with States to ensure Har Ghar Jal (piped water supply) to all rural
households by 2024 under the Jal Jeevan Mission. This Mission, under the
Department of Drinking Water and Sanitation, will focus on integrated
demand and supply side management of water at the local level, including
creation of local infrastructure for source sustainability like rainwater
harvesting, groundwater recharge and management of household
wastewater for reuse in agriculture. The Jal Jeevan Mission will converge
with other Central and State Government Schemes to achieve its
objectives of sustainable water supply management across the country.
52. The Government has identified 1592 Blocks which are critical and
over exploited, spread across 256 District for the Jal Shakti Abhiyan.
Besides using funds available under various Schemes, the Government will
also explore possibility of using additional funds available under the
Compensatory Afforestation Fund Management and Planning Authority
(CAMPA) for this purpose.
53. Swachh Bharat Abhiyan has touched the very conscience of the
nation besides bringing enormous health and environmental benefits. This
noble Scheme, initiated in 2014, has achieved a resounding success. 9.6
crore toilets have been constructed since Oct 2, 2014. More than 5.6 lakh
villages have become Open Defecation Free (ODF). We have to build on
this success. We must not only sustain the behavioural change seen in
people but also harness the latest technologies available to transform
waste into energy. I now propose to expand the Swachh Bharat Mission to
undertake sustainable solid waste management in every village.
54. Under the Pradhan Mantri Gramin Digital Saksharta Abhiyan, over
two crore rural Indians have so far been made digitally literate. To bridge
rural-urban digital divide, Bharat-Net is targeting internet connectivity in
local bodies in every Panchayat in the country. This will be speeded up
with assistance from Universal Service Obligation Fund and under a Public
Private Partnership arrangement.
Shahree Bharat/Urban India
55. This Government sees the rapid urbanization of India as an
opportunity rather than a challenge. We have to make both our cities and
villages better using technology. This way we can help people live closer to
their home, stop migration into cities, provide essential services to all.
56. Under Pradhan Mantri Awas Yojana – Urban (PMAY-Urban), over
81 lakh houses with an investment of about 4.83 lakh crores have been
sanctioned of which construction has started in about 47 lakh houses.
Over 26 lakh houses have been completed of which nearly 24 lakh houses
have been delivered to the beneficiaries. There is large scale adoption of
new technologies for construction of these houses. Over 13 lakh houses
have so far been constructed using these new technologies.
57. More than 95% of cities also have been declared ODF. More than
45,000 public and community toilets across 1700 cities have been
uploaded on Google maps, covering more than 53% of India’s urban
population. Almost 1 crore citizens have downloaded Swachhata App.
58. The 150th birth anniversary of Mahatma Gandhi is an apt occasion
for us to re-dedicate ourselves to the ideals of Mahatma Gandhi. Hon'ble
Prime Minister took the Sankalp of achieving Gandhiji’s resolve of Swachh
Bharat to make India Open Defecation Free by 2nd October 2019. I am
very satisfied and happy to report that this would be achieved by the 2nd
October. To mark this occasion, the Rashtriya Swachhta Kendra will be
inaugurated at Gandhi Darshan, Rajghat on 2nd October, 2019. A
Gandhipedia is also being developed by National Council for Science
Museums to sensitize youth and society at large about positive Gandhian
values.
59. Indian Railways suburban and long-distance services do a
phenomenal task in cities like Mumbai and smaller cities. Railways will be
encouraged to invest more in suburban railways through Special Purpose
Vehicle (SPV) structures like Rapid Regional Transport System (RRTS)
proposed on the Delhi-Meerut route. I propose to enhance the metrorailway initiatives by encouraging more PPP initiatives and ensuring
completion of sanctioned works, while supporting Transit Oriented
Development (TOD) to ensure commercial activity around transit hubs.
We are in the process of completing the dedicated freight corridor project
that will free up some of the existing railway network for passenger trains.
Youth
60. The Government will bring in a New National Education Policy to
transform India’s higher education system to one of the global best
education systems. The new Policy proposes major changes in both school
and higher education among others, better Governance systems and
brings greater focus on research and innovation.
61. We propose to establish a National Research Foundation (NRF) to
fund, coordinate and promote research in the country. NRF will assimilate
the research grants
being given by various Ministries independent of each
other. NRF will ensure that the overall research eco-system in the country
is strengthened with focus on identified thrust areas relevant to our
national priorities and towards basic science without duplication of effort
and expenditure. We would work out a very progressive and research
oriented structure for NRF. The funds available with all Ministries will be
integrated in NRF. This would be adequately supplemented with
additional funds.
62. Massive online open courses through the SWAYAM initiative have
helped bridge the digital divide for disadvantaged section of the student
community. To up-grade the quality of teaching, the Global Initiative of
Academic Networks (GIAN) programme in higher education was started,
aimed at tapping the global pool of scientists and researchers. The
IMPRINT or IMPacting Research INnovation and Technology scheme
began as a Pan-IIT and IISc joint initiative to develop a roadmap for
research to solve major engineering and technology challenges in selected
domains needed by the country. Higher educational institutions are
becoming the centres of innovation.
63. These initiatives have up-graded the quality of education. There
was not a single Indian institution in the top 200 in the world university
rankings five years back. Due to concerted efforts by our institutions to
boost their standards and also project their credentials better, we have
three institutions now – two IITs and IISc Bangalore – in the top 200
bracket. This window is open now thanks to our efforts. We will continue
making concerted efforts to improve. An amount of 400 crore has been
provided under the head, “World Class Institutions”, for FY 2019-20, more
than three times the revised estimates for the previous year. India has the
potential to become a hub of higher education. I, therefore, propose to
start a programme, ‘Study in India’, that will focus on bringing foreign
students to study in our higher educational institutions.
64. The regulatory systems of higher education would be reformed
comprehensively to promote greater autonomy and focus on better
academic outcomes. A draft legislation for setting up Higher Education
Commission of India (HECI), would be presented in the year ahead.
65. Khelo India Scheme, launched in October, 2017, has created
awareness of sports as an integral part of wellness throughout the
country. The Government is committed to expand Khelo India Scheme and
to provide all necessary financial support. To popularize sports at all
levels, a National Sports Education Board for Development of
Sportspersons would be set up under Khelo India Scheme.
66. This Government recognizes and follows the teachings of Lord
Basveshwara, in particular the principles of Kayaka and Dasoha.
Implementing ‘Kayakave Kailasa’, the Government enables about 10
million youth to take up industry-relevant skill training through the
Pradhan Mantri Kaushal Vikas Yojana (PMKVY). This is helping to create a
large pool of skilled manpower with speed and high standards.
Demographic trends worldwide show that major economies will face
severe labour shortages in the future. To prepare our youth to also take
up jobs overseas, we will increase focus on skill sets needed abroad
including language training. We will also lay focus on new-age skills like
Artificial Intelligence (AI), Internet of Things, Big Data, 3D Printing, Virtual
Reality and Robotics, which are valued highly both within and outside the
country, and offer much higher remuneration.
67. Drawing again on Lord Basveshwara, his principle of Dasoha
underlines most things this Government does. ‘Give It Up’ for giving up
LPG subsidy or the various pension schemes are on the principle of sharing
through distribution, for the wellness of the society.
68. The Government is proposing to streamline multiple labour laws
into a set of four labour codes. This will ensure that process of registration
and filing of returns will get standardized and streamlined. With various
labour related definitions getting standardized, it is expected that there
shall be less disputes.
69. We propose to start a television programme within the DD
bouquet of channels exclusively for start-ups. This shall serve as a
platform for promoting start-ups, discussing issues affecting their growth,
matchmaking with venture capitalists and for funding and tax planning.
This channel shall be designed and executed by start-ups themselves.
Later in this speech, I shall deal with taxation matters of the start-ups.
70. Stand-Up India Scheme has delivered enormous benefits. The
country is witnessing emergence of thousands of entrepreneurs from
women and also from the Scheduled Castes and Scheduled Tribes, most of
them assisted to set up their businesses and industry with capital provided
under the Stand-Up India Scheme. Considering the beneficial results of the
Scheme and strong demand for its continuance by the SC and ST
communities, the Scheme would be continued for the entire period
coinciding with the 15th Finance Commission period of 2020-25. The
Banks will provide financial assistance for demand based businesses,
including for example for acquisition of scavenging machines and robots.
(To be continued....)
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