Context
The Union budget for 2017-18 has managed a fine balance between growth and equity based on strategic thrust areas
Note: Budget has been discussed at length on the editorial section. So only relevant points which have not been included in the editorial section will be mentioned here.
Budget positives
Poverty reduction & Alleviation
Measures below combined with a focus on healthcare will help our country to achieve poverty reduction and alleviation
- Enhancing youth skills: The proposal to utilize information technology and launch at least 350 online courses on the Swayam platform will benefit the youth to leverage technology and enhance their skills
What is Swayam?
SWAYAM is a programme initiated by Government of India and designed to achieve the three prime principles of Education Policy viz., access, equity and quality. Courses delivered through SWAYAM are available free of cost to the learners, however students wanting certifications shall be registered, shall be offered a certificate on successful completion of the course, with a little fee.
Objective: The objective of this effort is to take the best teaching learning resources to all, including the most disadvantaged. SWAYAM seeks to bridge the digital divide for students who have hitherto remained untouched by the digital revolution and have not been able to join the mainstream of the knowledge economy
Modus Operandi: This is done through an indigenous developed IT platform that facilitates hosting of all the courses, taught in classrooms from 9th class till post-graduation to be accessed by anyone, anywhere at any time. All the courses are interactive, prepared by the best teachers in the country and are available, free of cost to the residents in India. More than 1,000 specially chosen faculty and teachers from across the Country have participated in preparing these courses
- Simplifying labor laws: The legislative reforms to simplify, rationalize and combine the existing labour laws into four codes on wages, industrial relations, social security and welfare, and safety and working conditions, is another significant change
Boosting economic activity& employment
The thrust on infrastructure and higher allocation for it in the budget will push economic activities and create employment and generate more income
- Proposed measures: The government has proposed measures like the new Metro Rail policy and the development of coastal roads and airports in Tier-2 cities
- Achievements in roadways:The achievements in roadways have been commendable with the almost doubling of road construction achievement rate for the Pradhan Mantri Gram Sadak Yojana (PMGSY), which has increased from 73 km per day by the end of FY2014 to 133 km per day now.
Cyber Security
Cyber security is critical for safeguarding the integrity and stability of our financial sector
- Establishment of CERT-In team for financial sector: The government has rightly highlighted the establishment of a Computer Emergency Response Team for the Financial Sector
- Contribution of Mudra Yojana:The Pradhan Mantri Mudra Yojana has contributed significantly to helping the unfunded and the underfunded segments
- Doubling the lending target, priority to weaker sections:Last year, the target of ₹1.22 lakh crore was exceeded and for 2017-18, the government has proposed to double the lending target to ₹2.44 lakh crore. Priority will be given to Dalits, tribals, backward classes, minorities and women
Promoting digital economy
Post-demonetisation, the government has emphasized the importance of digital economy
- Two new schemes launched: It has proposed to launch two new schemes to promote the usage of the BHIM App and Aadhar Pay. The schemes are referral bonus for consumers and a cash-back scheme for merchants
- Efficient delivery system: To achieve its public services target government has reiterated an efficient service delivery system. Direct Benefit Transfer (DBT) to LPG and kerosene consumers are a few such successful initiatives
