TNN | Updated: Jul 22, 2019, 1:36 IST
- Important measures on national security have been pushed, such as clean-up of Jammu and Kashmir Bank, domestic agendas to deliver new welfare schemes and significant foreign policy engagements
- A set of labor reforms has been announced that will benefit 49 crore workers
- Unregulated financial schemes have been banned, more incentives for the middle class on affordable housing
NEW DELHI: The Narendra Modi 2.0 government has set a fast pace of decision making, with important measures on national security such as clean-up of Jammu and Kashmir Bank, domestic agendas to deliver new welfare schemes and significant foreign policy engagements.
An official backgrounder said action against J & K Bank was very necessary as it was closely linked with terror funding and was misused by separatists in the Valley. A decision has been taken to improve the financial benefits of central armed police forces. Official sources said that there was stepped up action against financial fugitives like the promoters of Sandesara group and jeweller Mehul Choksi who is facing pressure to return to India and face trial.
Amendments to the Insolvency and Bankruptcy Code were intended to ensure timely and efficient disposal of cases related companies that had defaulted on loans and had left investors in the lurch.
According to an official backgrounder, an important set of labor reforms has been announced that will benefit 49 crore workers and also make business smooth and less encumbered with red tape. The registration process for businesses has been significantly simplified.
Unregulated financial schemes have been prohibited to protect the people of the poor. The government has offered more incentives for the middle class. Around three crore retailers and small shopkeepers will be offered pension
An important focus on investment and related efforts is to increase economic growth. There are big plans for infrastructure, a key requisition for a modern nation and growing economy with PM Narendra Modi has set a $ 5 trillion target for the economy in five years. A sum of Rs 100 lakh crore is proposed to be invested in the next five years
There is a good news for domestic business with the corporate tax slab set at 25% for companies with turnover of less than Rs 400 crore. An amount of Rs 350 crore has been marked for GST subvention for MSMEs.
Among the manifesto promises to take up water reservoir in the form of the Jal Shakti Ministry. The department will urgently frame policy for improving water safety and considering measures to mitigate climate change.
There were several initiatives for farmers with hiked MSP for Kharif crops and the implementation of the PM Kisan to all farmers. The government will also spend Rs 10,000 crore on three years on social security cover for farmers.
Among other key initiatives, the government has promised to provide 1.95 crore houses under PM Awas Yojna by 2022.
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