An official backgrounder said action against J&K Bank was much needed as it was closely linked to 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 there was stepped up action against economic fugitives like the promoters of Sandesara group and jeweller Mehul Choksi who are 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 regarding firms that had defaulted on loans and had left investors in the lurch.
Registration process for biz simplified
An important set of labour reforms has been announced that will benefit 49 crore workers and also make business smoother and less encumbered with red tape, according to an official backgrounder. The registration process for businesses has been considerably simplified.
Unregulated financial schemes have been banned to protect honest people with the poor often falling victim to such frauds. The government has offered more incentives for the middle class on affordable housing by way of tax breaks. Around three crore retail traders and small shopkeepers will be offered pension.
An important focus is on investment and related efforts to increase economic growth that would result in higher job creation. There are big plans for infrastructure, a key requisite for a modern nation and growing economy with PM Narendra Modi having 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 to augment infrastructure.
There is 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 manifesto promises taken up urgently are water conservation with the creation of the Jal Shakti ministry. The department will urgently frame policy for improving water security and considering measures to mitigate climate change.
There were several initiatives for farmers with hiked MSP for Kharif crops and the proposed implementation of PM Kisan to all farmers. The government will also spend over Rs 10,000 crore over three years on social security cover for farmers.
Among other key initiatives, the government has promised to provide 1.95 crore houses under the PM Awas Yojana by 2022.