New Delhi: The Narendra Modi 2.0 government has set up a swift decision making, with important measures on National security such as clean-up of Jammu and Kashmir Bank, domestic agendas to deliver on new welfare schemes and significant foreign policy engagements.
The government has taken measures 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.
Unregulated financial schemes have been banned to protect the poor who often fall victim to such frauds. The government has offered more incentives for the middle class on affordable housing by way of tax breaks. Pension will be offered to about three crore retail traders and small shopkeepers.
An important focus is given on investment and related efforts to increase economic growth that would benefit 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. To augment infrastructure a sum of Rs 100 lakh crore is proposed to be invested in the next five years.
The domestic business with the corporate tax slab is 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.
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.
Along with other key initiatives, the government has promised to provide 1.95 crore houses under the PM Awas Yojana by 2022.