The Budget Session of Parliament began today. The President addressed both houses to deliver the President's address. Some highlights from the address are:
1.The rate of inflation, balance of payments, current account deficit and fiscal deficit have consistently reduced since 2014. FDI inflows in 2015-16 were USD 55.6 billion, the highest for any financial year. FDI policy was liberalised in June 2016.
2.Financial inclusion: Over 26 crore Jan Dhan accounts have been opened and over 20 crore RUPAY debit cards have been issued to enable cashless payments.
3.Under One Rank One Pension, more than Rs 6,200 crore has been released to over 19.6 lakh veterans of armed forces. The total financial implications would be around Rs 11,000 crore.
4.The Pradhan Mantri YUVA Yojana has been launched for promoting entrepreneurship education and training for seven lakh students.
6.Under the BharatNet Project, optical fibre cables now cover over 75,700 panchayats.
7.Pradhan Mantri Fasal Bima Yojana expanded risk-coverage, doubled the sum insured, and facilitated low premium for farmers. During Kharif 2016, around 3.66 crore farmers were insured for a sum of Rs 1.4 lakh crore.
Attached is the detailed document with highlights from the 2017 President’s address.
The Economic Survey was tabled by the Finance Minister. Three ordinances- the Enemy Property (Amendment and Validation) Fifth Ordinance, the Payment of Wages (Amendment) Ordinance and the Specified Bank Notes (Cessation of Liabilities) Ordinance were also presented.