Summary of Projects & Achievements: 48 Months of Narendra Modi Government (Important) (Part - 12) (Download PDF)

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New India’s Digital prize- digital on the rise- Massive rise in volume of digital transactions, No of transaction shoot up from 96 lakh/day in 2014 to 3.5 crore/day in March, 2017.

  • Digital innovations: BHIM app, based on UPI, launched

  • BHIM enormously popular- about 2 crore downloads

From Highways to I-ways: Digital India, Developed India

  • Under Bharat net, rapid growth in optical fibre network connectivity to villages

  • Only 59 panchayats were connected till 2014, which has now reached 90, 996 gram panchayats

  • More than 2.5 lakh km optical fiber cable laid in last 3 years

NavIC-new Age Navigation System for New India

  • India joins an elite space club of countries with their own satellite navigation system

  • Successfully launched IRNSS-1G

  • Provides position information within India and 1500 km around Indian mainland

  • NavIC, an independent regional navigation satellite system in place

Creating World-class Cities, Ensuring Air Connectivity

  • Smart cities: 100 cities in India to build new age infrastructure

  • UDAN Taking flying to the masses

  • The UDAN initiative aims at:

  • Connectivity to un-served and under-served regions

  • Revival of existing air-strips and airports

  • For 50 % of seats in flights for under 1 hr duration (500 km), fares capped at Rs. 2, 500

Next Generation for New India

Sagarmala:

  • An ambitious plan for integrated development of all maritime- related activities

  • 415 projects with investment of approx. Rs. 8 lakh crore identified

  • Inland waterways promoted as a cheaper, alternate means of transport

  • Bullet train: - japan to partner with India to build 1st bullet train from Mumbai to Ahmedabad

  • Unprecedented pace of building national highways & rural roads

  • 106 new waterways declared national waterways

New India: Liberalization of Coal Mining Sector

  • Historic move after nationalization of coal mines in 1973

  • Govt fully opened coal mining sector to private/foreign investment

  • Allows private companies to mine coal for commercial purposes

  • Ends monopoly of public sector over coal mining

  • Increases efficiency

Undoing Unnecessary Complexities, Simplifying Processes

  • NITI Aayog replaced planning commission

  • No separation of budget into plan & non-plan

  • Replaced with more efficient revenue and capital expenditure

  • The perception that the erstwhile plan part of budget entailed capital expenditure was erroneous since a majority of plan expenditure was revenue in nature

Involving States as Partners, Strengthening Federalism

  • Path- breaking recommendation in 14th finance commission

  • Strengthening co-operative & competitive federalism

  • Raising share of states in Union tax revenues from 32 % to 42%

Reformed Budget for Integrated Focus on Execution

  • Bold departure from longstanding colonial-era tradition

  • Union budget 2017 presented a moth in advance to enable speedy implementation of schemes

  • Merger of union budget 2017 with rail budget to enable a better understanding of revenues and expenditures

Elimination of Interviews

  • Discontinuation of interviews for group ‘C’, ‘D’ and group ‘B’ (non-gazette) jobs

  • No corruption, only merit

  • Ends arbitrary discretion

  • Reduces avenues of corruption

Securing Home Buyers with Real Estate Regulation

  • Real estate (regulation and development) Act, 2016 biggest reform in the sector

  • Sets up a regulator for monitoring

  • Incorrect or incomplete disclosure will attract a penalty

  • Binds promoters to have the consent of two-thirds buyers before making any change

  • Project may be cancelled if rules are flouted.

  • Provides transparency in project-marketing and execution

  • Mandates the developer to deposit 70 % of the money collected in an escrow account

Labour Reform: Simplification of Laws

  • Myriad labour laws will be merged under 4 separate acts

  • Removes contradictions and confusion & smoothen implementation of laws

  • Acts will encompass wage-relayed, social-security related, safety- related & industrial relations- related issues

  • Employers can now pay wages to employees by cash or Cheque or crediting it to bank accounts

End of Corruption & Cronyism: Clean Telecom Spectrum Auctions

  • Clean and exemplary telecom spectrum auction

  • Spectrum auction in 2015 fetched Rs. 1.10 lakh crore the highest ever revenue from spectrum auctions another spectrum auction in 2016 has fetched Rs. 32, 434 crore to be used for overall development

New India, an Investment Hotspot: FDI Reform Across Sectors

Construction

  • 100 percent FDI under automatic route permitted

  • Eased rules for foreign investors to exit and repatriate investment

  • Restrictions on floor area and minimum capitalization removed

  • FDI limit increased to 100 % through government approval route

  • Condition of access to ‘state-of-art’ technology in the country to apply for FDI relaxation above 49%, done away with

Defence

  • FDI limit increased to 100 % through government approval route

  • Condition of access to ‘state-of-art’ technology in the country to apply for FDI relaxation above 49%, done away with

Fiscal Consolidation with Deregulation of Diesel Pricing

  • Big bang reform: Govt deregulated diesel pricing in October, 2014

  • Reduces subsidy burden on exchequer

  • Encourages competition thereby benefiting the consumers

  • Helps the government keep fiscal deficit in control, targeted at 3.2 % of GDP in Union Budget 2017 - 18

Empowering Start-up Businesses

  • Funding of start-ups with loans becomes easier

  • Exclusion of Convertible notes from definition of deposits

  • Upper limit on acceptance of deposits raised to 35 % of net worth

  • Founders can now retain their shareholding

  • Limit with regard to sweat equity increased from 25 % to 50 % of paid up capital

    • Start-ups allowed to issue ESOPs to promoters working as employees

    • Udyog Aadhaar Memorandum

  • Registration for entrepreneurs with an online simple one-page form

  • 30.56 lakh enterprises registered

Big Bang Reforms for New India: Insolvency & Bankruptcy Code

  • Considered one of the biggest economic reforms

  • Insolvency resolution of corporates, partnership firms and individuals in a time bound manner

  • Promotes entrepreneurship, availability of credit, and balances the interests of all stakeholders

New India, an Investment Hotspot: FDI Reform Across Sectors

Insurance

Limit of FDI in insurance sector raised from 26 % to 49 % under the automatic route

Railways

  • 100 % FDI allowed in most segments of railway infrastructure

  • In high-speed rail projects a foreign player now allowed to run a fully privatized railway company

  • Sectors such as railway electrification, signaling, testing facilities etc, also allow 100 % FDI

EBiz for Ease of Doing Nosiness

  • eBiz portal enables fast and efficient access to G2B services online

  • Regulatory information easily available to all stakeholders on:

  • establishment of a business

  • ongoing operations

  • closure

  • Reduces undue delays in regulatory processes to start or run business

Shram Suvidha for Business Suvidha

  • Inspection initiations based on data trends and objective criteria

  • Employers can submit a single compliance report for 8 labour Acts

  • Shram Suvidha Portal: One-stop shop for labour law compliance

  • Computerized system put in place to initiate inspections

  • Labour inspectors disallowed from swooping down on companies

  • Bringing transparency and accountability

“Shrameva Jayate” Empowering Workers, Boosting Worker Welfare

  • Minimum wage hiked by 42 % in agricultural & non-agricultural sectors

  • Bonus eligibility cap increased from Rs. 10, 000 per to Rs. 21, 000 per month

  • Minimum pension of Rs. 1, 000 to 20 lakh EPF pensioners with pension below Rs. 1, 000

  • Unique Account Number allotted to all members of EPFO- acts as umbrella ID for multiple IDs allotted, helps portability

New India, New Approach to Enterprise: Ease of Doing Business

Image of 12 rank jump in world bank's EoDB rankings

Image of 12 Rank Jump in World Bank’s EoDB Rankings

Image of 12 rank jump in world bank’s EoDB rankings

  • Stoking competitive federalism with EoDB rankings for states

  • All FDI through direct route; Foreign Investment Promotion Board dissolved

  • GST to further boost ease of doing business

  • Enactment of the insolvency and bankruptcy code

No Sectoral Investment Limits or Priority Sector Lending

Removal of sectoral investment limits

  • In pharma, banking, multi-brand retail, power exchanges and commodity exchanges sub-limits for FDI and FPI removed

  • No more confusion, boosting Ease of doing business

  • End of forcing banks to lend to ‘priority sectors’

  • Introduced tradable Priority Sector Lending Certificates (PSLCs)

  • Banks can meet their targets of lending to priority sector in the event of shortfall

Enabling Enterprise: Extension of Industrial License

  • Encouraging industry through procedural incentives

  • Period of validity of industrial license extended from two to three years

  • Provision for further extension of two years

  • Expiry date of industrial licenses extended

- Published/Last Modified on: July 16, 2018

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