Union budget 2016: FM allocates Rs 2.21 lakh crore for infra development

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    RailwaysFinance Minister, Arun Jaitley listed ‘nine pillars’ in the union budget he presented including tax reforms, promoting ease of doing business and ensuring fiscal discipline, that will transform India. Total outlay for infrastructure is Rs. 2, 21,246 crores in 2016/17, the Finance Minister said. He has allocated above Rs 2,18,000 crores for roads and railways. Allocation for roads and highways development includes Rs 55000 crores. He said that 50000 km of state highways to be taken up for upgradation as national highways. Initiative to reinvigorate pvt sector, public utility resolution of dispute bills, new credit rating system for infrastructure are the other things he mentioned in the budget. A dedicated irrigation fund with Rs. 20,000 crore under Nabard; Major programme for sustainable groundwater management; Plan for developing new greenfield ports and plan for reviving under served airports and to partner with State Government to develop some of these airports are other major infrastructure boost in the budget. The budget also includes comprehensive plan to be implemented in the next 15-20 years for exploiting Nuclear energy. He said that the Government is committed to achieve 100% village electrification by 1 May 2018. He also mentioned about Cluster-facilitation teams under MGNREGA to optimize water resources. He allocated Rs 38,500 cr for MNREGA in 2016-17, the highest ever if entire amount is spent is also another highlights of the budget. He also mentioned that the Government focuses on quality education and improvement of higher education institutions. He even mentioned about setting up of a higher education financing agency (non-profit) with initial corpus of Rs 1,000 crore. Unveiling the Budget 2016-17, he said the pillars also include emphasis on governance reforms.

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