Referring to unclaimed deposits of about Rs 3,000 crores in the Public Provident Fund (PPF) and Rs 6,000 crores in the Employees Provident Fund (EPF) corpus, Jaitley said the amounts will be appropriated to a corpus, which will be used to subsidise the premiums on social security schemes for senior citizens.
Referring to unclaimed deposits of about Rs 3,000 crores in the Public Provident Fund (PPF) and Rs 6,000 crores in the Employees Provident Fund (EPF) corpus, Jaitley said the amounts will be appropriated to a corpus, which will be used to subsidise the premiums on social security schemes for senior citizens.
Underlining the need to raise public investment in infrastructure, he proposed increased outlays on roads and the gross budgetary support to the railways, by Rs 14,031 crore and Rs 10,050 crore respectively. State-owned firms will spend Rs 80,844 crore more in 2015-16 at Rs 3,17,889 crore.
He also proposed to establish National Investment and Infrastructure Fund (NIIF) with an annual flow of Rs 20,000 crore. Jaitley said he intends to permit tax free infrastructure bonds for the projects in the rail, road and irrigation sector and announced that the PPP mode of infrastructure development will be revisited and revitalized.
To provide power to all, Government proposes to set up five new ultra mega power projects each of 4000 MWs in the plug-and-play mode. To promote investment in the country, the Minister proposed to set up a Public Debt Management Agency (PDMA) which will bring both India's external borrowings and domestic debt under one roof. He also proposed to merge the Forwards Markets Commission with SEBI to strengthen regulation of commodity forward markets and reduce wild speculation.
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