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    Public Sector General Insurance Companies Open 1849 Offices in Towns With Population of 10,000 Or More
    Major Economic Initiatives in the Current Financial Year Public Sector Enterprises Achieve a New Record in Capital Expenditure
    A Non–Statutory Public Debt Management Agency to be Established
    Number of Steps Envisaged to Deepen The Indian Financial Market
    More Than 41 Lakh Women Self Help Groups Provided Credit By December 2013
    Venture Capital Fund to Promote Entrepreneurship Among the Scheduled Castes Mechanism for Marketing Minor Forest Produce Introduced
    Government Succeeds in Obtaining Information in Dozens of Cases of Illegal Off-Shore Accounts
    A ‘Research Funding Organisation’ to be set up to fund Research Projects Selected through a Competitive Process
    Additional Assistance of Rs. 1,200 Crore to North Eastern States, Himachal Pradesh and Uttarakhand
    Agricultural GDP to Grow at 4.6 Per Cent During the Current Financial Year Foodgrain Production Expected to Touch 263 Million Tonnes
    Loading, Unloading, Packing, Storage and Warehousing of Rice also Exempted from Service Tax;
    168,043 Youth had Enrolled and 77,710 Completed Their Training Under National Skill Certification and Monetary Reward Scheme
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    Rs. 3,370 Crore has been Transferred to 2.1 Crore LPG Beneficiaries 57 Crore Aadhaar Numbers have been Issued so far
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    Defence Allocation Enhanced by Ten Percent
    Mordernisation of Central Armed Police Forces
    Several Flight Tests, Navigational Satellites and Space Missions are Planned for 2014-15
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    Rs. 1000 Crore Allocated to Nirbhaya Fund
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February 17, 2014
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Public sector insurance outreach expands to increase rural and peri urban accessibility through new offices across towns.
Public sector general insurance companies have opened 1849 offices in towns with populations of 10,000 or more to serve peri urban and rural areas, and Life Insurance Corporation has opened 1252 similar offices, reflecting coordinated branch network development to improve insurance accessibility in smaller towns.
February 17, 2014
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Restructuring of centrally sponsored schemes increases central assistance to states under the interim budget, expanding fiscal support and capital outlays.
Restructuring of centrally sponsored schemes into fewer programmes accompanies a substantial planned increase in central assistance to state and union territory plans, reallocating federal transfers to support subnational plans and public investment priorities. The communication also highlights a record rise in public sector enterprise capital expenditure and targeted sectoral initiatives in power generation, FDI liberalisation, semiconductor capacity, IT modernisation of the postal department, and an initial corpus contribution to an inclusive innovation fund.
February 17, 2014
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Public Debt Management Agency to be established, with a Bill prepared to operationalise centralised debt management functions.
Establishment of a non statutory Public Debt Management Agency is announced to commence operations in 2014-15, and the Government is ready with a Public Debt Management Agency Bill pursuant to a prior Budget commitment to professionalise and centralise debt management functions.
February 17, 2014
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Deepening financial markets: measures to revamp depository receipts, liberalise rupee corporate bonds and strengthen currency hedging.
Government measures aim to expand the Depository Receipts framework, liberalise the rupee-denominated corporate bond market, strengthen the currency derivatives market for corporate hedging, establish a single consolidated record of individual financial assets, and improve clearing and settlement to facilitate international investment in Indian bonds.
February 17, 2014
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SHG credit linkage expanded significantly, increasing bank access for women self help groups and growing outstanding loan balances.
Expansion of formal bank credit linkage to women self help groups led to a substantial increase in bank financing: ten years earlier fewer than one million SHGs were credit linked, and by end of December 2013 over 41 lakh women SHGs had been provided credit, with a significant outstanding credit amount arising from those linkages.
February 17, 2014
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Venture Capital Fund to promote entrepreneurship among scheduled castes introduced, alongside new marketing mechanism for minor forest produce.
A Venture Capital Fund will be established by IFCI to promote entrepreneurship among Scheduled Castes by providing concessional finance and annual supplementation; a mechanism for marketing minor forest produce has been introduced and budgeted to continue the scheme; National Agro Forestry Policy 2014 is approved to advance employment, productivity, conservation and adaptation; restructured ICDS will roll out at district level; and allocations include support for community radio and dissemination of public health technologies.
February 17, 2014
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Illegal offshore accounts: government obtained information and pursued tax assessments, penalties, and prosecutions for willful evasion.
Authorities obtained information on multiple illegal offshore accounts through alternative methods, and are taking administrative steps to determine tax liability and impose penalties. Where deliberate concealment appears, prosecutions for willful tax evasion have been initiated, and further enquiries target accounts in no-tax or low-tax jurisdictions.
February 17, 2014
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Research funding organisation to finance competitively selected projects, with contributions to receive tax benefits after legislative change.
Establishment of a Research Funding Organisation is proposed to finance research projects selected through a competitive grant process, with contributions made eligible for tax benefits; implementing the tax incentive requires legislative amendments to be introduced with the regular Budget.
February 17, 2014
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Additional Central Assistance announced for specified hill and northeastern states to be released before year-end.
The Union Finance Minister announced that Additional Central Assistance will be released to the North Eastern States, Himachal Pradesh and Uttarakhand as supplementary funding over allocations already made, with the disbursement scheduled before the end of the financial year.
February 17, 2014
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Agricultural GDP growth signals stronger foodgrain output and rising exports, supported by expanded agricultural credit.
Agricultural GDP growth is projected to reach 4.6 percent with foodgrain production expected at 263 million tonnes, record outputs forecast for other crops, rising agricultural exports, and agricultural credit exceeding its target; concurrently, the National Manufacturing Policy targets a larger manufacturing share of GDP, establishment of National Investment and Manufacturing Zones along major corridors, capacity additions in key industries, and measures to promote micro, small and medium enterprises.
February 17, 2014
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Exemption of loading, storage and warehousing of rice from service tax; cord blood bank services classified as health care exemptions.
Loading, unloading, packing, storage and warehousing of rice are exempted from service tax by aligning rice with the definition of agricultural produce, thereby removing the previous distinction that excluded paddy but not rice. Separately, services provided by cord blood banks are classified as health care services and exempt from service tax; implementing notifications will be issued.
February 17, 2014
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National Skill Certification and Monetary Reward Scheme expands funding and enrolment, enabling scale-up through Trust transfers.
National Skill Certification and Monetary Reward Scheme launched in August 2013 has recorded 168,043 enrolments and 77,710 completions; 24 Sector Skill Councils, 442 Training Partners and 17 Assessment Agencies participate and 204 job roles have been finalized. A previously allocated fund will be transferred in full to the NSD Trust and an additional equivalent allocation is proposed for the following year to enable rapid scaling of NSDC activities.
February 17, 2014
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Sub-plan allocations allow adjustment within the expenditure envelope; gender and child budgets also funded in interim budget.
Interim budgetary provision allocates funds to Scheduled Caste and Tribal sub-plans and earmarks amounts for gender and child budgets; these allocations are provisional and may be adjusted in the regular budget, with flexibility within the overall expenditure envelope to rebalance funding between heads if necessary.
February 17, 2014
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Direct Benefit Transfer via Aadhaar-enabled bank accounts to improve subsidy delivery and financial inclusion for vulnerable groups.
The Direct Benefit Transfer mechanism has been used to transfer subsidies to LPG beneficiaries and across 27 identified schemes, with Rs. 3,370 crore transferred to LPG beneficiaries and 54,20,114 transactions (Rs. 628 crore) under the scheme until the stated date; the LPG transfer has been put on hold pending resolution of difficulties. The government emphasises Aadhaar enrollment and bank account linkage to promote financial inclusion, reporting issuance of 57 crore Aadhaar numbers and prioritising vulnerable populations for enrollment and account opening.
February 17, 2014
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Infrastructure financing: shift to market borrowing and PPPs to mobilise resources for railway projects alongside budgetary support.
The Finance Minister announced identification of new instruments and mechanisms to raise funds for railway projects, emphasized increased budgetary support, and proposed mobilising substantial resources through market borrowing and public private partnership arrangements as primary channels alongside continued fiscal transfers.
February 17, 2014
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Defence allocation increase raises interim budgetary provision and signals higher fiscal priority for defence spending.
The Interim Budget 2014-15 increases the Defence Allocation by ten per cent, raising the budgetary provision for defence and signaling an elevated fiscal priority for defence spending compared with the prior budget year.
February 17, 2014
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Modernization of Central Armed Police Forces enabled by budget allocation to procure advanced equipment and technology across financial years.
Modernization of Central Armed Police Forces through a budgetary modernization plan allocating funds in the current and following financial year to procure state-of-the-art equipment and technology, intended to strengthen operational capacity and upgrade hardware and technological capability across the forces.
February 17, 2014
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Space capability expansion signals government commitment to indigenous launch and satellite programs, enabling planned flight tests and missions.
Announcement emphasises indigenous competence in launch vehicle systems, cryogenic propulsion, and satellite applications for navigation, meteorology and communications, and states that multiple flight tests, navigational satellites and space missions are planned for the 2014-15 programme period, signalling continued investment in domestic space infrastructure.
February 17, 2014
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Central assistance to State plans consolidated CSSs and specified allocations announced for priority social and infrastructure schemes.
An enhanced central assistance framework for State and Union Territory plans is proposed for 2014-15 with consolidation of Centrally Sponsored Schemes from 126 to 66, increasing aggregate central contributions and specifying central allocations to priority social and infrastructure programmes within State/UT plans.
February 17, 2014
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Permanent non-lapsable fund for women's safety established, supporting proposals with further contribution proposed next year.
Allocation to the Nirbhaya Fund establishes a permanent, non-lapsable financing mechanism to support proposals for women's safety initiatives, with an initial allotment for the fiscal year and an expressed intention to augment the Fund with an additional contribution in the subsequent year to expand support for eligible proposals.

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