As the finance minster continues its Budget speech Indian stock markets have recovered after the key indices plunged at the beginning of the Budget session. FM focuses on agriculture, education, sanitation and infrastructure requirements.
To push higher education, emphasis is laid on coming up with more educational institutions viz; AIIMS, IITs, IIMs and government medical colleges across various states.
In order to provide clean drinking water, FM has allocated Rs 36 bn for drinking water
In agriculture, government is looking to achieve growth target of 4% for the current fiscal. FM has proposed to increase farming productivity. In order to help farmers to procure better pricing, price stabilization fund will be set up. Over and above private markets will be established targeting to lower inflation. Long term and short term rural credit schemes will be offered to farmers through NABARD. Government has also allocated Rs 50 bn for setting up warehousing facilities.
In order to boost infrastructure facilities and enhance quick transportation, an amount of Rs 378 bn towards development of national and state highway construction. FM has also proposed to develop new airports in Tier I and Tier II cities.
FM focuses on renewable energy and amount of Rs 5 bn is allocated towards the same.
Over and above, emphasis is on more reforms in the capital markets and adoption of new accounting standards from 2015-16, to make financial reporting more transparent.
The BSE-Sensex is trading down 111 points. The NSE-Nifty is trading down 38 points. The BSE Mid Cap index is trading down 0.67% and the BSE Small Cap index is trading down 0.72%. The rupee is trading at 59.72 to the US dollar.