Bangalore, February 28 2015. IT-relevant extracts from the official document on the Indian Union Budget 2015-16. Full documents here.
The Finance Minister proposed to establish the Atal Innovation Mission(AIM) in NITI which will provide Innovation Promotion Platform involving academicians, and drawing upon national and international experiences. A sum of Rs. 150 crore is proposed to be earmarked for the mission.
The Government is establishing a mechanism to be known as SETU (Self-Employment and Talent Utilisation) which will support all aspects of start-up businesses, and other self-employment activities, particularly in technology-driven areas. Rs. 1,000 crore have been initially earmarked in NITI Aayog for the purpose.
The Minister emphasized formal skill training and said the Government will soon launch a
National Skills Mission which will consolidate skill initiatives spread across several Ministries. He said Rs. 1,500 crore has been set apart for Deen Dayal Upadhyay Gramin Kaushal Yojana. He proposed to set up a fully IT based Student Financial Aid Authority to administer and monitor Scholarship as well Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram.|
The Minister proposed to set up several new institutions. An IIT will be set up in Karnataka and Indian School of Mines, Dhanbad will be upgraded in to a full-fledged IIT.
India is making good progress towards digital India. The National Optical Fibre Network Programme (NOFNP) of 7.5 lakh kms networking 2.5 lakh villages is being further speeded up by allowing willing States to undertake its execution.
Recognizing the importance of indirect taxes in the context of promotion of domestic
manufacturing and ‘Make in India’, the Finance Minister said basic custom duty on certain inputs, raw materials, intermediates and components in 22 items is proposed to be reduced to minimize the impact of duty evasion. All goods except populated printed circuit boards for use in manufacture of ITA bound items are proposed to be exempted from Special Addional Duty Subject to actual user condition SAD will be reduced on import of certain other imports and raw materials.
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