Union Bud­get 2014-15: Arun Jait­ley an­nounces a devel­op­ment ori­ented bud­get

Arun Jait­ley’s bud­get fo­cuses on in­fra­struc­ture

Accommodation Times - - Front Page -

Fi­nance Min­is­ter Arun Jait­ley his bud­get has fo­cused on in­fra­struc­ture sec­tor. He has made large al­lo­ca­tions, set bet­ter pol­icy frame­works. Trans­port and Ru­ral Devel­op­ment Min­is­ter Shri Nitin Gad­kari has also wel­comed the Union Bud­get and ex­pressed his sat­is­fac­tion with the al­lo­ca­tion of the funds ded­i­cated to the Min­istry of Road Trans­port In­fra­struc­ture.

It is seen that In­dia has emerged as the largest PPP mar­kets in the world with over 900 projects in var­i­ous stages of devel­op­ment. In­fra­struc­ture and con­struc­tion sec­tors have a sig­nif­i­cant role in the econ­omy. Growth in these sec­tors is nec­es­sary to re­vive the econ­omy and gen­er­ate jobs for mil­lions of our young boys and girls,” said Jait­ley in his bud­get speech.

To stream­line the Pub­lic Pri­vate Part­ner­ship mode an in­sti­tu­tion called “3P In­dia” Rs 500crores has been pro­posed fur­ther­more, pro­pos­als worth Rs 37,880crores have been made in the bud­get, to be in­vested in Na­tional High­ways devel­op­ment as well as that of the state roads. This in­cludes Rs 3000crores for the North eastern re­gion. In the Ports Sec­tor, 16 new projects are pro­posed with a fo­cus on con­nec­tiv­ity. Spe­cial Eco­nomic Zones will be de­vel­oped in Kandla port and the JNPT Mumbai. The min­istry has also pro­posed to set up the eBiz plat­form which will bring the trans­parency and ac­count­abil­ity of the clear­ances like land ac­qui­si­tion, for­est clear­ances and hur­dle for project.

Of 239 cen­tral- sec­tor in­fra­struc­ture projects cost­ing Rs.1, 000crore and above, 110 are de­layed, said the govern­ment in its Eco­nomic Sur­vey re­leased on Wed­nes­day. The cost over­run of these 239 projects is es­ti­mated to be Rs.1, 57,802crore, 21.3% of the orig­i­nal cost.

Jait­ley has also en­cour­aged banks to ex­tend long-term loans to in­fra­struc­ture sec­tor with flex­i­ble struc­tur­ing to ab­sorb po­ten­tial ad­verse con­tin­gen­cies. To meet their long-term fund rais­ing re­quire­ment, banks would be per­mit­ted to raise long-term funds for lend­ing to in­fra­struc­ture sec­tor with min­i­mum reg­u­la­tory pre-emp­tion.

Nearly 21 road projects worth Rs.26, 000crore failed to get bids in the last two fis­cal years. Fi­nance Min­is­ter has also pro­mul­gated the schemes for devel­op­ment of new air­ports in Tier I and Tier II cities.

Ahmed­abad and Lucknow have been sin­gled out as spe­cial ben­e­fi­cia­ries of this bud­get with the al­lo­ca­tion of Rs. 100crore to­wards the de­ploy­ment of Metro rail sys­tems in these cities. The in­creased con­nec­tiv­ity will raise the scope of real es­tate devel­op­ment there and also have an im­pact of prop­erty valu­a­tions over the mid to long term

FM an­nounces Mis­sion Low Cost Hous­ing for all by 2022 and al­lo­cates funds of Rs. 4,000 crore to NHB Home loan in­ter­est ex­emp­tion raised to Rs. 2 lakh from Rs. 1.5 lakh Arun Jait­ley, Union Fi­nance Min­is­ter NHAI tar­gets 8,000 Kms. of road devel­op­ment...

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