Page 54 - Banking Finance August 2024

BUDGET 2024

60 clusters, provide financial support to shift them to National Research Fund for basic research and
cleaner forms of energy and implement energy prototype development.
efficiency measures.
A venture capital fund of Rs.1,000 crore will be set up
Highlights of Priority 7: Infrastructure to expand the space economy by five times in the next
The government has provided Rs.11,11,111 crore for 10 years.
capital expenditure. Highlights of Priority 9: Next Generation

The government has provided Rs.1.5 lakh crore for long- Reforms
term interest-free loans to support the states in their
The government will work with the states to initiate
resource allocation.
land-related reforms, rural land-related actions, and
Phase IV of the Pradhan Mantri Gram Sadak Yojana urban land-related actions.
(PMGSY) will be launched to provide all-weather
connectivity to 25,000 rural habitations. There will be a comprehensive integration of e-shram
portal with other portals to facilitate such a one-stop
The government will provide financial support through solution to provide a wide array of services to labour.
the Accelerated Irrigation Benefit Programme and
other sources for projects with an estimated cost of Shram Suvidha and Samadhan portals will be revamped
Rs.11,500 crore, such as the Kosi-Mechi intra-state link to enhance trade and industry ease of compliance.
and 20 other ongoing and new schemes, including river The government will develop a taxonomy for climate
pollution abatement, barrages and irrigation projects. finance to enhance the availability of capital for climate
The government will undertake the comprehensive adaptation and mitigation.
development of the Vishnupad Temple Corridor and The rules and regulations for Foreign Direct Investment
Mahabodhi Temple Corridor in Rajgir, Nalanda, and and Overseas Investments will be simplified to nudge
Odisha. prioritisation, facilitate foreign direct investments, and
Highlights of Priority 8: Innovation, Research promote opportunities for using Indian Rupee as a
currency for overseas investments.
and Development
The government will set up a mechanism for boosting The government will start NPS Vatsalya, a plan for the
private sector-driven research and innovation at contribution by parents and guardians for minors.
commercial scale with a finance pool of Rs.1 lakh crore. The government is working on Jan Vishwas Bill 2.0 to

The government will operationalise the Anusandhan enhance 'Ease of Doing Business'.

Shah calls for 'cooperation among cooperative banks'
Union home and cooperation minister Amit Shah appealed to people associated with cooperative institutions to open
their bank accounts in District Cooperative Banks (DCBs) to help the cooperative sector become viable. He said if the
mantra of "cooperation among cooperatives" is successful, cooperative institutions will not need to take help from
anyone. "There is no need to take even a single rupee from central or state govt. The entire cooperative movement
can run strongly with money of cooperative institutions," he said.
Shah was addressing the 76th AGM of Kheda District Central Cooperative Bank Limited, Nadiad, through video
conferencing. The bank has introduced loan management, document management system and tablet banking for the
first time in the cooperative banking system of Gujarat, which is considered a landmark achievement. Nadiad is in Kheda
district from where Amul was started. Referring to this successful model of cooperatives, Shah said Amul set an example
of achieving "Sahkar se Samriddhi" (prosperity through cooperation) in front of the entire country and the world.
The Union minister said since its inauguration in 1950, Kheda District Cooperative Bank has served farmers of the region
well and today it is in net profit of about Rs 31 crore. There were times when there were apprehensions about its future,
but after getting the license in 2012, it now has a reserve fund of Rs 258 crore and deposits of Rs 2,500 crore.

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