Union Budget 2014-15: The Pros and Cons

In an extensive measure to revive agriculture and also help poor farmers, the budget has provided various measures and schemes. 5000 crores for short time rural credit refinance fund. For the increased growth in blue revolution for inland fishery and indigenous cattle breeding 50 crore has been assigned.

The state governments are encouraged to develop farming markets. The government will also look to provide 5 lakh landless farmers through NABARD. Labs to help test soil for healthier agricultural needs will be set up. To promote agriculture, the government has also proposed to set up agriculture universities in Andhra Pradesh and Rajasthan, and Horticulture universities in Haryana and Telagana, a sum of 200 crore is set aside.

Technology and IT sectors have the complete support of the government and as Mehul Lanvers Shah, Managing Director, HMFI India, “the IT industry can rejoice at a budget that banks on technology intervention for development.” The financial minister has given start-up funds of 10000 crores where younger entrepreneurs can expect allocation of 200 crores. There are programs for the start up of village entrepreneurship and incubation. This is just a start for a technology driven economy.

Transportation will be made easy and feasible with the improvement given for railway sector through the introduction of high speed trains and also proposed initiations for more airports in various states. Sajid Khan, Country Manager-India, South African Airways said, “Plans to develop more airports through the PPP model, especially in Tier II and III cities will also open new avenues of growth for the aviation sector,” in response to the governments proposed ideas for better transport.