China kicks off Silk Road infrastructure project worth $79.8bn in Gansu province.

China has launched a massive Silk Road infrastructure project worth $79.8 billion in the northwest
province of Gansu as part of its ambitious Silk Road plan. These project will facilitate trade and people
exchanges between China and central Asian Countries.
Key facts
It will be six-year Silk Road development project. On its completion it is going to add more than 60,000
kilometres of road network including 4,070 km expressways.
Thus improving the connectivity of the existing transportation network. This project will also build 12
civilian airports in the next six years. Thus, expanding the air service reach to 82 per cent of the provinces
population. Gansu province does not share its borders with any central Asian countries but it will be an
important part of the Silk Road Economic Belt.
About Silk Road projects
The Silk Road projects are part of Chinas ambitious Silk Route plan, which involves maze of roads and
ports connecting Asia, Europe and Africa. These projects aims to revive Chinas trade links especially its
declining exports besides globally enhancing its sphere of influence.
Worlds first electric satellites successfully lifted off by SpaceX rocket
Worlds first electric satellites were successfully lifted off by a Space Exploration (SpaceX) Technologies
rocket from Cape Canaveral Air Force Station, United States. The rocket was carrying two all-electric
commercial satellites built by Boeing. The satellites are owned by the French satellite provider Eutelsat
and Asia Broadcast Satellite (ABS). Eutelsats satellite is part of its 35-member commercial network. It
will provide services like mobile, internet, video and other communications services to expand its reach
into the Americas. While, ABS new satellite will serve its customers in Africa, Europe and the Middle East.
Features of electric satellites
These satellites are fitted with lightweight, all-electric engines rather than conventional chemical
propulsion systems. These electric engines allow satellites to produce electric propulsion in order to reach
and remain fixed in particular orbit. Electric propulsion from these satellites consumes less fuel compared
with satellite having chemical propulsion. Thus making satellites lighter in weight and further reducing
cost of launch.
Election Commission launches NERPAP throughout the country
Election Commission of India (ECI) has launched National Electoral Roll Purification and Authentication
Programme (NERPAP). Objective: To bring out a totally error-free and authenticated electoral roll
throughout the country.
Key facts about NERPAP
For the authentication purpose, Electoral Photo Identity Card (EPIC) data of electors will be linked with
Aadhar data.
It also focuses to improve the image quality of electors along with sorting issues like corrections of errors.
Facility to link Aadhar number will be provided to electors through sms, email, mobile application and
National Voters Service Portal using web services through ECI website.
Electors also can link their Aadhar number by making a call at 1950 to state call centres.
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Under NERPAP, collection and feeding of Aadhar will also be done by Electoral Registration Officer. In
this regard special Camps will be organized, Voter Facilitation Centres, e-Seva centres and Citizen Service
Centres. While Booth Level Officers will conduct door-to-door surveys to collect the details.

Union Government and RBI sign agreement to keep inflation below 6%

Union Government and the Reserve Bank of India (RBI) have signed an agreement on Monetary Policy
Framework in order to move towards the RBI Governor Raghuram Rajans view of inflation targeting.
Presently, Union Government and RBI give inflation estimates and do not set targets. But as per this
agreement government has set a target for RBI to bring down inflation below 6 per cent by January 2016.
4 per cent for financial year and all subsequent years with band of +/- 2 percent.
This agreement mentions that if RBI fails to meet the target, it will
Report to the government with the reasons for the failure to achieve the target.
Propose remedial actions to be taken.
Further estimate the time period within which the failed target would be achieved.
As per the agreement, this Monetary Policy Framework will be monitored by the RBI and it is binding on
Union Government to take proactive measures for price control. This agreement will put in place a
framework of a modern monetary policy to meet the challenges of an increasingly complex economy.

Background
The agreement comes in line with the recommendations of the RBIs Urjit Patel committee on
inflation targeting aiming to smoothen the monetary policy. During the budget 2015-16 speech Finance
minister Arun Jaitley also had mentioned that government will amend the RBI Act to provide for a
Monetary Policy Committee and have a memorandum of understanding with the Reserve Bank.
How does inflation targeting work?
The central bank forecasts the future path of inflation and compares it with the target inflation rate
(the rate the government believes is appropriate for the economy). The difference between the forecast
and the target determines how much monetary policy has to be adjusted. An inflation target of zero is
not recommended because it would not allow real interest rates to fall sufficiently to stimulate overall
demand when a central bank is trying to boost the economy.
A major advantage of inflation targeting is that it combines elements of both rules and discretion
in monetary policy. This constrained discretion framework combines two distinct elements: a precise
numerical target for inflation in the medium term and a response to economic shocks in the short
term.
What is required?
Inflation targeting requires two things. The first is a central bank able to conduct monetary
policy with some degree of independence. No central bank can be entirely independent of
government influence, but it must be free in choosing the instruments to achieve the rate of inflation
that the government deems appropriate. Fiscal policy considerations cannot dictate monetary policy.
The second requirement is the willingness and ability of the monetary authorities not to
target other indicators, such as wages, the level of employment, or the exchange rate.

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Not a panacea
Inflation targeting has been successfully practiced in a growing number of countries over the past 20
years, and many more countries are moving toward this framework. Over time, inflation targeting has
proven to be a flexible framework that has been resilient in changing circumstances, including during the
recent global financial crisis. Individual countries, however, must assess their economies to determine
whether inflation targeting is appropriate for them or if it can be tailored to suit their needs. For example,
in many open economies, the exchange rate plays a pivotal role in stabilizing output and inflation. In such
countries, policymakers must debate the appropriate role of the exchange rate and whether it should be
subordinated to the inflation objective.

NPCI links 15 crore bank accounts with Aadhaar

National Payments Corporation (NPCI) has successfully linked 15 crore Direct Benefit Transfer (DBT)
accounts with the Aadhaar numbers. With this achievement NPCI has moved a step closer to map its
target of linking all 17 crore DBT accounts with Aadhaar numbers by 30 June 2015. Under the linking
programme of DBT accounts with Aadhaar numbers, Government is seeking to bring all beneficiaries of
all government subsidies/benefit transfers under the programme in order to plug leakages and save cost.
Apart from this linking programme NPCI is also nodal agency for all retail payment systems under the
Pradhan Mantri Jan Dhan Yojana (PMJDY) which was launched in 2014 to push DBT and financial
inclusion.
About National Payments Corporation (NPCI)
NPCI is an umbrella body for all retail payments system in India. It operates under the aegis of Reserve
Bank of India (RBI) was incorporated in 2008 under the Companies Act.
Its main objective is to facilitate an affordable payment mechanism in order facilitate financial inclusion
and benefit the common man across the country. It also seeks to consolidate and integrate the multiple
systems with varying service levels into nation-wide uniform and standard business process for all retail
payment systems.
Indian Railways inks MoU with LIC for Rs 1.5 lakh crore investments in rail infrastructure
Indian Railways on 11 March 2015 inked an MoU with Life Insurance Corporation (LIC) to raise Rs 1.5
lakh crore for financing the development of its various commercially viable infrastructure projects.
The MoU was signed by Financial Commissioner (Railways) Rajalakshmi Ravikumar and LIC Chairman
SK Roy in presence of Union Finance Minister Arun Jaitley and the Minister of Railways Suresh Prabhu.
Under the MoU State-run insurance giant LIC will provide a Financial Assistance of Rs 1.5 lakh crore to
Indian Railways for developing infrastructure.
From the Financial Year 2015-16 the financial assistance will be made available by LIC for over a period of
5 years as part of its commercial decision.
The investment will be done in the form of bonds issued by various railway entities such as Indian
Railways Finance Corporation (IRFC). There will be a 5 year moratorium in interest and loan repayment.
The rate will be linked to 10-year benchmark plus 10 basis points. With the Financial Assistance from LIC,
the cash-strapped Railways will be able to augment its resources for speedier execution of projects.
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Five sick PSUs to be closed down: Union Government

Union Government has announced that 5 sick public sector undertakings (PSUs) will be closed. It was
announced by Union Heavy Industries Minister Anant Geete while replying to a question in the Lok
Sabha. The 5 sick PSU that will be closed include HMT and its three units, Hindustan Shipyard.
Government also announced that while closing these PSUs, their employees will be provided with very
good VRS package. In the reply, the Minister also announced that there are total 65 units in the list of sick
PSUs as of March 31, 2014.
Government also has declared Air India and MTNL as sick PSU units as per the criteria after they have
incurred losses worth 50 per cent or more of their average net worth during past four years.
According to the loss figures tabled in Lok Sabha
Air India has accumulated losses of Rs 5,388 crore in 2013-14. Rs 5,490 crore in 2012-13 and Rs 7,559
crore in 2011-12 respectively.
MTNL had showed profit of Rs 7,820 crore in year 2013-14. But in the previous years it has incurred
losses of 5,321 crore rupees and 4,109 crore rupees.
Hindustan Shipyard has reported losses of Rs 859 crore, Rs 551 crore and Rs 462 crore in past 3 years.
India, Kyrgyzstan ink MoU for cooperation on textile, clothing
India and Kyrgyzstan on 17 March 2015 signed MoU to strengthen bilateral cooperation on textile and
clothing. The MoU was signed by Minister of State (MoS) for Textiles Santosh Kumar Gangwar and his
counterpart Minister of Energy and Industry of Kyrgyzstan Kubanychbek Turdubaev in New Delhi. T
he MoU seeks to strengthen bilateral cooperation between both nations in the three fields including
Textiles and Clothing, Silk and Sericulture and Fashion. The MoU also aims to achieve enhance
cooperation between both nations in Development of trade and economic & investment relations.
Collaboration in techno-commercial and joint trade missions. Investment cooperation. Mutual assistance
in R&D. Technical collaboration in the field of product development and manufacturing, testing and
certification. Apart from signing MoU, both nations also agreed to set up a joint working group (JWG) in
order to explore areas of cooperation within the scope of the MoU and the steps required to facilitate
bilateral trade and investment.
Trade Agreements
India's Current Engagements in RTAs
Association of South East Asian Nations (ASEAN) and India Free Trade Agreement (FTA)
negotiationss
India-Thailand Comprehensive Economic Cooperation Agreement (CECA) negotiations
Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Free
Trade Agreement (FTA) negotiations

India-Gulf Cooperation Council (GCC) Free Trade Agreement (FTA) negotiations

India-SACU Preferential Trade Agreement (PTA) negotiations
Second Review of India-Singapore Comprehensive Economic Cooperation Agreement

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Expension of India-Chile Preferential Trade Agreement (PTA)

India-MERCOSUR Preferential Trade Agreenent (PTA) Negotiations
India-EU Broad Based Trade and Investment Agreement (BTIA) negotiations
Brief on India-EFTA Broad based Trade and Investment Agreement (BTIA) negotiations
Global System of Trade Preferences (GSTP)
Asia Pacific Trade Agreement (APTA)
India -New Zealand Free Trade Agreement / Comprehensive Economic Cooperation Agreement
India-Canada Comprehensive Economic Partnership Agreement (CEPA)
India-Australia Comprehensive Economic Cooperation Agreement (CECA)

INVITING COMMENTS ON THE DRAFT GOLD MONETIZATION SCHEME

The Finance Minister in his budget speech for the Union Budget 2015 - 16 made the following
announcement:
"India is one of the largest consumers of gold in the world and imports as much as 800-1000 tonnes of
gold each year. Though stocks of gold in India are estimated to be over 20,000 tonnes, most of this gold is
neither traded, nor monetized. Keeping this in view, the government in Budget 2015-16 has announced
the Gold Monetization Scheme which will replace both the present Gold Deposit and Gold metal Loan
Schemes. The new scheme will allow the depositors of gold to earn interest in their metal accounts and the
jewellers to obtain loans in their metal account. Banks/other dealers would also be able to monetize this
gold".
Proposed Gold Monetisation Scheme will replace both the present Gold Deposit and Gold metal Loan
Schemes. The new scheme will allow the depositors of gold to earn interest in their metal accounts and the
jewelers to obtain loans in their metal account. Banks and other dealers would also be able to monetize
this gold.
Indian cold coin
The Government also proposed to commence work on developing an Indian gold coin, which will carry
the Ashok Chakra on its face. Such an Indian gold coin would help reduce the demand for coins minted
outside India and also help to recycle the gold available in the country.
Union Government approves 17 Mega Food Parks for food processing across the country
Union Government has approved 17 mega food parks for food processing across the country. It was
announced by Union Cabinet Minister of Food Processing Harsimrat Kaur Badal. Out of these 17 food
parks, 7 parks have been allotted to state agencies whereas 10 to private players in 11 states.
Key facts These food parks will attract more investment in the concerned states and generate employment
opportunities. It will also benefit five lakh farmers who are suffering due to lack of storage and proper
transport system. These projects would help create infrastructure in rural areas in the line of Prime
Minister Narendra Modis pet project Make in India.
About Mega Food Park Scheme
This scheme is based on cluster approach and on hub and spoke model.
The scheme aims at facilitating the establishment of a strong food processing industry in the country.
It will be backed by an efficient supply chain, which includes collection centres, central processing center
(CPC) and cold chain infrastructure.
The Ministry of Food Processing Industries (MOFPI) is a ministry of the Government of
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India responsible for formulation and administration of the rules and regulations and laws relating to
food processing in India.
The subjects looked after by the Ministry are

Fruits and vegetable processing industry

Food grain milling industry like SOEI FOODS

Dairy products

Processing of poultry and eggs, meat and meat products

Fish processing

Bread, oilseeds, meals (edible), breakfast foods, malt extract, protein isolate, high protein food,
weaning food and extrude/other ready to eat food products.

Beer, including non-alcoholic beer

Alcoholic drinks from non-molasses base

Aerated waters / soft drinks and other processed foods

Specialized packaging for food processing industries

Technical assistance and advice to food processing industry

The Food Safety and Standards Authority of India (FSSAI)

has been established under Food Safety and Standards Act, 2006 which consolidates various acts & orders
that have hitherto handled food related issues in various Ministries and Departments. FSSAI has been
created for laying down science based standards for articles of food and to regulate their manufacture,
storage, distribution, sale and import to ensure availability of safe and wholesome food for human
consumption.

Spectrum auction fetches Rs.1.10 lakh crore to Union Government

The Union government has fetched about 1.10 lakh crore rupees after the auctioning of a telecom
spectrum.
The spectrum auction concluded on 25 March 2015 after 19 days and 115 rounds of rigorous bidding.
However the 11 percent airwaves were not sold in this auction. The process of auction was conducted for
800 MHz, 900 MHz, 1800 MHz and 2100 MHz spectrum covering both mobile telephony and broadband,
including 4th Generation (4G).
A total of 380.75 MHz of spectrum was put on sale in the premium 900 MHz, 1,800 MHz and 800 MHz
bands and 5 MHz of spectrum was put for bidding in the 2,100 MHz band which is used for 3G mobile
services across 17 out of total 22 telecom circles.
The spectrum auction included airwaves held by 9 licences of Idea Cellular, 6 permits of Bharti Airtel and
7 each of Reliance Telecom and Vodafone that were expiring in 2015-16. These auctioned airwaves mostly
included frequencies in 900 MHz band and 1800 MHz band.
The government also auctioned airwaves in 1800 MHz band that remained unsold in 2014, and 800 MHz
i.e. CDMA band frequencies that were left after sale in 2013. The Department of Telecommunication
(DoT) later will disclose details of the result and names of successful bidders after the Supreme Courts
permission as a case is pending in the court.

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Union Government amends guidelines for financial support to PPP in infrastructure

Union Government on 31 March 2015 approved amendments to the Public Private Partnerships (PPP)
guidelines. The approved amendments seek to enhance financial support to projects in infrastructure
sector.
Decision in this regard was taken by the Cabinet Committee on Economic Affairs (CCEA) chaired by the
Prime Minister Narendra Modi.
Amendments approved
1. Change in the definition of a Private Sector Company in the guidelines for financial support to
PPP in Infrastructure under the Viability Gap Funding (VGF) Scheme.
2. The definition of a Private Sector Company means a company which is not a Government
Company.
3. In this case Government company is defined as any company in which more than 51 per cent of
the paid-up share capital is held by the Union Government or State(s) Government or partly by
Union Government and partly by State Government (s).
4. It also includes a company which is a subsidiary company of such a Government company.
This decision was taken to remove any ambiguity in interpretation of the term Private Sector Company in
order to align it with the definition of Government Company defined under Section 2 (45) of the
Companies Act, 2013.
9 agricultural products from north-east India accorded GI registration tag
Nine organic and exotic agricultural products from Northeast India were accorded geographical
indication (GI) registration tag.
GI tag will help to protect these exclusive special local crops and pave way for better branding and
marketing of these products both in domestic and international Market.
Geographical Indication (GI) accorded products are
1. Assam Karbi Anglong Ginger.
2. Assam Tezpur Litchi.
3. Meghalaya Khasi Mandarin.
4. Sikkim Large Cardamom.
5. Mizoram Bird Eye Chilly.
6. Manipur Kachai Lemon.
7. Tripura Queen Pineapple.
8. Arunachal Orange.
9. Nagaland Tree Tomato.
Union Government owned North Eastern Regional Agricultural Marketing Corporation Limited
(NERAMAC) had played important role in getting GI registry. North Eastern Council (NEC) provided the
financial support to this initiative.
About Geographical Indication (GI)
Geographical Indication is an insignia on products having a unique geographical origin and evolution over
centuries. It is a mark of authenticity and ensures that registered authorised users (or at least those
residing inside the geographic territory) are allowed to use the popular product name. In India GI
registration is governed by the Geographical Indications of goods (Registration and Protection) Act, 1999.
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Darjeeling tea was the first product in India accorded with GI tag.

What is a Geographical Indication?

It is an indication It originates from a definite geographical territory. It is used to identify agricultural,
natural or manufactured goods The manufactured goods should be produced or processed or prepared in
that territory. It should have a special quality or reputation or other characteristics
Jurisdiction:
A Geographical Indications Registry with all India jurisdiction operates in Chennai, as per the
Geographical Indication of Goods (Registration and Protection) Act 1999. Under the Act, agricultural,
natural or manufactured goods originating or manufactured in the territory of a country, or a region or
locality in that territory, where a given quality, reputation or other characteristic of such goods is
essentially attributable to its geographical origin and in cases where such goods are manufactured goods,
one of the activities of either production or of processing or preparation of the goods concerned takes
place in such territory, region or locality, are registrable as Geographical Indications.

Horticulture:
Mysore Jasmine : Karnataka
Udupi Jasmine : Karnataka
Hadagali Jasmine : Karnataka
Coorg Orange : Karnataka
Mysore Betel leaf : Karnataka
Nanjanagud Banana : Karnataka
Incense Sticks: Mysore Agarbathi
Paintings: Mysore Traditional Paintings : Karnataka
Textiles & Textile Goods:
Pochampalli Ikat : Andhra Pradesh
Salem Fabric : Tamil Nadu
Chanderi Fabric : Madhya Pradesh
Solapur Chaddar : Maharashtra
Solapur Terry Towel : Maharashtra
Kotpad Handloom fabric : Orrissa
Mysore Silk : Karnataka
Kota Doria : Rajasthan
Kancheepuram Silk : Tamil Nadu
Kullu Shawl : Himachal Pradesh
Madurai Sungudi : Tamil Nadu
Orissa Ikat : Orissa
Srikalahasthi Kalamkari : Andhra Pradesh
Muga Silk : Assam
Ilkal Sarees : Karnataka
Nakshi Kantha : New Delhi
Navalgund Durries : Karnataka
Molakalmuru Sarees : Karnataka
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Salem Silk : Tamil Nadu

Kovai Cora Cotton : Tamil Nadu
Arani Silk : Tamil Nadu
Bhavani Jamakkalam (carpet ) : Tamil Nadu
Wet Grinder: Coimbatore Wet Grinder.

Foreign Trade Policy 2015-2020 Unveiled

Two New Schemes Merchandise Exports From India Scheme And Services Exports
From India Scheme Introduced
The new five year Foreign Trade Policy, 2015-20 provides a framework for increasing exports of goods
and services as well as generation of employment and increasing value addition in the country, in keeping
with the Make in India vision of Prime Minister. The focus of the new policy is to support both the
manufacturing and services sectors, with a special emphasis on improving the ease of doing business.

Merchandise Exports from India Scheme (MEIS)

(a) Earlier there were 5 different schemes (Focus Product Scheme, Market Linked Focus Product
Scheme, Focus Market Scheme, Agri. Infrastructure Incentive Scrip, VKGUY) for rewarding
merchandise exports with different kinds of duty scrips with varying conditions (sector specific or
actual user only) attached to their use. Now all these schemes have been merged into a single
scheme, namely Merchandise Export from India Scheme (MEIS) and there would be no
conditionality attached to the scrips issued under the scheme.
(b) Rewards for export of notified goods to notified markets under Merchandise Exports 2 from
India Scheme (MEIS) shall be payable as percentage of realized FOB value (in free foreign
exchange). The debits towards basic customs duty in the transferable reward duty credit scrips
would also be allowed adjustment as duty drawback.

Service Exports from India Scheme (SEIS)

(a) Served From India Scheme (SFIS) has been replaced with Service Exports from India Scheme

(SEIS). SEIS shall apply to Service Providers located in India instead of Indian Service
Providers. Thus SEIS provides for rewards to all Service providers of notified services, who are
providing services from India, regardless of the constitution or profile of the service provider.
(b) The rate of reward under SEIS would be based on net foreign exchange earned. The reward issued
as duty credit scrip, would no longer be with actual user condition and will no longer be restricted
to usage for specified types of goods but be freely transferable and usable for all types of goods
and service tax 3 debits on procurement of services / goods. Debits would be eligible for CENVAT
credit or drawback.

B. BOOST TO "MAKE IN INDIA"

Reduced Export Obligation (EO) for domestic procurement under EPCG scheme: Specific Export
Obligation under EPCG scheme, in case capital goods are procured from indigenous manufacturers,
which is currently 90% of the normal export obligation (6 times at the duty saved amount) has been
reduced to 75%, in order to promote domestic capital goods manufacturing industry.

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Facilitating & Encouraging Export of Defence Exports

e-Commerce Exports -- (a) Goods falling in the category of handloom products, books / periodicals,
leather footwear, toys and customized fashion garments, having FOB value up to Rs.25000 per
consignment (finalized using eCommerce platform) shall be eligible for benefits under FTP.
Duty Exemption -- (a) Imports against Advance Authorization shall also be eligible for exemption from
Transitional Product Specific Safeguard Duty.
Additional Ports allowed for Export and import Calicut Airport, Kerala and Arakonam ICD, Tamil Nadu
have been notified as registered ports for import and export

Paramparagat Krishi Vikas Yojana

(Traditional Farming Improvement Programme) has been launched by Government of India to support
and promote organic farming and thereby improving soil health. This will encourage farmers to adopt
eco-friendly concept of cultivation and reduce their dependence on fertilizers and agricultural chemicals
to improve yields. Budget Allocation Government has made budgetary allocation of Rs. 300 Crores for the
same in the Union Budget 2015-16.
The Organic Farming Policy 2005 was a sound regulation to promote technically-endowed, economical,
environment-friendly, and socially acceptable use of natural resources in favour of organic agriculture. It
also laid emphasis on soil health and fertility maintenance.

Prime Minister to Launch Pradhan Mantri Suraksha Bima Yojana (PMSBY),

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Atal Pension Yojana
(APY) on 9th May 2015 at Kolkata

RULES FOR THE PRADHAN MANTRI SURAKSHA BIMA YOJANA

DETAILS OF THE SCHEME: The scheme will be a one year cover, renewable from year to year, Accident
Insurance Scheme offering accidental death and disability cover for death or disability on account of an
accident. The scheme would be offered / administered through Public Sector General Insurance
Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms
with necessary approvals and tie up with Banks for this purpose.
Scope of coverage: All savings bank account holders in the age 18 to 70 years in participating banks will
be entitled to join. Enrollment Modality / Period: The cover shall be for the one year period stretching
from 1st June to 31st May for which option to join / pay by auto-debit from.
Eligibility Conditions: The savings bank account holders of the participating banks aged between 18
years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as
per the above modality, will be enrolled into the scheme.

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Benefits:

Premium: Rs.12/- per annum per member. The premium will be deducted from the account holders
savings bank account through auto debit facility in one installment on or before 1 st June of each annual
coverage period under the scheme.

RULES FOR PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA DETAILS OF THE
SCHEME
The scheme will be a one year cover, renewable from year to year, Insurance Scheme offering life
insurance cover for death due to any reason. The scheme would be offered / administered through LIC
and other Life Insurance companies willing to offer the product on similar terms with necessary approvals
and tie ups with Banks for this purpose.
Scope of coverage: All savings bank account holders in the age 18 to 50 years in participating banks will be
entitled to join.
Enrolment Modality: The cover shall be for the one year period stretching from 1st June to 31st May for
which option to join / pay by auto-debit from the designated savings bank account on the prescribed
forms will be required to be given by 31st May of every year, with the exception as above for the initial
year.
Benefits: Rs.2 lakhs is payable on members death due to any reason Premium: Rs.330/- per annum per
member.

Atal Pension Yojana (APY)

The GoI has therefore announced a new scheme called Atal Pension Yojana (APY)1 in 2015-16 budget. The
APY is focussed on all citizens in the unorganized sector. .
The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA)
through NPS architecture.
Under the APY, there is guaranteed minimum monthly pension for the subscribers ranging between Rs.
1000 and Rs. 5000 per month.
GoI will co-contribute to each eligible subscriber, for a period of 5 years who joins the scheme between the
period 1st June, 2015 to 31st December, 2015. The benefit of five years of government Co-contribution
under APY would not exceed 5 years for all subscribers including migrated Swavalamban beneficiaries.
Eligibility
APY is applicable to all citizen of India aged between 18-40 years.

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Exit : On attaining the age of 60 years: The exit from APY is permitted at the age with 100% annuitisation
of pension wealth. On exit, pension would be available to the subscriber.
Exit Before the age of 60 Years: Exit before 60 years of age is not permitted however it is permitted
only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.

Green India
Target of renewable energy capacity revised to 175000 MW till 2022, comprising 100000 MW
Solar, 60000 MW Wind, 10000 MW Biomass and 5000 MW Small Hydro.
Skill India
Deen Dayal Upadhyay Gramin Kaushal Yojana to enhance the employability of rural youth.
According to Census 2011, India has 55 million potential workers between the ages of 15 and 35 years in
rural areas. At the same time, the world is expected to face a shortage of 57 million workers by 2020. This
presents a historic opportunity for India to transform its demographic surplus into a demographic
dividend. The Ministry of Rural Development implements DDU-GKY to drive this national agenda
for inclusive growth, by developing skills and productive capacity of the rural youth from poor families.
Implementation Model
DDU-GKY follows a 3-tier implementation model. The DDU-GKY National Unit at MoRD functions as
the policy-making, technical support and facilitation agency. The DDU-GKY State Missions provide
implementation support; and the Project Implementing Agencies (PIAs) implement the programme
through skilling and placement projects.
Training Requirements
DDU-GKY funds a variety of skill training programs covering over 250 trades across a range of
sectors such as Retail, Hospitality , Health, Construction, Automotive, Leather, Electrical, Plumbing,
Gems and Jewelry, to name a few. The only mandate is that skill training should be demand based and
lead to placement of at least 75% of the trainees.
The trade specific skills are required to follow the curriculum and norms prescribed by specified
national agencies: the National Council for Vocational Training and Sector Skills Councils.

BUDGET ESTIMATES
Non-Plan expenditure estimates for the Financial Year are estimated at `13,12,200 crore.
1. Plan expenditure is estimated to be `4,65,277 crore, which is very near to the R.E. of 2014-15.
2. Total Expenditure has accordingly been estimated at `17,77,477 crore.
3. The requirements for expenditure on Defence, Internal Security and other necessary expenditures
are adequately provided.
4. Gross Tax receipts are estimated to be `14,49,490 crore.
5. Devolution to the States is estimated to be `5,23,958. Cr
6. Share of Central Government will be `9,19,842. Cr
7. Non Tax Revenues for the next fiscal are estimated to be `2,21,733 crore.
8. Fiscal deficit will be 3.9 per cent of GDP and Revenue Deficit will be 2.8 per cent of GDP.

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