One feature of finance minister Arun Jaitley’s speech was his nod to the Prime Minister, and a salute to former PM Atal Bihari Vajpayee in the naming of schemes.
The FM repeatedly referred to the Pradhan Mantri Jan Dhan Yojana as a successful model. But he added many other schemes. The Pradhan Mantri Gram Sinchai Yojana is aimed at irrigating the field of every farmer, and improving water use efficiency. Jaitley allotted `5,300 crore to support micro irrigation, watershed development under Pradhan Mantri Krishi Sinchai Yojana.
To enable the informal sector to access credit, the minister created the MUDRA bank – this bank will refinance micro finance institutions through a Pradhan Mantri Mudra Yojana.
Jaitley added to the list with Pradhan Mantri Suraksha Bima Yojana, which will cover accidental death risk of 2 lakh for just `12 per year. He also announced the Pradhan Mantri Jeevan Jyoti Bima Yojana to cover natural and accidental death risk of `2 lakh.
Jaitley also remembered Vajpayee – launching the Atal Pension Yojana, which will provide defined pension, depending on the contribution and its period. He also announced the Atal Innovation Mission (AIM).