A Sound Financial Sector

Published By : Admin | February 1, 2020 | 17:25 IST

This budget, as per the vision of the Prime Minister, is dedicated to provide Ease of Living to all citizens. This in turn is grouped under three broad themes – Aspirational India, Economic Development and Caring India, said the Union Minister for Finance & Corporate Affairs Smt Nirmala Sitharaman while presenting the Union Budget 2020-21 in Parliament today. According to her, the Ease of Living is supported by two factors, one being corruption-free, policy driven Good Governance and a clean & sound financial sector.

The Finance Minister said that an important aspect of both the Ease of Living and Ease of Doing Business is fairness and efficiency of tax administration. She reassured the taxpayers that the Government is committed to taking measures to protect the citizens form harassment of any kind.

Reforms in Recruitment

Talking about other major Governance reforms in recruitments to Non–Gazetted posts in governments and public sector banks, the Finance Minister proposed to setup a National Recruitment Agency (NRA) as an independent, professional, specialist organization for conduct of a computer based online common eligibility test for recruitment. A test centre is every district, particularly Aspirational districts, would be setup. She further proposed to evolve a robust mechanism for appointment including direct recruitment to various tribunals and specialized bodies constituted for speedy disposal of commercial and other disputes.

Mentioning about laying down a roadmap towards modernized data collection, integrated information portal and timely dissemination of information, the Finance Minister said that there is a growing need for the Indian Statistical System to meet challenges of real time monitoring of our increasingly complex economy. She stressed that Data must have strong credibility and highlighted that the proposed new National Policy on Official Statistics would use latest technology including Artificial Intelligence.

Focus North East

North Eastern region being very high on government’s development agenda, smooth access to financial assistance from multilateral and bilateral funding agencies to help introduce innovative and global best practices is being ensured. The Central government has effectively used an online portal to improve the flow of funds to the North East, the Finance Minister said.

All-round Development of Jammu & Kashmir and Ladakh

Smt Sitharaman stated that the government is fully committed to supporting all-round development of the newly formed UTs of J&K and Ladakh. Accordingly, an amount of Rs 30,757 crore has been provided for the FY 2020-21. An amount of Rs 5,958 crore has been provided for the UT of Ladakh.

G-20 Presidency in 2022

Underscoring India’s G-20 presidency in 2022, the Finance Minister noted that India would be able to drive the global economic and development agenda considerably through this opportunity. For this historic occasion, the government proposes to allocate a sum of Rs 100 crore to begin the preparations, she stated.

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PM Modi chairs 51st PRAGATI Meeting
May 27, 2026
PM reviews seven critical infrastructure projects across the Railways, Power and Road sectors
Projects reviewed span across 9 States with cumulative investment of around ₹30,000 crore
PM also reviews Ken Betwa Link Project and Swachh Bharat Mission-Urban 2.0
PM says Ken-Betwa River Inter-linking Project should serve as a model for other States to resolve inter-State water issues amicably
PM asks States to expedite the completion of solid waste management-related infrastructure, including waste processing plants and GOBARdhan plants
PM calls for mission-mode rooftop solar coverage in urban areas
Acting upon the advice of PM, system of monthly review of social sector schemes at State level operationalised, starting with review of Swachh Bharat Mission

Prime Minister Shri Narendra Modi chaired the 51st meeting of PRAGATI, the ICT-enabled, multi-modal platform aimed at fostering Pro-Active Governance and Timely Implementation, by seamlessly integrating efforts of the Central and State governments, at Seva Teerth, earlier today.

During the meeting, the Prime Minister reviewed seven critical infrastructure projects across the Railways, Power and Road sectors covering nine States worth around ₹30,000 crore. These projects, pivotal to economic growth and public welfare, were reviewed with a focus on timelines, inter-agency coordination, and timely issue resolution. Prime Minister also reviewed Ken Betwa Link Project and Swachh Bharat Mission-Urban 2.0.

While reviewing power sector projects, Prime Minister emphasized the need to accelerate rooftop solar adoption across urban areas, with a special focus on cities, residential clusters and public institutions. He underlined that rooftop solar should be taken up in mission mode to reduce electricity costs, improve energy security and promote clean energy at the household and community level.

While reviewing road and port connectivity projects, it was emphasised that Vadhavan Port should be developed as a model of port-led, multi-modal development, where every major mode of transport is seamlessly integrated to create a future-ready logistics ecosystem. The project should not be seen merely as a port, but as a national gateway connected through coastal shipping, inland waterways, dedicated freight corridors, high-speed rail connectivity, highways and airport linkages.

Prime Minister emphasised the need for effective implementation of Swachh Bharat Mission 2.0 and underlined that the mission should move beyond infrastructure creation and ensure measurable outcomes through regular monitoring, citizen participation and convergence between various stakeholders. He asked States to expedite the completion of solid waste management-related infrastructure, including waste processing plants and GOBARdhan plants.

While reviewing Ken-Betwa River Inter-linking Project, Prime Minister observed that Ken-Betwa project should serve as a model for other States to resolve inter-State water issues through cooperation, timely clearances, technology-based monitoring and mission-mode execution. States were encouraged to identify similar opportunities where river-linking, water conservation, groundwater recharge and efficient irrigation can be taken up in an integrated manner to ensure long-term water security.

Prime Minister also underlined that the delay in the implementation of public projects leads not only to cost escalation but also deprives citizens of timely access to essential facilities and development benefits. He observed that every delay has a direct impact on people’s lives, regional growth and public resources. He stressed that Ministries, Departments and States must adopt a more proactive and time-bound approach to resolve pending issues, remove bottlenecks and ensure faster execution.

Prime Minister also emphasized that innovative use of canal networks should be explored, including installation of solar panels along canals and over canals for clean electricity generation. This would help optimize land use, reduce evaporation losses, generate renewable energy and create additional economic value from water infrastructure.

At the beginning of the meeting, the Cabinet Secretary informed that, in pursuance of the directions of the Prime Minister, a system of monthly review of social sector schemes at the State level has also been operationalised. This mechanism aims to ensure regular monitoring, faster resolution of implementation issues and greater accountability at the State and district levels. As part of this initiative, Swachh Bharat Mission has been taken up for review at the State level in the first instance.