You are here: Home » Budget » News » Economy
Business Standard

New bank for refinancing micro industries

The Mudra Bank will have an initial corpus of Rs 20,000 crore, Jaitley said

Sanjeeb Choudhury  |  New Delhi 

In a big push for welfare of small entrepreneurs, poor farmers, pensioners and others, Finance Minister Arun Jaitley today announced the setting up of a Micro Units Development Refinance Board, called Mudra Bank, which will refinance micro institutions with a corpus of Rs 20,000 crore.

He also promised to raise the allocation under MGNREGA by Rs 5,000 crore over and above the 2015-16 Estimates of Rs 34,669 crore. “This will help in raising in rural wages and give this scheme the highest ever allocation,” Jaitley said. DBT will be expanded to cover all other services not just LPG.

In agriculture, the finance minister announced the expansion of the Prime Minister Krishi Sinchaee Yojana, by hiking its allocation to Rs 5,330 crore in 2015-16 as against Rs 1,000 crore in 2014-15.

Read our full coverage on Union Budget

The farm credit target for 2015-16 has also been raised to Rs 8.5 lakh crore and a National Agriculture Market will be established in consultation with the states by using the platform of NITI. The soil health card scheme of the union agriculture ministry will be expanded to cover the entire country by end of 2015-16.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, February 28 2015. 11:55 IST