Sector highlights

eCommerce & RetailAgriculture & Rural DevelopmentEnergyFMCG, Food & BeverageDefence & AviationFinancial ServicesInfrastructure & HousingSteel & MiningManufacturingRailwaysSocial welfare, health & educationTechnology, IT & Telecommunications

eCommerce & Retail

• Foreign Investment Promotion Board(FIPB) will be abolished in 2017 and anew framework will be created forfurther liberalization of FDI Policy incoming days. Foreign companies keento invest in India will not have to waitfor FIPB’s approval

• Model Shops and Establishment Bill toopen up additional opportunities foremployment of women

• Government will launch two newschemes to promote BHIM usage:Referral Bonus Scheme for individualsand a Cashback Scheme formerchants. 1.25 crore people arealready using the BHIM App

• Tax rate for companies with an annualturnover up to INR 50 crores to bereduced to 25% to strengthen MSMEsector. This will benefit 96% of Indiancompanies

• Firms incorporated after 31 March2016 can now avail a three-year taxholiday in their first seven years only ifthey make profits. This rebate couldearlier be availed in the first five years

• For the purpose of carrying forwardlosses for start-ups, the condition ofcontinuous holding of 51% of votingrights has been relaxed, subject to thecondition that originalpromoter/promoters continue theirshare holding

• Start-up companies can carry forwardMinimum Alternate Tax to 15 yearsfrom the present period of five years

• Cash transactions above INR 3 lakhshall not be permitted from April 1,2017

• SIDBI to refinance credit companiesfor disbursement of small loans

• Merchant version of Aadhaar-enabledpayment system, Aadhar Pay, to give aboost to digital inclusion

• Exemption of multiple indirect taxes,like Basic Customs Duty, on items likePoint of Sale machines, fingerprint &iris scanners, etc, to push digitalecosystem for startups

• Bill to remove difficulties andimpediments to ease of doingbusiness to be introduced. Bill will beintroduced as an amendment to theCompanies Act, 2013, and is expectedto improve the enabling environmentfor start-ups. Registration ofcompanies to be completed in oneday

• GST council has finalized itsrecommendations. Implementation ofGST likely to bring more taxes toCentre and States

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Agriculture & Rural Development• INR 1,87,223 crores allocation for

Rural, Agriculture and Allied sectors

Agriculture

• Target for agricultural credit in 2017-18 fixed at record level of INR 10 LakhCrores

• Farmers will also benefit from 60 days’interest waiver announced onDecember 31, 2016

• To ensure flow of credit to smallfarmers, Government to supportNABARD with computerisation andintegration of all 63,000 functionalPrimary Agriculture Credit Societieswith the Core Banking System ofDistrict Central Cooperative Banks.This will be done in 3 years at anestimated cost of INR 1,900 Crores

• Budget provision of INR 9000 Croresfor increasing coverage under FasalBima Yojana from 30% of croppedarea in 2016-17 to 40% in 2017-18and 50% in 2018-19

• INR 9000 crores allocated to set upnew mini labs in Krishi Vigyan Kendras(KVKs) and ensure 100% coverage ofall 648 KVKs in the country for soilsample testing

• Long Term Irrigation Fund already setup in NABARD to be augmented by100% to increase total corpus of thisfund to INR 40,000 crores

• INR 3,500 crores allocated to PriceStabilisation Fund for pulses

• Dedicated Micro Irrigation Fund in

NABARD to achieve, ‘per drop, morecrop,’ with an initial corpus of INR5,000 crores

• Assistance up to INR 75 lakh to beprovided to every NationalAgricultural Market (e-NAM), withnumber of e-NAMs to be expandedfrom 250 markets to 585 APMCs

• Model law on contract farming to beprepared and circulated among Statesfor adoption

• Dairy Processing and InfrastructureDevelopment Fund to be set up inNABARD with a corpus of INR 2000crores, to be increased to INR 8000Crores over 3 years

Rural Development

• Over INR 3 lakh crores spent for ruralpoor every year from Central Budget,State Budgets, Bank linkage for self-help groups, etc

• Aim to bring one crore householdsout of poverty, and to make 50,000Gram Panchayats poverty free by2019

• Against target of 5 lakh farm pondsunder MGNREGA, 10 lakh farm pondsto be completed by March 2017.During 2017-18, another 5 lakh farmponds will be taken up

• Women participation in MGNREGAincreased to 55% from less than 48%

• MGNREGA allocation to be thehighest ever at INR 48,000 Crores in2017-18

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Agriculture & Rural Development

• Pace of construction of PMGSY roadsaccelerated to 133 km roads per dayin 2016-17, against average of 73 kmduring 2011-2014

• Government to connect habitationswith more than 100 persons in left-wing extremism-affected blocks withPMGSY. All such habitations expectedto be covered by 2019 and theallocation for PMGSY, including theState's Share is ₹27,000 Crores in2017-18

• Allocation for Pradhan Mantri GraminAwaas Yojana increased from INR15,000 Crores in BE 2016-17 to INR23,000 Crores in 2017-18, with atarget to complete 1 crore puccahouses by 2019 for the houseless andthose living in kutcha houses

• Efforts to achieve 100% villageelectrification by May 2018 ongoing

• Allocation for Prime Minister'sEmployment Generation Program andCredit Support Schemes increasedthree-fold

• Sanitation coverage in rural Indiaincreased from 42% in October 2014to about 60% in 2016. OpenDefecation Free villages being givenpriority for piped water supply

• As part of a sub mission of theNational Rural Drinking WaterProgramme (NRDWP), over 28,000arsenic and fluoride affectedhabitations to be provided safedrinking water to in next four years

• For imparting new skills to people inrural areas, mason training will beprovided to 5 lakh persons by 2022

• Programme of, “human resourcereforms for results,” to be launchedfor human resource development inPanchayati Raj Institutions

• Steps could be taken to promote andpossibly mandate petrol pumps,fertilizer depots, municipalities, Blockoffices, road transport offices,universities, colleges, hospitals andother institutions to maintain facilitiesfor digital payments, including BHIMApp

• Allocations for Deendayal AntyodayaYojana- National Rural LivelihoodMission for promotion of skilldevelopment and livelihoodopportunities for people in rural areasto be increased to INR 4,500 crores

• By end of 2017-18, high speedbroadband connectivity on opticfibres will be available in more than1,50,000 gram panchayats

• Mahila Shakti Kendra at village levelfor rural women empowerment to beinitiated

• 'DigiGaon' initiative to be launched toprovide telemedicine, education andskills through digital technology

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Energy• 100% village electrification to be achieved by May 2018

• Basic customs duty on LNG to be reduced from 5% to 2.5%

• Target 20,000 MW in next phase of solar capacity addition

• Allocation of Rs 4,814 crore for Deen Dayal Upadhyayal Gram Jyoti Yojana tostrengthen sub-transmission & distribution infrastructure. Allocation will focus oninfrastructure development for rural feeder separation, including metering at alllevels

• Planned set-up of an additional two strategic crude oil reserves in Chandikhole inOdhisha and Bikaner in Rajasthan, taking the country's strategic oil reserve capacityto 15.33 million tonne

• Proposed establishment of an integrated public sector, ‘oil major,’ which will beable to match the performance of international and domestic private sector oil andgas companies

• Solar power to feed 7,000 railway stations

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FMCG, Food & Beverage • Allocation to rural India schemes

increased by 24% to INR 1.87 lakhcrore to provide impetus to growth ofrural consumer base

• To make India a global hub forelectronics manufacturers, INR 745crore allocated to Modified SpecialIncentive Package Scheme (M-SIPS)and Electronic Development Fund(EDF)

• 100% Foreign Direct Investment (FDI)to be allowed under Governmentapproval route in trading of foodproducts manufactured and/orproduced in India. FDI was earlierallowed through Foreign InvestmentPromotion Board (FIPB) route

• Abolition of Foreign InvestmentPromotion Board (FIPB)

• No major changes in excise andservice tax rates ahead of the Goodsand Service Tax (GST)

• Over 16,000 new enterprises havecome up through Stand Up Indiascheme in activities as diverse as foodprocessing, garments, diagnosticcentres, etc

• Referral bonus to be given to usersand cash back to traders forpromotion of BHIM App

• Special scheme launched to createemployment in textile, similar schemeto be launched in apparel and leathersectors

• New rules to be introduced for

development of medical devices

• Minimum Alternate Tax (MAT) beingcarried forward for 15 years instead of10 years

• Modern law on contract farming willbe drafted and circulated to states tointegrate farmers with agroprocessing units

• Market reforms will be undertaken,states will be asked to denotifyperishables from EssentialCommodities Act

• No cash transactions above INR 3 lakhto be allowed

• Increase in customs duty for roasted,salted or roasted and salted cashewnuts increased from 30% to 45%

• Basic Customs Duty (BCD) on ROmembrane element for householdtype filters raised to 10% from 7.5%

• BCD on Nylon mono filament yarn foruse in monofilament long line systemfor Tuna fishing decreased to 5% from7.5%

• BCD on vegetable tanning extracts,namely, Wattle extract and Myrobalanfruit extract cut to 2.5% from 7.5%

• Excise duty of Membrane Sheet andTricot/Spacer for use in manufactureof RO membrane element forhousehold type filters cut to 6% from12.5%

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FMCG, Food & Beverage

• De-minimise customs dutiesexemption limit for goods importedthrough parcels, packets and lettersfrom duty payable not exceeding INR100 per consignment to CIF value notexceeding INR 1000 per consignment

• Limit of duty-free import of eligibleitems for manufacture of leatherfootwear or synthetic footwear orother leather products for use in themanufacture of said goods for exportraised to 5% of FOB value of saidgoods exported during the precedingfinancial year from 3%

• BCD, Countervailing Duty (CVD),Special Additional Duty (SAD) andexcise duty to be exempted onMiniaturized POS card reader for m-

POS (not including mobile phones ortablet computer), Micro ATM as perstandards version 1.5.1, Finger PrintReader / Scanner, and Iris Scanner andits parts and components formanufacture

• SAD on populated printed circuitboards [PCBs] for use in manufactureof mobile phones increased from nilto 2%

• BCD and CVD of all parts for use inmanufacture of LED lights or fixtures,including LED lamps rationalised to 5%and 6% respectively

• Excise duty on all parts for use inmanufacture of LED lights/fixtures,including LED lamps rationalised to 6%

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Defence & Aviation

Defence

• 10% increase to INR 2,74,114 crore for allocation towards defence expenditure,excluding pensions; this allocation also includes INR 86,488 crore towards defencecapital acquisition

• Central Defence Travel System developed to enable defence personnel to booktravel tickets online

• Comprehensive web-based interactive Pension Disbursement System for DefencePensioners to be established; this system will receive pension proposals and makepayments centrally and seeks to reduce the grievances of defence pensioners

Aviation

• Select airports in tier-II cities to be taken up for operation and maintenance onPublic-Private-Partnership (PPP) mode

• Amendment of the Airport Authority Act to allow monetisation of land assets. Theresources, so raised, will be utilised towards airport upgradation

• Airline operators providing passenger services to or from airports covered byPromotion of Regional Connectivity Scheme (RCS) of Ministry of Civil Aviationexempt from service tax. Exemption valid for a period of one year from the date ofcommencement of operations of the RCS airport, as notified by Ministry of CivilAviation

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Financial Services

• INR 10,000 crores allocated for re-capitalization of banks

• Banks to introduce additional 10 lakhPoint-of-Sale (POS) devices by March2017

• Banks encouraged to introduce 20lakh Aadhar-based PoS by September2017

• Increase allowable provision for Non-Performing Asset from 7.5% to 8.5%

• Target for agricultural credit in 2017-18 fixed at a record level of INR 10lakh crores

• Coverage of Fasal Bima Yojana to beincreased from 30% of cropped areain 2016-17 to 40% in 2017-18 and50% in 2018-19. INR 9,000 croresproposed for the scheme in 2017-18

• Lending target of INR 2.44 lakh croresunder Pradhan Mantri Mudra Yojana

• INR 3.96 lakh crores allocated forinfrastructure

• Affordable housing to be giveninfrastructure status

• National Housing Bank to refinanceindividual loans worth INR 20,000crores in 2017-18

• Foreign Investment Promotion Boardto be abolished

• Extend concessional lending schemeand masala bonds to June 30, 2020

• Holding period for long-term capital

gains for immobile assets reducedfrom 3 years to 2 years

• Computer emergency response teamto be set up for financial sector (CERT-Fin)

• No cash transactions over INR 3 lakhto be permitted

• Mission to target 2,500 crores digitaltransactions for 2017-18 through UPI,USSD, Aadhar Pay, IMPS and debitcards

• Capital expenditure up 25.4% overprevious year

• Abolition of Plan-Non Planclassification of expenditure, focus onRevenue and Capital expenditure

• Expert committee will be constitutedto study and promote creation of anoperational and legal framework tointegrate spot market and derivativesmarket for commodities trading. e –NAM to be an integral part of theframework

• Registration of financial marketintermediaries to be made fully onlineby SEBI

• Government to put in place revisedmechanism to ensure time boundlisting of identified CPSEs on stockexchanges

• Shares of Railway PSEs like IRCTC, IRFCand IRCON to be listed on stockexchanges

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Financial Services

• Government to launch Referral BonusScheme for individuals and aCashback Scheme for merchants topromote usage of BHIM

• Total resources to be transferred tostates & UTs estimated at INR 4.11lakh Crores

• Net government borrowing limited toINR 3.48 lakh crores

• Direct tax proposals to result inrevenue loss of INR 22,700 crores butafter counting for revenue gain of INR2,700 crores, the net revenue loss indirect tax would come to INR 20,000crores

• No significant loss or gain in indirecttax proposals

• Revenue deficit reduced to 2.1 % inrevised estimates

• Listing and trading of Security

Receipts issued by a securitisationcompany or a reconstruction companyunder the SARFAESI Act permitted inSEBI registered stock exchanges

• New Exchange-Traded Fund withdiversified Central Public SectorEnterprise CPSE stocks and otherGovernment holdings will belaunched in 2017-18

• Payments Regulatory Board to replaceBoard for Regulation and Supervisionof Payment and Settlement Systems

• Negotiable Instruments Act, to beamended

• More than 17% growth in taxcollection for the second year in a row

• GST is likely to bring more taxes bothto Central and State Governmentsbecause of widening of tax net

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Infrastructure & Housing• Total allocation for infrastructure

development INR 3,96,135 crores

• Provision of INR 2,41,387 crores fortransportation sector including rail,roads and shipping

• ‘Trade Infrastructure for ExportScheme’ (TIES) to be launched in2017-18 with a focus on exportinfrastructure

• Amendment to the Arbitration andConciliation Act 1996 to includemechanism to streamline institutionalarrangements for resolution ofdisputes in infrastructure relatedconstruction contracts, Public PrivatePartnership and public utilitycontracts

• Listing of identified Central PublicSector Enterprises on stockexchanges. Shares of Railway PSEs likeIRCTC, IRFC and IRCON to be listed

Roads and Highways

• INR 64,900 crores allocated forhighways

• INR 27,000 crores allocated underPradhan Mantri Gram Sadak Yojna

• 2,000 kilometers of coastalconnectivity roads identified forconstruction and development tofacilitate better connectivity withports and remote villages

Airports

• Select airports in Tier 2 cities to betaken up for operation and

maintenance in PPP mode

Housing

• INR 23,000 allocation under PradhanMantri Gramin Awaas Yojana, targetto complete 1 crore houses by 2019

• Infrastructure status accorded toaffordable housing

• National Housing Bank to refinanceindividual housing loans of about INR20,000 crore

• To promote affordable housing, carpetarea, instead of built up area, of 30and 60 sq. m. will be consideredunder scheme for profit-linked incometax deduction

• Limit of 30 Sq. m. limit to be appliedonly for municipal limits of 4metropolitan cities. 60 Sq. m. to beapplied for the rest of the country,metro peripheries

• For builders for whom constructedbuildings are stock-in-trade, tax onnotional rental income to be appliedafter one year of the end of the yearin which completion certificate isreceived

• Holding period for computing longterm capital gains due to transfer ofimmovable property to be reducedfrom 3 years to 2 years

• Liability to pay capital gains tax toarise in the year a project beingdeveloped through a JointDevelopment Agreement iscompleted

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Steel and Mining Increased push to infrastructure development will result in demand for the steel sector

• Budgetary allocation for Pradhan Mantri Gramin Awaas Yojana increased from INR 15,000 crores to INR 23,000 crore with 1 crore houses to be completed by 2019

• The government will commission 3,500 km of railway lines in FY18

• Budget allocation for infrastructure for FY18 stands at INR 3,96,135 crore with INR 64,900 crores allocated to National Highways

• New Metro Rail Policy will be announced with focus on innovative models of implementation & financing

Reforms in transport solutions to address the challenges faced by the steel & mining sector

• Railways will implement end-to-end integrated transport solutions for select commodities

• Specific programme for development of multi-modal logistics parks, together with multi modal transport facilities to be drafted and implemented

Corporate taxation and labour reforms to positively impact the sector:

• For MSME companies with annual turnover of up to INR 50 crore, corporate tax rate has been slashed to 25% from 30%

• Legislative reforms will be undertaken to simplify, rationalise and amalgamate the existing labour laws

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Manufacturing Focused initiatives for skill development

• Pradhan Mantri Kaushal Kendras to be extended to 600 districts, 100 India International Skills Centres to be established

• INR 4000 crores allocated to provide at least 3.5 crore youth market relevant training under Sankalp Programme

• Target training 500,000 persons in rural areas in masonry by 2022

• INR 2,200 crores allocated for next phase of Skill Strengthening for Industrial Value Enhancement (STRIVE), to be launched in 2017-18

Incentives and schemes to boost the Manufacturing sector

• MAT credit allowed to be carried forward up to a period of 15 years, instead of the present 10 years

• Tax rate for companies with an annual turnover up to INR 50 crores to be reduced to 25%, from the current 30%, to strengthen MSME sector

• New and restructured Central scheme focusing on export infrastructure, Trade Infrastructure for Export Scheme (TIES), to be launched in 2017-18

• Scheme for creating employment in the leather and footwear industries, similar to existing scheme for textiles sector, to be launched

Policy initiatives to enhance ease of doing business

• Legislative reforms to simplify, rationalise and amalgamate the existing labour laws into 4 Codes: (i) wages; (ii) industrial relations; (iii) social security and welfare; and (iv) safety and working conditions

• Foreign Investment Promotion Board (FIBP) to be abolished in 2017-18, further liberalisation of FDI policy under consideration

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Railways • Railways combined in broader budget,

first time in Indian history

• Total capital and development expenditure for Railways INR 1,31,000 crores

• Focus on four major thrust areas:

Passenger safety

• Creation of Rashtriya Rail Sanraksha Kosh with a corpus of INR 1,00,000 crores over a period of 5 years

Capital and development works

• Railway lines of 3,500 kms to be commissioned in 2017-18, as against 2,800 kms in 2016-17

• 70 projects identified for development through joint ventures with 9 State Governments

• 25 stations to be awarded for station redevelopment

• 500 stations to be made differently-abled-friendly

• 7,000 stations to be powered with solar power

• 2,000 stations powered under 1000 MW solar mission

Cleanliness

• SMS based ‘Clean My Coach Service’ initiated

• Single window interface ‘Coach

Mitra’ facility to be launched to register all coach related complaints and requirements

• All coaches to be fitted with bio toilets by 2019

• New Delhi and Jaipur railway stations to get pilot plants for disposal of solid waste & conversion of biodegradable waste to energy

Finance and accounting reforms

• Accrual based financial statements to be rolled out by March 2019

• Shares of Railway PSEs like IRCTC, IRFC and IRCON to be listed in stock exchanges

Metro Railways

• New Metro Rail Policy to be announced with innovative models for implementing, financing, standardising and indigenisation of hardware and software

• Existing laws to facilitate greater private participation and investment in construction and operation

• Railways to implement end-to-end integrated transport solutions for select commodities through partnership with logistics players

• Service charge on e-tickets booked through Indian Railways CTC withdrawn

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Social welfare, health & education Water, Sanitation and Hygiene

• Swachh Bharat mission has made tremendous progress and sanitation coverage has gone up to 60% from 42%

• As part of a sub mission of the National Rural Drinking Water Programme (NRDWP), safe drinking water will be provided to over 28,000 arsenic and fluoride affected habitations in the next four years

• 500 railway stations to be made differently-abled friendly

• Delhi and Jaipur to have solid waste management plants and five more to be set up later

• By 2019, all coaches of Indian railways to be fitted with bio-toilets

• To impart new skills to people in rural areas to build sanitation facilities, mason training will be provided to 5 lakh persons by 2022

Healthcare

• The Drug and Cosmetic Rules to be revised to make prices of medicines more affordable and increase generic medicine usage.

• Action-plan to achieve elimination of:

• Kala-azar & filiarisis by 2017

• Leprosy by 2018

• Measles by 2020

• Tuberculosis by 2025

• New rules regarding medical devices to be devised to reduce their cost, bring international harmonization, and attract investment in the sector

• 2 New AIIMS to be set up in the state of Gujarat and Jharkhand

• Additional 5000 post graduate seats to be created for medical education per annum

• DNB (Diplomate National Board) courses to be started in many of the hospitals across the country

• 1.5 lakh health sub centres to be converted to Health Wellness Centres

• Aim to bring down the Maternal Mortality Rate (MMR) from 167 in 2011-13 to 100 between 2018-2020

Education and Skill Development

• Introduction of a system to measure annual learning outcomes in our schools

• Innovation Fund for Secondary Education proposed to encourage local innovation to ensure universal access, gender parity and quality improvement. This will be introduced in 3,479 educationally backward districts

• Good quality higher education institutions to have greater administrative and academic autonomy

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Social welfare, health & education • SWAYAM platform, leveraging IT, to be

launched with at least 350 online courses. This would enable students to virtually attend courses taught by the best faculty

• National Testing Agency to be set-up as an autonomous and self-sustained premier testing organisation to conduct all entrance examinations for higher education institutions

• Pradhan Mantri Kaushal Kendras to be extended to more than 600 districts across the country

• 100 India International Skills Centresto be established across the country

• Skill Acquisition and Knowledge Awareness for Livelihood Promotion programme (SANKALP) to be launched at a cost of INR 4000 crores. SANKALP will provide market relevant training to 3.5 crore youth

• Next phase of Skill Strengthening for Industrial Value Enhancement (STRIVE) will also be launched in 2017-18 at a cost of INR 2,200 crores

• Scheme for creating employment in the leather and footwear industries along the lines in Textiles Sector to be launched

• Incredible India 2.0 Campaign to be launched across the world to promote tourism and employment

Women and Children

• Allocation for the welfare of women

and children increased from INR 1,56,528 crores to INR 1,84,632 crore

• Mahila Shakti Kendra will be set up with an allocation of INR 500 crores in 14 lakh ICDS Anganwadi Centres. This will provide one stop convergent support services to empower rural women with opportunities for skill development, employment, digital literacy, health and nutrition

• Under Maternity Benefit Scheme INR 6,000 will be transferred directly to the bank accounts of pregnant women who undergo institutional delivery and vaccinate their children

• Standup India Scheme to support Dailtand women entrepreneurs

• Lending target under Pradhan MantriMudra Yojana to be set at INR 2.44 lakh crores

• Priority will be given to dalits, tribals, backward classes and women

• Model Shops and Establishment Bill to open up additional opportunities for employment of women

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Technology, IT & Telecommunications

BharatNet Project

• INR 10,000 crores allocation

• 1,55,000 kms of Optical Fiber Cable (OFC) laid to the tune of

• High speed broadband connectivity on optical fibre to be available in more than 1,50,000 gram panchayats, with wifi hot spots and access to digital services at low tariffs

• Digi-Gaon initiative to be launched to provide tele-medicine, education and skills through digital technology

Electronic Manufacturing

• INR 745 crores allocation for incentive schemes like Modified Special Incentives Package Scheme (M-SIPS), Electronic Development Fund (EDF)

Duty Changes

• Addition of Special Additional duty, up to 2%, on Populated Printed Circuit Boards (PCBs) for use in the manufacture of mobile phones, subject to actual user condition, aimed at providing adequate protection to domestic electronics & hardware industry

Digital Transactions

• Government to launch two new schemes to promote usage of BHIM –Referral Bonus Scheme for individuals and Cashback Scheme for merchants

• Aadhar Pay, a merchant version of Aadhar Enabled Payment System, expected to be launched, aimed at individuals who do not hold debit cards, mobile wallets and mobile phones

• Mission to be set up with a target of 2,500 crore digital transactions for 2017-18 through UPI, USSD, Aadhar Pay, IMPS and debit cards

• Banks to introduce additional 10 lakh new PoS terminals by March 2017; to introduce 20 lakh Aadhar-based PoSby September 2017

• Focus on rural and semi urban areas through Post Offices, Fair Price Shops and Banking Correspondents

• Steps to be taken to promote and mandate petrol pumps, fertilizer depots, municipalities, block offices, road transport offices, universities, colleges, hospitals and other institutions to have facilities for digital payments, including BHIM App

• Proposal to mandate all government receipts through digital means, beyond a prescribed limit

• Proposed move to create a Payments Regulatory Board in Reserve Bank of India by replacing existing Board for Regulation and Supervision of Payment and Settlement Systems

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