In his speech on 70th Independence Day, Kumar announced the launch of Student Credit Card scheme from October 2. The scheme promises Rs 4 lakh interest free loan to students for pursuing higher education.
He also announced the launch of a scheme to provide an allowance of Rs 1,000 per month to youths in the age group of 20 to 25 for two years to help them search job.
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The CM announced start of centres in all 534 blocks in the state for imparting language training and computer knowledge to youths to prepare them with better employment prospects.
Another major promise was launch of start up capital of Rs 5,000 crore to help young entrepreneurs start their ventures.
Kumar said free Wi-fi facility would be made available in all state universities and colleges from February 2017.
These announcements are part of his "seven resolves" which he had expressed on the eve of state Assembly election last year. The resolves have been adopted by the grand secular alliance government of JD(U), RJD and Congress in the state as "policy of governance" for the next five years.
Kumar said rule of law prevailed in the state and appealed to the people to maintain peace and communal harmony.
Expressing concern over misuse of social media triggering violence, he said, "I urge everybody to ignore provocative messages sent deliberately to foment unrest in the society... We should not become victims of such designs."
Violence erupted in Saran district last week over a youth sending some objectionable message on social media.
While the state level function was held at the historic Gandhi Maidan where the chief minister took salute from marching contingents, the occasion was celebrated enthusiastically elsewhere too.
Later, the CM visited Chilbilli Mahadalit Tola to hoist the tricolour in a village inhabited by mahadalits, poorest among dalits, at Phulwarisharif block of Patna district.
Governor Ramnath Kovind unfurled national flag at Raj Bhavan and extended warm greetings to the people on the day.
RJD President Lalu Prasad, accompanied by wife Rabri Devi and Health Minister Tej Pratap Yadav, hoisted the tricolour at his 10 Circular Road residence in the presence of a large number of party functionaries and citizens.
On the law and order situation, the chief minister said regular review meetings were being conducted and strict instructions have been given to security forces to check crime.
He said that a "Satyagraha parisar" would be established at Mithapur locality of Patna with facilities of building, play ground, museum and of public utilities to hail centenary celebration of Champaran satyagraha launched by Mahatma Gandhi against British rule.
In addition, a Gandhi Smriti Bhavan would be set up at Bhithiharwa in West Champaran district, the spot from where the father of the nation had launch agitation against forced indigo cultivation by the Britishers.
Kumar also announced setting up a "Prakash Parva Kendra" in Patna on the occasion of 350th birth anniversary of Guru Govind Singh in January next year.
He spoke of formulating a new five year agriculture road map from 2017-22 after completion of the present one to boost farming, the mainstay of the state's economy.
The CM announced setting up a police control room and police help line for prompt redressal of complaints of citizens.
For expeditiously dealing with incidents of fire, he talked of establishing a fire brigade centre at police station level in the state.
As part of the resolves "Awsar Badhe, Aage Padhe" (Increase opportunity for pursuing further studies) under which arrangements would be made to set up institutions of higher, professional and technical studies at district and sub division level in the next four years, he added.
Kumar announced five new medical colleges at Begusarai, Vaishali, Sitamarhi, Bhojpur and Madhubani.
In addition to bringing out a new Patliputra and Purnea Universities in Patna and Purnea, a veterinary university would come up at Patna, he said.
A university would also come up at Munger, he added.
Richly decorated tableaux of different departments was displayed before the gathered masses at Gandhi Maidan.