The Budget presents a strong vision as well as action by way of new reforms to speed up the economy and lay a firm foundation for the development of modern India in the new decade, Prime Minister Narendra Modi said.
The PM said the objective of the Budget was to strengthen every citizen economically. “Employment is mainly generated in agriculture, infrastructure, textiles and technology... there is a boost for employment generation in these areas. There is an effort to double farm incomes with 16 action points,” he added.
Modi said there was an integrated approach to agriculture with traditional practices being supported along with horticulture, fisheries and animal husbandry.
Home minister Amit Shah said the Budget offered £8.5 billion to schemes and measures for Scheduled Castes and other disadvantages sections while there was £5.7 billion for Scheduled Tribes. “The water mission is an important addition to housing, electricity, toilets and cooking gas programmes already rolled out by the government,” he said.
“In this Budget, the Modi government has taken effective steps to rationalise the tax system, boost basic infrastructure, strengthen the banking system, promote investment and ease of doing business,” Shah said. There was unprecedented relief for income tax payers of every category, particularly the middle class, he said, adding that salaried taxpayers would not only see their tax reduced but would get relief from simplification of the tax system.
BJP president J P Nadda hailed the Budget as “visionary, futuristic, growth oriented, transformative and all-inclusive” and said it would ensure development of all sections of society.
The PM said the duty structure had been reformed and the Ayushman Bharat programme had given a major boost to the health sector. “The connection between technology and employment has been recognised. The necessary policy support for quantum computing has been given. India is being made a bigger part of the global value chain,” he said.
“There is an ambitious plan to develop export potential in districts. Modern India needs modern infrastructure. The £10 billion for 6,500 projects will spur business. Tourism needs infrastructure and it can generate jobs with lesser investment,” he added.
“There are basic changes in the tax structure, there is investment for jobs and historic steps have been taken like in the bond markets and removal of DDT. Companies will get £2.5 billion for investment. All these decisions are intended to quicken the economy and create more jobs,” he said.
