Prime Minister Narendra Modi on Saturday lauded the Union Budget presented by Finance Minister Nirmala Sitharaman as having both “vision and action”.
“The new reforms announced in the Budget will work to accelerate the economy, financially empower every citizen of the country and strengthen the foundation of the economy in this decade,” Mr. Modi said in an address on television after the Budget was presented.
He said the Budget would improve employment generation across the country, a challenge his government has had to particularly face in the last couple of years.
The main focus of the Budget, said Mr. Modi, was on sectors such as agriculture, infrastructure, textiles, and technology to increase employment opportunities. Under the Blue Economy initiative, the youth would also be provided with new opportunities in fields such as fish processing and marketing, he added.
Increasing employment
“A 16-point action plan has been put in place to achieve the target of doubling farmers’ incomes by 2022 and increase employment in rural areas,” he said.
The investments in the rural areas include the launch of a Kisan Rail scheme for a rail network that will aid in bridging the farm-to-market distance.
He specially pointed out that his government “trusted” the Indian citizen, and that there would be “no need to audit firms with a turnover of up to ₹5 crore. No certification from chartered accountants would be needed.” The limit for this was ₹1 crore earlier. He also mentioned the tax payer charter, announced by the Finance Minister in the Budget, a statement of a tax payers rights and duties. Only three other countries globally have such a charter.
“Removing the dividend distribution tax will give companies ₹25,000 crore, which will help them to invest further,” the Prime Minister said.
“The national logistics policy will benefit trade, business, and employment. The target to build 100 airports in India will embolden the will of the common Indian. This infrastructure is important for Indian tourism,” he said.
