Union budget focuses on agriculture, farmers, women, rural areas: PM
29 February, New Delhi
Prime Minister Narendra Modi has said the budget has focused on development of agriculture, farmers, women and rural areas. He said, the housing sector will be strengthened to boost the dream of Housing for All. He said, important steps have also been taken to double the income of farmers by 2022.
Modi said, the budget also reflects government’s commitment to electrify villages by 2018. He said, by the time every village with have electrification. He said through this rural economy will get a boost and common man’s life will change. He said, Budget clearly calls for electrifying all villages thus giving an impetus to rural infrastructure. He said, substantial resources have been allocated to create infrastructure across the country.
The Prime Minister said, for the Government, primary education is very important and it is giving priority to qualitative transformation of the education sector. He said, the youth, especially the Dalit youth and tribal youngsters want to be job creators and not job seekers. In the health sector, Mr Modi said, the Government has taken many initiatives as it wants to stand shoulder to shoulder with people in times of illness. The Prime Minister said, the budget is all about the dreams of the people.
Finance Minister Arun Jaitley today said the Union Budget 2016-17 deals with the reality of India, facing serious challenges in farm sector.
Interacting with media after presenting the budget in Parliament, Jaitley said at the current scenario in terms of reality of India is that agriculture sector, rural sector and physical infrastructure require attention.
He said the government has given priority to these areas. On banking sector, Mr Jaitley said the first and immediate agenda is to strengthen the bank by recapitalisation. He said, as far as Public Sector Banks are concerned, the government has decided to to bring down its equity in long run to 52 per cent.
The Finance Minister said, in the budget, the government has provided relief to small and middle class taxpayers through presumptive tax and simplification of tax system. He said, this is the largest ever simplification in tax laws.
Parliamentary Affairs Minister M. Venkaiah Naidu has said the budget proposals have laid out a road map for all round development of the country based on 9 pillars prioritized for investment and 9 elements of tax reforms. The Minister said by providing 100 per cent deduction from taxation of profits on construction of affordable housing, the budget aims to achieve the Prime Minister’s dream of Housing For All by 2022.
The public have generally welcomed the Union Budget for 2016-17. While provisions of more budget for skill development, crop insurance and increase in exemption limit on house rent have received public applause, additional taxes on luxury items and high end cars have not found favour with the public.