Prime Minister Narendra Modi on Saturday lauded Union Finance Minister Nirmala Sitharaman and her team on the presentation of the Union Budget. He highlighted that the new reforms ushered in sectors such as infrastructure, skill development, tax, agriculture would increase employment opportunities for the youth. Moreover, he noted that the budget had strengthened the motto of ‘Minimum Governance, Maximum Governance’. The PM also stressed that the country had moved from the atmosphere of conflict to trust as far as Income Tax is concerned.
PM Modi said, “I want to congratulate Finance Minister Nirmala Sitharaman and her entire team. The new reforms declared in the Budget will be instrumental in strengthening the economy in this decade. There are main sectors of employment- agriculture, infrastructure, textiles and technology. The budget has laid a lot of emphasis on these aspects to encourage employment.”
The Prime Minister said, “The income of the farmers will be doubled. Along with this, 16 action points have been made that will help increase employment in the rural sector. In the budget, an integrated approach has been adopted for agriculture. There will be value addition in horticulture, fisheries and there will be new employment opportunities for the youth. Via the blue economy, the youth will get new opportunities in fish processing and marketing sector. For Technical Textiles, a new mission has been announced. Ayushman Bharat has given a new vista to the country’s health sector.”
“In the skill development of the youth, emphasis will be placed on focusing on the skills necessary for modern India. We are organising bridge courses for youths who want to go abroad for employment. Export and MSME sector drives employment. A scheme has been announced to make every district an export hub,” he further said.
“Infrastructure sector is also a big driver of employment. Projects worth Rs.100 lakh crore will generate employment opportunities. This will give new energy to the development of the country. Because of the National Logistics Policy, trade, business and employment will be boosted,” he said.
“Because of tax reforms, there is a possibility of value addition in many sectors. For employment, investment is the biggest necessity. Due to the removal of DDT, companies will get Rs.25,000 crore which can be further invested. To attract FDI, tax concessions have been given in this budget. Tax benefits have been given for start-ups and real estate.”
“We have moved from conflict to trust on the issue of Income Tax. Because of Taxpayers’ Charter, the rights of taxpayers will be clarified. There are very few countries in which such a concept has been mooted. India is taking a progressive step.”
“We are a government that trusts citizens. Now there will be no need for audit on a turnover of Rs.5 crore. First, the limit was only Rs.1 crore. Another big decision is pertaining to the depositors' insurance. The insurance on deposits has been increased to Rs.5 lakh. 98-99% of people will be safeguarded by this.”
“This budget has strengthened the motto of Minimum Government, Maximum Governance. The provision of faceless assessment, simplification of direct tax, focus on disinvestment, universal pension via auto-enrolment, the move towards a unified procurement system will help reduce the influence of the government.”