State Bank of India's (SBI) chairman Rajnish Kumar on Friday welcomed the NDA government's interim budget 2019, terming their decision to focus and provide support to agriculture sector as a promising move towards the development of the country.
A number of massive announcements were made by the stand-in Finance Minister Piyush Goyal in his party's final budget of the present term. One of the major highlight of the interim budget was the income support provided to the agriculture sector, something which has been heavily praised by the SBI chairman.
"There was a crying need that the rural and agrarian sector, which was under distress, gets relief. And that is what precisely the government has done. What we are hoping is that it is becoming, and will become the way forward and the need for loan waivers will be obviated. If farmers have steady income support, it will be very good for the rural demand and the stability and for the farmers welfare," Rajnish Kumar said while speaking exclusively to Republic TV.
Another standout of the budget 2019 was the announcement of proposal of full tax exemption for individuals who earn up to Rs 5 lakh annually, as well as for those who earn Rs 6.5 lakhs annually by making investements. And this was also a decision welcomed by Rajnish Kumar.
"The other big relief is of course around middle class, salaried class - raising the exemption limit - and many measures, which are otherwise, tax payers friendly like raising the TDS limit to Rs 10,000 to Rs 40,000 (sic). It's a big relief for the senior citizens and pensioners. Similarly, the changes in regarding to capital gain stats, aboyt the econd house, raising the standard deduction limits, on the whole, my assessmnet of the situatrion ois that without compromising on the macros or the FD in a big manner, the flow of money ito the sector through all these measures, it will spook the economic growth, which is the need of the hour.
Also during the speech, Piyush Goyal mentioned about his government's '2030 vision', which includes making progress in the sectors of rural employment, Green India, Digital India. In this aspect, the SBI chairman felt that the government's decision to focus on agriculture sector tops the list of 2030 Vision.
"The best vision is that oiur country cannot progress unless our rural sector progresses. 50% people are still dependent on the agriculture. Sooner the country or govt takes care of those 50% people, unless we do that, the country cannot progress," he also said.