Finance Minister Arun Jaitley presents National Budget 2016-2017. With an eye on supporting the small tax-payer and the small investor, the Minister concerns over stagnating growth, the state of government finances and stuttering pace of reforms.
Jaitley said in his opening remarks that “I am presenting the budget when the global economy is in crisis,” adding that India, however, remained the bright spot in this gloom, turning difficulties into opportunities.
He also said India’s growth has expanded 7.5 percent, despite slowdown in exports.
The Finance minister announced a slew of schemes for general public by making No changes in existing income tax slabs, No Service Tax for houses built under 60 square metres, Rs. 38,500 crore for MNREGA. Highest ever for the rural employment scheme, Increasing 10-15 per cent Excise duty on tobacco and 4% high capacity tax for SUVs.
Meanwhile, After the budget tabled in Parliament the opponent as well as ruling party minister gave their reactions on budget.
Former Finanace Minister Yashwant Sinha while praising the budget, said Yes, Finance Minister has passed the test, there is something for everyone in this budget. Agriculture minister Radha Mohan Singh also said that Post Independence, this is the first budget which is dedicated to villages and the poor.
While criticising the budget Senior Congress leader Shashi Tharoor said Government has painted a very general picture, have adopted many old policies of UPA. Congress leader Kamal Nath also said There is no immediate stimulus to create disposable income in hands of people or generate employment.