The budget establishes a road map for India to get back on track: Arun Jaitley
NEW DELHI: The 2019-20 budget, as a policy document, establishes the road map for India to get back on track, former finance minister Arun Jaitley He said on Saturday.
The budget for each year is essentially a state of government income and expenditure. However, with the expansion of the Indian economy, it has acquired the role of a policy document, Jaitley wrote in a blog post.
The budget presented by the Minister of Finance, Nirmala Sitharaman , is a medium-term policy document. It is a budget of a continuous government, which has to accelerate the direction of the past, said the former FM in his first reaction to Sitharaman's inaugural budget.
Jaitley said the budget extends the roadmap on which the prime minister has developed India's growth story since 2014-19.
The surprising part of this period was that, for an average of five years, India grew by 7.3%, its revenues grew exponentially and brought macro stability with the current account deficit and the fiscal deficit in the path of planning towards down. The current budget maintains that path based on the premise that fiscally prudent economies will eventually be rewarded in comparison to those that are dedicated to the fiscal adventurer, said the BJP senior leader, who retired from the government due to financial problems. Health.
Noting that FM has correctly given the highest priority to infrastructure Jaitley said that adequate allocations have been made in the budget for the construction of national roads, rural roads and that he has drawn up a roadmap for faster trains, modern railways stations, the increase in port capacity, the development of inland waterways and the aviation sector.
Jaitley said the budget creates a political direction for an aspirational India.
Economically weaker sections get the basic comforts of life. In addition to the limit of the income tax exemption that was increased to five rupees in the interim budget a few months ago, several sectors of interest to the middle class and the neo-middle class have been encouraged, Jaitley said.
“These, in particular, include affordable housing and electric vehicles. Massive infrastructure creation also has the ability to generate employment and attract investment. So does a boost to the construction and real estate sector. India will continue to be the largest fastest growing economy in the world. In the last two or three quarters, growth has experienced a moderation, Jaitley said.