Union Budget 2017: Finance Minister Arun Jaitley in his Union Budget speech said that his aim has been to spend more in rural areas and infrastructure, while keeping in mind fiscal prudence. According to Jaitley, PM Narendra Modi’s announcements on December 31 meet a lot of objectives and focus areas of the government. “From housing for the poor, relief to farmers, encouragement to digital transactions, PM Modi’s speech addressed a lot of important things,” FM said.
Finance Minister Arun Jaitley said that his government has launched a massive war on black money. “Our government was elected amidst huge expectations. The expectations were on governance,” he said. “Our mission is to bring about a transformative shift in the economy. We have focused on targeted delivery, we have moved from informal to a formal economy. Inflation in double digits has been tackled, we are on a high growth path.”
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FM Jaitley began his Budget 2017 speech by saying, “I raise on the occasion of this auspicious day of Basant Panchmi to present the Union Budget 2017-2018. Spring is a season of optimism,” he said.
Union Budget 2017 comes in the backdrop of the historic demonetisation drive that was carried out by the Narendra Modi government. There is huge pressure on the government and FM Jaitley to propel economic growth, at a time when demonetisation has slowed down the economy.
In a push to rural sector, the Narendra Modi government had last year announced an enhanced budget allocation of over Rs 8200 crore for rural development including MGNREGA for which funds have been increased by about Rs 3,800 crore. “For rural development as a whole, I have allocated Rs 87,765 crore in the Budget for 2016-17…Rs 38,500 crore have been allocated for MGNREGA in 2016-17. If the total amount is spent, it will be highest budget spend on MGNREGA,” Finance Minister Arun Jaitley had said.