As Finance Minister Arun Jaitley today presented the Union Budget 2017, Prime Minister Narendra Modi lauded this year’s budget stating that the FM has presented a ‘Uttam Budget’. Claiming that Budget 2017 will lead the country towards development, PM Modi said that the budget is devoted to strengthening the hands of the poor. Modi claimed that the budget is aimed at the well-being of the villagers and farmers and will double the income of the farmers.
The Prime Minister further stated that the merger of the Railway Budget with the Union Budget will give a boost to the transport sector’s growth. Modi also said that there was focus on raliway safety funds. He said that this year’s budget gives special emphasis to women empowerment and claimed that the housing sectors will also be benefited.
— ANI (@ANI_news) February 1, 2017
Once again speaking of the need to fight corruption, PM Modi said that the budget presented by FM Jaitley is committed to elimate black money in the country. Modi highlightened that this year’s union budget is for the future for the farmers, underprivileged, transparency, urban rejuvenation, rural development and enterprises.
Earlier, presenting the Union Budget 2017, FM Arun Jaitley announced that he will reduce the tax rate of individuals earning between Rs 2.5 lakh to Rs 5 lakh to 5% from the current 10%. This would also translate into an additional benefit of Rs 12,500 for tax payers even beyond Rs 5 lakh. Tax and industry experts were already expecting that to assuage the demonetisation pains of the common man and alleviate their sufferings, some tax reliefs may be provided in the budget. Even Finance Minister Arun Jaitley had hinted in his speeches earlier that the tax burden on taxpayers may be lowered due to higher tax revenues being collected on account of cashless systems.
FM Jaitley further said that political parties continue to received funding from anonymous sources, and hence reduced the maximum donation that a political party can receive in cash is Rs 2,000 from any one source. He added that no transaction of more than Rs 3 lakh will be permitted in cash.