I congratulate the
Finance Minister Arun Jaitley Jee for presenting an excellent Budget. It
will empower the poor and live up to the expectations of all. It will
provide an impetus to infrastructure, strength to the financial system
and a big boost to the development. The budget has provisions to fulfill
the expectations of everyone- from construction of highways to expansion
of I-ways, from the cost of pulses to the data speed, from the
modernization of railways to simple economic constructions, from
education to health, from entrepreneurs to industry, from textile
manufacturers to tax deduction. The Finance Minister and his entire team
deserve praise for this historic budget.
This Budget is a reflection of the development measures undertaken by
the Government over the past two and a half years and the vision to
carry forward the momentum in this direction. The merger of the Railway
budget with the Union Budget is a major step. It will help in integrated
planning of the transport sector. Railways can now contribute in a much
better way in meeting the transport needs of the country.
The focus of the budget is on agriculture, rural development and
infrastructure which is also a reflection of the Government’s commitment
to raise investment and create employment opportunities. The allocation
for the schemes in these categories has been hiked substantially. The
budgetary outlay for Railways and Road transport sector have also been
substantially increased. Government’s aim is to double the farmers’
income by 2022 and the policies and schemes have been designed keeping
this in mind. Maximum emphasis in this budget has been on the farmers,
villages, poor, dalit and the underprivileged sections of the society.
Agriculture, animal husbandry, dairy, fisheries, watershed development,
Swachcha Bharat Mission are the areas which hold lots of potential to
uplift the economic situation in rural India and also bring a sea change
in the quality of life there.
The Budget has laid emphasis on increasing the employment opportunities.
Special allocation has been made for the sectors like Electronic
manufacturing, Textiles which create new job opportunities. Provisions
have been made to bring in the people working in the unorganized sector
to the organized sector. Budget allocation for Skill development has
been enhanced considerably keeping in mind the youth of our country and
the need to gain the advantage from the demographic dividend. Record
allocation –the highest ever has been made for Mahatma Gandhi National
Guarantee Scheme. Women’s welfare is a priority for our Government.
Budgetary outlay for the schemes related to women’s and children welfare
has been enhanced. There has been a considerable hike in the allocation
of budget for health and higher education.
Housing and Construction Sector plays a major role in the growth of
economy and creating new employment opportunities. This budget will
provide an impetus to the housing sector in rural as well as urban
In the Railway budget, special emphasis has been on railway safety.
Railway Safety Fund has been set up which will help in ensuring adequate
expenditure of funds on rail safety. Capital expenditure on Railway and
Road infrastructure has been hiked substantially in the budget.The
Comprehensive package on digital economy will curb the tax evasion and
check the circulation of black money. We have undertaken the exercise to
launch Digital economy in a mission mode which will go a long way in
achieving the target of 2500 crore digital transactions in 2017-18.
The Finance Minister has brought in tax reforms and amendments which
will provide relief to the Middle Class, result in setting up of
industries, create job opportunities , will put an end to discrimination
and will provide incentives for private investments. The move to reduce
the personal income tax is significant as it touches the middle class
most. Bringing down the rate from 10 to 5 percent is a bold move. Most
of the taxpayers in India would be benefitted by this decision. You
would have seen, my fight against black money and corruption is on.
Political funding has always been a matter of discussion. Political
parties are always under the scanner in this regard. The new scheme by
the Finance Minister related to poll funding is along the lines of the
hopes and aspirations of the people in our fight against the black
The small and medium industries across the country have been a major
source of employment generation. These industries have been demanding
that they are facing difficulties in competing at the global level and
if the taxes are lowered, then around 90 percent of our small scale
industries would be benefitted. Therefore, the Government has amended
the definition of Small scale industries, widened their scope and
reduced the tax rate from 30 to 25 percent. This implies that over 90
percent of our Small scale industries will be benefitted. I am hopeful
that this decision will help a lot in making our SSIs globally
This budget is an important step towards overall development of the
nation. It will create new employment opportunities, help in overall
economic growth and will be complementary in raising the income of the
farmers. In order to ensure quality of life for the citizens, the best
possible facilities of education, health and housing can be organized.
It is an effort to raise the purchasing power of the middle class
without increasing the fiscal deficit.
In a way, it is a reflection of our ongoing efforts to see to it that
the speed with which our country is changing, gather momentum. This
budget is associated with our aspirations, our dreams and in a way
depicts our future. This is the future of our new generation, the future
of our farmers. When I say future, it has a meaning in each of its
letters. In FUTURE, the letter F stands for the farmer, U stands for
Underprivileged which includes dalit, oppressed, women etc., T stands
for Transparency, Technology Upgradation- the dream of a modern India, U
stands for Urban Rejuvenation –the urban development, R stands for Rural
Development and E stands for Employment for youth, Entrepreneurship,
Enhancement to give a push to new employment and boost to young
entrepreneurs. I congratulate the Finance Minister once again to present
this FUTURE in the budget. It is my belief that the budget will carry
forward the development agenda of the Government, generate a new climate
of confidence and help the nation to scale new heights. Once again, my
heartfelt congratulations to the Finance Minister and his team for the