Union Finance Minister Arun Jaitley presented the Budget 2016 in the Parliament on Monday.
The budget was considered by many experts as being pro-poor and focusing extensively on the farming sector. Jaitley reiterated a forecast that India would grow by 7.6 percent in the fiscal year that is drawing to a close.
He addressed the media after tabling the budget 2016-17.
Here are the highlights:
1. As far as PSB’s (Public Sector Bank) are concerned, Govt has already said that it will bring down its equity in long run to 52%.
2. Reality of India is that in today’s set up agriculture sector, physical infrastructure, rural sector all needed to be looked into.
3. The first and immediate agenda is to strengthen the bank by recapitalisation.
4. I think this is the largest ever simplification in tax laws.
5. Indian economy is integrated with the world and therefore what is happening else where in the world will impact us.
6. Important to see how do we build a firewall to resist impact of global situation to maximum & best of our ability.
7. The budget provides relief to small and middle level taxpayers through presumptive tax & simplification of tax system.
8. Till GST doesn’t come resource mobilisation is necessary if one has to spend more.
9. The Finance Minister has an onerous job, he has to spend more and maintain 3.5% (fiscal deficit). Therefore he needs resources.
10. The budget provides relief to small and middle level taxpayers through presumptive tax and simplification of tax system.