Budget 2016: The finance minister has an onerous job, says Arun Jaitley

Budget 2016: The budget was considered by many experts as being pro-poor and focusing extensively on the farming sector.

By: Express Web Desk | New Delhi | Updated: February 29, 2016 5:30 pm
Budget 2016, Arun jaitley, Union budget 2016, Jaitley Budget news, Budget 2016 news, Budget 2016 latest news Budget 2016: Finance Minister Arun Jaitley arrives at parliament house to present federal budget 2016-17, in New Delhi, India, Monday, Feb. 29, 2016. It was Jaitley’s second full budget since Prime Minister Narendra Modi won a huge majority in national election in 2014, on the back of promises to turn around the economy and boost job creation. (AP Photo/Manish Swarup)

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.

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