New Delhi, Feb 1: The Finance Minister Arun Jaitley tabled the Union Budget 2017 in Parliament today on February 1. Before the monetary allocation to the various sectors, the Finance Minister spoke about the growth of the economy of India and the main focus of the budget 2017 for the fiscal year 2017-18. Before the start of the presentation, Parliament observed a 2-minute silence as a mark of respect to E Ahamed.
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“I would have adjourned the House for the day. But the Budget is a Constitutional obligation. In this situation, the House will go ahead for the day and may be adjourned for tomorrow as a mark of respect to E Ahamed,” says Speaker Sumitra Mahajan in Parliament. Amidst the ruckus, Arun Jaitley presented the Budget 2017.
Let’s look at the 10 points Arun Jaitley spoke in the Parliament:
- The Budget has specifically been focused on the weaker section of the country. “My approach in preparing the #Budget is to spend more on rural areas, infrastructure & poverty alleviation with fiscal prudence,” said Jaitley.
- Pace of remonetisation has picked up and will soon be normal. Impact will not be visible next year: Arun Jaitley
- International Monetary Fund estimates that the world GDP will grow by 3.1% in 2016 and 3.4% in 2017: Arun Jaitley
- Inflation has been controlled, sluggish growth has been taken up, and a massive war has been launched against black money by our government: Arun Jaitley.
- As per current indications, macroeconomic policy is expected to be more expansionist: Arun Jaitley
- The current monetary policy stance of US may lead to lower inflows, prices of crude oil are also a challenge: Arun Jaitley
- Amidst all global developments, India stands out as a bright spot in the Word Economic scenario: Arun Jaitley
- According to International Monetary Fund, India is expected to be one of the fastest growing economies in 2017: Arun Jaitley
- Demonetisation was a bold and decisive measure. Tax evasion had become normal. Demonetisation seeks to create a GDP that will be real, said Arun Jaitley.
- The World Bank is more optimistic and has projected a GDP of 7.6 per cent in 2017-2018: Arun Jaitley