New Delhi: The Bharatiya Janata Party (BJP) leader and former Finance Minister in Modi government Arun Jaitley welcomed the Union budget presented by current Finance Minister Nirmala Sitharaman and said that it expands the roadmap on which the Prime Minister Narendra Modi has built up India’s growth story from 2014-19.Also Read - 100 Per Cent Privatisation Of Public Sector Banks Soon? Know Here
“It is a budget of a continuing government, which has to accelerate the direction of the past. The present Budget maintains that path based on the premise that economies which are fiscally prudent, eventually get rewarded as against those who indulge in fiscal adventurism,” said Jaitley in his blog. Also Read - Tax on Online Gaming, Casinos; Easing Compliance For Taxpayers: Here’s What To Expect From GST Meet Today
He said that the choice between good economics and clever politics is unfair because any government needs both in order to survive and perform. Also Read - GST On Cryptocurrency Soon? Council To Take Decision Next Week | Check Details Here
According to Jaitley, the Prime Minister’s first tenure witnessed this blending of good economics and good politics and the change, which was facilitated by the Jan Dhan Accounts and the Aadhaar, laid the foundation for Direct Benefit Transfer to those who needed State support.
“Subsidies were no longer an unknown amount of money being distributed to an unidentifiable class of people. Subsidies in the form of transfer of facilities to the poor is an example of the blending of good economics and good politics,” he added.
Jaitley, in his Facebook blog, wrote that several sectors of interest to the middle class and the neo-middle class have been incentivised besides the income-tax exemption limit having been increased to rupees five lakhs in the interim Budget a few months ago.
“These, in particular, include affordable housing and electric vehicles. Massive infrastructure creation also has the ability to generate employment and attract investment. So does a boost to the construction and real estate sector,” said Jaitley.