New Delhi, Jul 5 : Commerce and Industry Minister Piyush Goyal on Friday commended Finance Minister Nirmala Sitharaman for the Budget presented in Parliament and maintained that the thrust in the budget is well balanced for the urban as well as the rural sectors.
''It was a matter of pride that she was the first woman Finance Minister to present the Budget,'' said Mr Goyal who presented the interim budget in February.
As far as the taxes are concerned, people don't mind paying if they get the amenities and the improved infrastructure, Mr Goyal said.
He said as far as the budget was concerned, huge thrust has been given to the middle-class across all sectors.
Two crore homes would be constructed in the next five years, which is something to be proud of, Mr Goyal said.
The Minister said the Union Budget 2019-20 stresses upon the need for heavy investment in infrastructure, digital economy and job creation in small and medium firms to fulfil the aspirations of making India a 5-trillion dollar economy.
He said Union Budget 2019-20 has outlined various proposals for giving a boost to manufacturing of electric vehicles and developing India as a global hub for the same.
Only advanced battery and registered e-vehicles will be incentivised, with greater emphasis on providing affordable and environment-friendly public transportation options for the common man.
The main objective of the scheme is to encourage faster adoption of electric vehicles through upfront incentive on purchase of such vehicles and also by establishing the necessary charging infrastructure for the same.
The Minister further said that the inclusion of solar storage batteries and charging infrastructure in the FAME scheme will give a boost to manufacturing, which is needed for the country to leapfrog and become a global hub for manufacturing of these vehicles.
Also to make electric vehicles affordable to consumers, the government will provide additional income tax deduction of Rs 1.5 lakh on the interest paid on loans taken to purchase electric vehicles. This amounts to a benefit of around Rs 2.5 lakh over the loan period to the taxpayers who take loans to purchase electric vehicles.
In the pension scheme for traders, as many as three crore traders will benefit, the minister said, adding that the focus is on small traders.
Global integration of international financial sectors will move huge capital in India, he said.
About starting a channel on Doordarshan exclusively for start-ups, Mr Goyal said it is more of a facilitator, enabler and encourage the young generation.
In an interview to UNI, the minister said the step ''will promote awareness about government initiatives and benefits'' and educate them if they want to start any start-ups.
The channel will serve as a platform for promoting start-ups, discussing issues affecting their growth, matchmaking with venture capitalists and funding and tax planning, he said.
He said that this channel will be designed and executed by start-ups themselves. ''It will be like FAQs and give clarity to ideas of the youth. People can call and get information,'' Mr Goyal said.
To resolve the so-called ‘angel tax’ issue, the start-ups and their investors, who file requisite declarations and provide information in their returns will not be subjected to any kind of scrutiny in respect of valuations of share premiums, it was announced in the Budget presented in Parliament.