New Delhi, Feb 1: Prime Minister Narendra Modi on Saturday hailed the Union Budget 2020, saying its proposals fulfilling the promise of 'minimum government, maximum governance' will strengthen the common man of India.
"This Budget has further strengthened the concept of 'Minimum Government, Maximum Governance', the PM said in his post-Budget remarks. The Budget had emphasised the main areas of employment which were agriculture, infrastructure, textiles and technology. "In order to increase employment generation, these four have been given a lot of emphasis in this budget," he said in his reaction broadcast on All India Radio and Doordarshan.
"Each and every sector of the economy has been covered in this Budget...the new tax reform is revolutionary," he said, adding that it stressed on job creation and hailed the new tax regime. Among the highlights were that the Tax Payer Charter, which, he said "will clarify rights of tax payers". Under the Tax Payer Charter, the role of a tax-payer would be clearly stated down. "In the world, there are only a handful of countries that have a Tax-Payer Charter," he said and congratulated Finance Minister Nirmala Sitharaman and her team for the budgetary proposals.
He said several tax concessions had been given to attract foreign investment, including tax benefits provided for start-ups and real estate sector. He welcomed these proposals saying "All these decisions will boost the economy faster and will provide new employment opportunities." Special efforts had been made in the Budget to promote employment generation in the field of technology, Mr Modi said. He said the Government had announced many measures in the Budget to push employment in the country. Steps had also been taken to strengthen the bond market and finance for infrastructure.
He felt the removal of DDT would hand companies Rs 25,000 crore that could be further invested by them. The Budget was focused on the skill development of the youth, he said. It focused on export and MSME sector, "which drives employment" and had several new announcements to increase exports, the PM said. 'Additionally, a new move has been made to make every district an export hub,' he said. On the goal to develop 100 airports in the country, he said 'it is very important for the tourism sector of the country. In tourism, there is more possibility of employment/income generation. (UNI)