New Delhi, Feb 1 : The Budget is all rounded and will promote business on one hand and ensure that markets rebound, said Union Commerce and Industry Minister Piyush Goyal on Saturday. ''This is a budget that is going to promote business on one hand and also ensure that markets rebound,'' said Mr Goyal.
Stock market investors, in the long run, will not mind sharing their profits for the long term development and uplift of the poor sections of the country, Mr Goyal said. ''There are some specific sectors in the stock market that carry a lot of weightage, for example, we have increased tax on cigarettes, so ITC's stocks have weakened a bit. Maybe because there isn't yet clarity on exemptions, (stocks of) some banks and insurance companies have weakened.
''I think the market will become fine after getting through the fine prints of budget & seeing how it's encouraging domestic industry,'' he said. Finance Minister Nirmala Sitharaman has ensured that the budget is all rounded, he maintained. ''It is time we as a nation got out of the mindset that Government has to do everything,'' he stated.
The Budget prepares India to become a 5 trillion dollar economy, he said. ''When we talk about the USD 5 trillion economy, when we talk of putting more than 100 lakh crores of investment in infrastructure, encouraging domestic industries in different schemes, then all these jobs will be generated,'' Mr Goyal said. He said the budget gives an opportunity to each citizen, to each taxpayer to decide for themselves. ''We have given liberty to each individual to choose accordingly: This Government's mantra is 'Government has no business to be in business','' the minister said. Consumption and investment go hand in hand and compliance is the USP of this Government, Mr Goyal said, adding that ''Our Government has ensured that the world sees India as an honest economy. He said he has been interacting with industry quite frequently.
''Today India provides a large market opportunity for investment. Investors who make a profit, don't mind sharing the profits for India's long term gains,'' he maintained. The country's fundamentals are extremely strong and India shows far better macroeconomic growth, he stressed. ''The remittances come from people who work overseas. Western economies have laws to tax the global income of non-residents, which is now a progressive move in the budget,'' he said.
There are large amounts of FDI flowing in the country, Mr Goyal said. ''I have been talking to corporate India worldwide. They are all enthused by the fact that we have a large aspirational middle class looking for a better quality of life,'' he stressed. All the investments proposed in the budget, be it in roadways, railways, seaways and more are to give more income to the people, the minister insisted, adding that this is a budget which balances fiscal prudence with all the sections of the country for a better future of the country. Corporate taxes are kept low to generate income for the people of the nation. They are a tool to attract investment and encourage domestic economic activity, he said. (UNI)