Budget will accelerate development & tax reforms: PM Modi

TIL Desk/National/New Delhi-The Budget announced by Finance Minister Arun Jaitley has taken forward the work undertaken by the government in the last two and a half years and will further accelerate development and generate employment for youth, PM Narendra Modi said on Wednesday.

Praising the Budget 2017-18, PM Modi added that increase in allocation for Agiculture, animal husbandry, fishery, Swach Bharat Mission-all will bring improvement in the economy of rural India and improve quality of life. Calling the merger of Railway budget with the general budget historic, and said that Railways would be able to focus in nation building better.

He said that steps taken to double farmers’ income are in line with the policy so far. Modi said the focus on increasing spend allocation in textile sector, electronics, manufacturing will lead to employment generation and assist in bringing large number of unorganised workforce into the organised workforce.

Women and child welfare, healthcare, education have received equal attention. The Budget rightly focuses on housing and construction, an important economic indicator, said PM Modi. He also appreciated the initative undertaken to set up Railways safety fund to improve rail passenger safety. Speaking on efforts to boost digitisation taken by the Budget, Modi said the initaives will reduce tax theft and flow of black money in the economy.

PM Modi appreciated tax reforms giving relief from tax to a large section of middle class, and called it a ‘bold move’. He said the reduction in income tax on MSMes will impact almost 90 percnet of enterprenuers which will support them to compete better. PM Modi also appreciated the Budget’s efforts in making funding of political parties and donations more transparent. Modi said that measues announced in the Budget are keeping the demographic dividend in mind and bring the youth into the workforce.