Best possible budget given in current circumstances: Arun Jaitley
Posted on Aug 02 2014 | IANS
New Delhi, Aug 2 : Finance Minister Arun Jaitley Saturday said he has given the best possible budget, providing growth opportunities, in the current circumstances.
"In the circumstances when we got a paralysed economy in inheritance, we have tried to give the country a best possible budget with growth opportunities," he said at a Bharatiya Janata Party event here.
"Holding stalled decision making and anti-growth taxation policy followed by the Congress governments responsible for a low rate of five percent economic growth during last three years," he contended.
Jaitley assured that under the leadership of Prime Minister Narendra Modi, a constant growth rate will be maintained and that the government will not hesitate to take any positive step to raise the economy.
He said though the country is passing through a tough economic situations, yet the government have allowed substantial tax relief for industry because it believes in encouraging home production and wishes to bring Indian industry to compete with China globally.
"Rise in economic activity will by itself bring additional taxes in the economy. Similarly, we have allowed excise relief for small scale industry raising the investment limit to Rs.25 crore," he said.
Jaitley noted that that to increase electricity production in the country, tax relief on all investments in power sector will be provided till 2017 and also promised increased investment in banking industry.
"Under the guidance of the PM, a scheme shall soon be launched with a government investment of Rs.2,80,000 crore in banking to take government banks to each and every citizen of the country," he said.
"This will on one hand encourage small savings while on the other shall encourage loans for rural sector."