FM done commendable job: PM
New Delhi, Feb 28 : Prime Minister Manmohan Singh on Tuesday said the Union Finance Minister has done a 'commendable job' in containing the deficit while 'simultaneously addressing growth imperatives' as P Chidamabaram presented the Union Budget 2013-14 in the Parliament.
"The Finance Minister has done a commendable job in containing the deficit while simultaneously addressing growth imperatives," the PM said.
"There is plenty for every ministry. It is now up to my colleagues in the Cabinet to turn challenges into opportunities," he said.
"Multi-pronged strategy needed to deal with challenges of Fiscal Deficit, Inflation and Current Account Deficit," Singh said.
He said the Finance Minister has laid out a roadmap with regard to investments
"If India succeeds in achieving 8% growth, the winner will be the people of India, especially our youth," he said.
Chidambaram on Thursday presenting the Union Budget 2013-14 in Parliament said there is no revision in the tax slabs, but introduced a surcharge for those earning above Rs 1 crore and a tax credit of Rs 2000 for the basic tax slab.
While there were expectations of a raise in the limit of tax exemption by the salaried class, Chidambaram said there is no scope for any change.
There is no change in Income Tax rates or slabs but a Rs 2000 credit has been given to those who are earning from Rs 2 lakh to Rs 5 lakh per annum, said Chidambaram.
Those with above Rs 1 crore income will be imposed a surcharge of 10 percent, he said.
The FM said there is no case to revise either the slabs or rates for the Rs 2 to 5 lakh group.
He said the tax credit of Rs 2000 will benefit 1.8 crore tax payers.