NEW DELHI: Prime Minister Narendra Modi on Saturday said that the Union Budget 2020-21 presented by his government has been designed to boost income and investment on one hand and demand and consumption on the other.
In a televised statement after Union Budget was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman, Modi said: "I am sure this Budget will boost income and investment as well as demand and consumption. It will infuse new life into the financial system and enhance the credit flow."
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peaking of various reforms and initiatives announced in the Budget, Modi said the measures will "give pace to the economy, make every citizen financially strong and strengthen the foundation of country's economy".
The Prime Minister particularly mentioned the proposed online common examination to be conducted by the National Recruitment Agency for recruitment in various government jobs including in banks and railways. The examination will save a lot of efforts and resources put in by the job seekers who had to appear in separate exams for separate jobs, Modi said.
Referring to the steps to minimise government and maximise governance, the Prime Minister mentioned faceless appeal in tax-related matters, new simplified structure for direct tax, focus on disinvestment, increasing unified procurement and auto-enrolment for a universal pension.
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He said that a number of offences of civil nature in the Companies law will be decriminalised, and the taxpayers' rights will be defined through a Taxpayers' Charter.
"This Budget has strengthened my government's commitment towards 'minimum government, maximum government'," Modi noted.
The Prime Minister said that tax benefits given to startups and the real estate will accelerate economic growth.
Besides, concessions offered to foreign investors will attract them towards India.
The Prime Minister noted that the removal of dividend distribution tax will leave corporate houses with an extra Rs 25,000 crore which the companies can further invest.
Modi underlined that the "integrated approach" adopted in the Budget for the agriculture sector combining horticulture, animal husbandry and fisheries will increase "value addition" and generate more employment. The blue economy will provide the youth opportunities for fish processing and marketing.
He said 16 'Action Points' have been formulated to boost employment in the rural areas.
"All in all, this Budget will fulfil the aspirations of future along with the present needs," Modi said.