Budget of 2015 maps out PM Modi’s vision of putting India back on growth trajectory: Vijender Gupta
New Delhi, 28th February. In the Budget 2015, the Union government has made strident steps in putting the Indian growth story back on track despite serious fiscal limitations inherited by the new government from their predecessors. The finance minister, Sh. Arun Jaitley has made sure that the budget document he presents to the nation is both socially sensitive & fiscally prudent.
With assured universal social security of Pradhan Mantri Suraksha Bima Yojana and low cost pension under Atal Pension Yojana, government has articulated its honest intention of raising people out of vicious cycle of deep-rooted, systematic poverty. The finance minister reiterated PM’s vision of housing for all by 2022 i.e. the 75th year of India’s independence in his budget speech. All these social sector schemes will benefit the rural and the urban poor the most.
In the past few months, the government has made concerted efforts to control inflation and bring relief to the common masses. This government understands the burden on the middle class and the need to secure their future through savings and tax relief. In the budget, a huge thrust has been given to savings and health care by the individual taxpayers. If the total tax relief and exemptions are cumulated then the salaried class stands to benefit to the extent of Rs. 4,42,000 and with expanding fiscal space, more relief is to be expected in the coming years.
Special attention has been given to stimulate and sustain the climate of entrepreneurship and innovation in the country, transforming the young generation from mere job seekers to job creators. Atal Innovation Mission (AIM) to be established in NITI to provide Innovation Promotion Platform and Self-Employment and Talent Utilization (SETU) to be established as Techno-financial, incubation and facilitation programme are major steps in that direction. Other than these, MUDRA Bank, to provide credit to micro businesses will revitalize the entrepreneurs at the grassroots.
The finance minister in his budget speech has articulated government’s commitment on the issue of black money. A slew of measures have been taken to curb the flow of black money including heavily penalizing those involved in money laundering and encouraging cashless transactions. This will strengthen the fight against corruption and introduce high level of transparency in the system.
All in all, the budget of 2015 takes forward Prime Minister Narendra Modi’s vision of making Indian economy globally competitive, empowering the states and ensuring development of all especially those left behind.
