In his maiden speech In Parliament, Dr. Udit Raj presents his views on Budget’14-’15

Speaking from the side of Bharatiya Janata Party in the Parliament, Dr. Udit Raj today

presented his views on Budget’14-’15 and asserted that the budget being one of its first kind

is an extremely well balanced budget that doesn’t unduly favor any section of the society. All

the sections, be it underprivileged, poor, middle class , rich , business class, investors, farmers,

foreign investors have been given adequate representation in the budget. Finance Minister, Shri

Arun Jaitley has indeed presented a budget that is sure to bring in Achhey Din for the nation.

The resolve is to fix the fiscal deficit at 4.1% in the current fiscal year and consequently

decrease it to 3.6% and 3% in 2015 and ’16 respectively. Dr. Udit Raj added that it is important

that we decrease the fiscal deficit even if it means expanding the scope of taxes or decreasing

the expenditure, A substantial decrease in fiscal deficit would mean encouraging domestic and

foreign investors. Finance Minister has resolved to establish a growth based regime by aiming

at a growth rate of 7-8% via Agriculture, Skill development, Infrastructure Development and

efficient Governance.

For the first time, Banks have been provided with the facility of relaxation in SLR

and CRR rules to allow them to grant Bonds on a long-term basis in the infrastructure

sector. A national market will be opened up for the farmers so that they can conveniently

sell their products. NABARD has been granted 2000 Crores for encouraging establishment

of an organization of more than 2000 producers. 5,000 Crores have been earmarked for

the construction of Warehouses. All this put together will substantially benefit the farming

community.

Dr. Udit Raj further stressed on the appreciable work that has been done in the current

Budget with regards to the taxation sector. CBDT and CBES shall appoint a high level committee

to periodically review the problems faced by the taxpayers and shall consequently suggest

measures to deal with the same. Advance ruling that was only available for NRIs until now

has been extended to Domestic producers . Scope of Settlement courts shall be extended to

expedite the process of resolving tax related disputes running to tune of 4 Lac Crores and

adequate steps shall be taken to immediately solve the same. Foreign investors were especially

scared of the retrospective judgment but from now on that shall be avoided.

Dr. Udit Raj also thanked the Hon’ble Finance Minister and Hon’ble Prime Minister for

earmarking 500 Crores for dealing with the problem of Water scarcity in Delhi. Finally, he

remarked that improving the state of economy inherited by us from the Congress Government

is a massive challenge for the government. Increasing railway fares was proposed by UPA

government itself, income tax refunds to the tune of 50,000 Crores were refunded post 31st

March,2014 which affected the Government income, but looking at the Budget I am absolutely

confident that the Government shall not only overcome these challenges but will in reality

establish Achhey Din for people of this country.