Union Finance Minister Nirmala Sitharaman on Tuesday said that the annual budget has steadiness, predictability and futuristic as it has been designed for the next 25 years. The finance minister said that Production-Linked Incentive (PLI) scheme has the potential to generate at least 60 lakh new job opportunities.
Nirmala Sitharaman said that capital expenditure has increased from Rs 5.5 lakh crore to Rs 7.5 lakh crore. She also said that the government is giving the highest MSP to farmers on crops and added that the government is ready to help the farmers decide the fate of agriculture.
“The one who decides the direction of cultivation is the farmers… Government is ready to help the farmers… Highest purchase of crops from farmers in the last 4-5 years and the government is giving the highest MSP to farmers on crops,” Nirmala Sitharaman said in an interview to DD News.
Sitharaman also said that optical fiber is reaching across the country and government is trying to bring 5g under PLI scheme.
She also said that Reserve Bank of India is going to launch digital currency while the virtual currency will be taxed at 30 percent.
“(The government) want to undertake public investment expenditure to crowd in private investments… Government will have to lead the way on capex and we have unhesitatingly coming forward,” she said in the interview.
Sitharaman also said that the government have given Rs 1 lakh crore to states as 50-year interest free grant and above their borrowing limit. She added that the this is a time when industries, both manufacturing and services should see a reset.
In a further boost to AatmaNirbhar Bharat, she said, “68 percent purchases in defence will be from domestic companies.” The government has also allotted Rs 50,000 Crore of Sovereign Guaranteed loans to be given for hospitality and related sectors.
Earlier today, the finance minister tabled a bigger Rs 39.45 lakh crore Union Budget, with higher spending in areas like highways and affordable housing with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic.
While she primed up spending on infrastructure to create jobs and boost economic activity, she did not tinker with income tax slabs or tax rates.
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