Union Budget 2018 receives mixed reactions from political leaders
Feb 02, 2018, 00:29
The long-awaited budget was finally announced today by the Finance Minister of India, Arun Jaitley in Lok Sabha. With safety in mind, track renewal of over 3,600 km to be targeted in 2018-19.
To further drive home the point that his government cares for its rural and agrarian support base, Jaitley peppered parts of his speech that pertained to them in chaste Hindi.
The Union Budget for 2018-2019 demonstrates an encouraging growth story for India.
Under the Prime Minister Awas Yojana, launched in both rural and urban areas to meet the objective of housing for all by 2022, assistance has been sanctioned to construct 37 lakh houses in urban areas in 2018-19.
"Along easily of doing business, there is also a focus on ease of living".
Dr. Manoj Luthra, CEO, Jaypee Hospital, Delhi NCR, said the government has presented a holistic budget for the common man and has taken initiatives to deliver on its promise of excellence in healthcare by announcing the world's largest government funded healthcare programme.
"Overall though, the budget outcome appears mildly disappointing relative to our expectations", the report said.
Dilip Jose, M D and CEO, Manipal Hospitals, said the proposed national health protection scheme is an important step towards making healthcare accessible for a large section of the population and is a very welcome initiative. He said the move will help in job creation.
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"These centers will provide comprehensive health care, including for noncommunicable diseases and maternal and child health services". The High Rates of GST on hotel tariff have not been addressed by the Government. The higher target came in place of the 3.2 per cent for the current fiscal announced earlier.
Shankar Raman also says he was concerned since the government's plans to finance some of these ambitious schemes would only be possible if the "big assumption regarding tax buoyancy comes true".
Captains of industry like Adi Godrej, chairman of the Godrej Group, weren't too impressed.
The Finance Minister said, "This Budget reflects the government's firm commitment to substantially boost investment in agriculture, social sector, digital payments, infrastructure and employment generation while simultaneously sticking to the path of fiscal rectitude".
Acknowledging the role played by Farmer Producer Companies working along the lines of co-operative societies, Jaitley proposed hundred percent deduction to companies having annual turnover up to Rs 100 crore for a period of five years. According to him, the existing allowances amount to Rs 30,000 so the actual tax benefit here on would be Rs 10,000 more for each taxpayer.
"I am especially happy to see the sharp focus on improving the quality and learning outcomes in the school education system". The government has introduced a long term capital gains (LTCG) tax of 10% on your earnings of over Rs 1lakh from equities during the year.
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