New Delhi: Brushing aside denigration of not having done adequate
reforms in the resources, Finance Minister Arun Jaitley has said this was the establishment
of the journey and he did all he could do below the given circumstances.
"This is the inauguration of our voyage, not the end. Abhi hum jitna kar sakte the, humne utna kiya hai (Whatever I could do now, I have done). And all the decisions are not in use on day one," Mr Jaitley said.
Mr Jaitley, who accessible his maiden Budget on July 10, is being criticized, particularly by rating agencies, for not repealing the presentation tax alteration and not given that enough sops for the manufacturing.
The Minister, however, has provided relief to the salary earners by sacrificing Rs 22,200 crore in direct taxes. Refuting the disapproval, he said the government has taken chief steps which are needed but not taken in the past 10 years.
"This is the inauguration of our voyage, not the end. Abhi hum jitna kar sakte the, humne utna kiya hai (Whatever I could do now, I have done). And all the decisions are not in use on day one," Mr Jaitley said.
Mr Jaitley, who accessible his maiden Budget on July 10, is being criticized, particularly by rating agencies, for not repealing the presentation tax alteration and not given that enough sops for the manufacturing.
The Minister, however, has provided relief to the salary earners by sacrificing Rs 22,200 crore in direct taxes. Refuting the disapproval, he said the government has taken chief steps which are needed but not taken in the past 10 years.
"Each one of those major issues, whether it is indemnity or real estate, defense, exposition tax, generalization of tax supervision, convey pricing (were important). So in 45 days, we have tried to deal with each one of them and then we have agreed thrust to the manufacturing sector.
"These are essential decisions. Our government is very obvious in some segment you got to give more relief.Aam aadmi par aap kitna bojh denge? (How much can we burden the common man?). So, that is why we tried to decrease personage levy. We have also detached inverted duty structures," Mr Jaitley said.
The Budget has planned rising the income tax immunity limit to Rs 2.50 lakh from Rs 2 lakh and raised the ceiling on speculation in saving instruments to Rs 1.5 lakh from Rs1 lakh per annum.
On denigration of Budget not having a complete road map for economic consolidation, Mr Jaitley said: "I have not spelt it out in details because I have provided for payments organization charge and if anybody feels that in 45 days you can come out with the scheme of good reason of subsidies to which people in the last 66 years have not found an answer, we must rate the agencies then."
He said that there are two ways of dipping economic shortage -- either you use up less or you earn more. "The perfect position is that you should earn more since if you spend less then you are astringent expenditure and you may end up contracting some parts of the wealth... I have looked at fluid issues that they (UPA government) left after or the harms they have left behind," he said, adding in the era of 45 days he has tried to address most of these troubles.
The Budget planned restricting economic debit this year to 4.1 percent of GDP and bring it down to 3 percent by 2016-17. This is in line with the road map laid out by the UPA government.