Finance Minister Arun Jaitley presented the Union budget 2017-2018 in Lok Sabha. This is the fourth budget by the Narendra Modi government. There were lots of expectations from FM Jaitley to present a standout budget that would not just introduce a number of reforms, but also provide a lot of income tax exemptions to give relief to public in the wake of the inconvenience caused by Centre’s demonetization drive, leading to scrapping of Rs.500 and Rs.1000 currency notes. Arun Jaitley said that the demonetization move by PM Modi will not have a lasting impact on the economy.
“Madam Speaker, on this auspicious day of Vasant Panchami, I rise to present the union budget 2017-18,” Arun Jaitley said, as he stood to present the budget. “From favoritism to objectivity in decision making, from an informal to a formal economy, inflation in double figures has been controlled; we have launched a massive war against black money. The government is now seen as a trusted custodian of public funds, and I express gratitude to people for their strong support. Our Govt. was elected amidst huge expectations of people, the underlying theme of expectations being good governance. India has become the sixth largest manufacturing country in the world. The government has ensured fiscal consolidation without cutting back on public investments.”
Big bold figures from Budget 2017-18
2017-18 Budget announcements in Brief:
The total expenditure of budget 2017-18 has been placed at Rs. 21.47 lakh crore, said finance minister Arun Jaitley. President Pranab Mukherjee termed the budget as “historic”. “When it comes to revenue exemptions, it is better to err on the right side,” he said. “In the last two years, I have restored the sanctity of the Budget. My revised expectations will be higher than the Budget estimates. I have been modest. But if we grow 12-14 percent, I will be happy. There will be more money.”
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