"Yesterday, I had said that the new HEALTH CARE SCHEME is a jumla with no money provided in the budget". "Doubling of 18,000 km and work on 5,000 km of third and fourth lines to convert them into broad gauge will eliminate capacity constraint".
The salaried class may feel hard done by and the young may not see a swift surge in employment opportunities as a result of the Budget proposals. Furthermore, this citizen-centric scheme will permit secondary and tertiary treatment in empanelled hospitals across the nation.
According to the Aayog's projections, based on actuarial calculations, the premium for each family is likely to be between Rs 1,000-1,200 with the annual cost of the scheme in the range of Rs 12,000 crore. "We have introduced many structural reforms". "I think we need to consolidate on all these gains". This pushed fiscal deficit to 3.5% of the GDP as compared to the budgeted level of 3.2%.
"The first right on government's treasury is that of the poor".
Minister announced to develop and upgrade existing 22,000 rural haats into Gramin Agricultural Markets (GrAMs) to take care of the interests of more than 86% small and marginal farmers.
The reasoning given by Arun Jaitley for the increase in tax was to encourage manufacturers to build their offerings in India under the PM's "Make in India" Initiative. This measure will help the government mobilise additional tax revenue of Rs20,000 crore, the highest among new tax measures. The Union Budget 2018 also saw the inclusion of National Health Scheme, which will cover crores of Indian families.More news: Markets Right Now: Asian shares tumble, Nikkei drops 7.1 pct
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During the interview, Jaitley stressed that the duty structure needs to be expanded to help the business community.
The Budget also unveiled a massive spending of Rs 14.34 lakh crore on rural infrastructure, for the construction of roads, new houses, toilets, and providing electricity connections to 1.75 crore new households.
Modi and his ministers are regarded as being strong on the razzmatazz of announcements and special schemes, but weak on making them happen. The Finance Minister expressed hope that "slowly and gradually, this will improve the lifestyle of people living in rural areas". "Announcement for the second corridor will be made soon", she said.
Interacting here with corporate leaders following his Thursday presentation in Parliament of his last full budget before the general elections due in early 2019, Jaitley said that a stressed agriculture sector was not in India's interest, indicating thereby that boosting rural demand is a key in helping Indian industry now burdened with massive leverage, while banks struggle with their accumulated bad loans. The budget primarily focussed on agriculture and rural sectors and came up with "world's largest" health insurance scheme for 50 crore Indians.
The opposition reacted sharply to the government's proposed with Congress leader P. Chidambaram saying Jaitley had failed the fiscal consolidation test that will have "serious consequences" on the economic growth rate.
Addressing claims that the Budget does not do enough for the middle class, Jaitley said: "There is not a single Budget of mine in which the middle class has not got some relief".