india

Updated: Jul 09, 2019 07:26 IST

Former finance minister Arun Jaitley said on Saturday that the budget has created a political direction for an “aspirational India” and ensured that economically weaker sections get the basic amenities of life.

Besides the income-tax exemption limit having been increased to Rs 5 lakh in the interim budget a few months ago, several sectors of interest to the middle and neo-middle class have been incentivised, he said in his Facebook blog, ‘The Budget 2019-20’.

Finance minister Nirmala Sitharam presented the first budget of the second term of the Modi government on Friday.

Jaitley said the budget provides for affordable housing and electric vehicles. “Massive infrastructure creation also has the ability to generate employment and attract investment. So does a boost to the construction and real estate sector. India will continue to be the fastest-growing major economy in the world,” he said.

In the last two to three quarters, growth has seen a moderation, but the budget lays down the roadmap for India to get back on track, he said.

“The budget presented by the finance minister, Nirmala Sitharaman, is a policy document for the medium term. It is a budget of a continuing government, which has to accelerate the direction of the past. It expands the roadmap on which the Prime Minister has built up India’s growth story from 2014-19,” he said.

“The striking part of this period was that for a five-year average, India grew by 7.3%; its revenues grew exponentially and it brought macro stability back with both the current account and fiscal deficit being on the glide path downwards,” he said. “The present budget maintains that path based on the premise that economies, which are fiscally prudent, eventually get rewarded as against those who indulge in fiscal adventurism.”