Jaitley said that if crude oil prices are below $ 60 a barrel, and if the monsoon is normal then this year, the country’s growth rate can remain in double digits.
These are the ruling Bharatiya Janata Party (BJP)’s vote shares in three rural constituencies in Rajasthan that had by-elections recently, for which results emerged just as Jaitley was delivering his budget speech. “Is the finance minister serious?” he asked.
Government’s main focus is NABH Nirman which stands for Next Generation Airports for Bharat to expand the airport capacity more than five times to handle a billion trips per year. However that is not adequate, according to Jaitley. “And first such train-set will be commissioned during 2018-19”, Jaitley said. A number of initiatives for agriculture and food processing have been announced in the Budget.
He said that the 0.3 per cent slippage in the fiscal deficit is on account of Rs 36,000 crore revenue shortfall for GST in March.
Expectedly, prudent macro-economic policies took a beating in this shift to appease voters, and one can not begrudge that in a pre-election year budget.
“The promise of Rs. 5 lakh per family for secondary and tertiary healthcare is a big jumla”. But it would be on record.
Jaitley said the government would increase spending on rural and health infrastructure. Kant said the real challenge was not resources but implementation.
Now, the government is struggling to create enough new jobs to absorb the one million people joining the workforce every month.
Union Finance Minister says in a disjointed manner, India is going towards a welfare state.
“What are the poor people dying from?” “The Government will launch a new health protection scheme which will provide health cover up-to rupees one lakh per family. States have to decide whether they want to subsume with this scheme or they want to run on their own”, said Nadda.
He said all fiscal deficits have crossed the budget estimates, while there was nothing in the Budget to boost private investment.
“A mere 11.5 percent increase in budgetary allocations for health is disappointing and discouraging especially with the announcement of schemes that require large sums of money”. He also appreciated the encouragement given to the micro, small and medium enterprises (MSME) sector in the budget.
Top-of-the range phones, pricey items of personal care and entertainment, all these will cost more as import duties go up.
The FM allocated Rs 2,000 crore for the National Health Scheme to cover 10 crore households with an annual umbrella of Rs 5 lakh for medical needs.
“Government health insurance companies have readily agreed to fund the programme (at this cost)”, the official said.
Rs 1.48 lakh crore capital expenditure for the Indian Railways in 2018-19 to enhance carrying capacity of the national transporter.
The automobile industry sees no respite from the present GST and cess rates, the luxury auto prices have been increased and the electric vehicle have no mention in the budget 2018. “India is expected to become the fifth largest economy very soon”, he said.