'Budget'18 will cement India's position as global economic power'

Terming Union Budget 2018 proposals as 'historic', Union Ministers Rajnath Singh and Nitin Gadkari on Thursday said it would help bridge the gap between rural and urban India.

Union Minister for Surface Transport Nitin Gadkari said, "Medical insurance of Rs. 5 lakh for 10 crore families is a huge initiative. This is a 'historic' budget."

Union Home Minister Rajnath Singh termed the Budget as a "budget for a progressive and positive India"

He said it would help bridge the gap between rural and urban India.

"It's a grand budget, lot of announcements for the poor, farmers and tribal. This budget will also cement India as a global economic power," Singh told ANI.

Finance Minister Arun Jaitley stressed that this year's budget proposals would focus on four aspects namely - strengthening of agriculture, education, healthcare benefits and improving infrastructure.

Jaitley also announced two new measures in his fifth Budget under the government's Ayushman Bharat scheme, which are expected to take healthcare to greater heights.

Jaitley also proposed to cut the corporate income tax rate to 25 percent for companies with a turnover of up to Rs. 250 crore.

While presenting the Budget proposals, the minister said that the tweak will result in 7,000 companies coming under the 25 percent tax slab.

He added that the government will receive Rs. 7,000 crore less in the form of revenues due to this decision.

"This will see the extension of a trend as the share of corporate tax to total revenues has come down from 34.45 percent in 2014-15 to 28.18 percent in 2017-18, under the Modi government," added Jaitley.


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel