AMN
Finance Minister Arun Jaitley said the philosophy behind the budget was to lend support to sectors where actually support is required. Interacting with business leaders at an open house session in New Delhi today, Mr Jaitley said, the government is on the path of revival in exports, that will be a major positive.
He said manufacturing sector has picked up in last few months and there was a need to focus on infrastructure sector. The Finance Minister said large sections of the economy will do well with or without a government. But, segments of the economy that need a large amount of government’s support.
Mr Jaitley said India has a serious challenge in terms of compliance and increased tax base. He said, no other country has five percent tax slab and can’t get slabs lower than the current ones. Mr Jaitley said long-term capital gains tax was a tough call pending for years now.
The Finance Minister said the health care was a priority area and another priority was to increase farmer income. He said the health scheme will be commencement from 1st April this year. Mr Jaitley said it takes care of hospitalization, secondary and tertiary care. He said it can be a trust model or insurance model.
On Minimum Support Price, Mr Jaitley said it has to be reasonable. He said Agricultural Ministry, State Governments and NITI Aayog will work it out. The Finance Minister said the system would be implemented from the coming agricultural season.On hiking of customs duty, Mr Jaitley said there is a danger of cheaper imports coming into the country.