The government unveiled a fire-fighting Budget on Monday that seeks to win back support among rural voters.
"We have a shared responsibility to spend prudently and wisely for the people, especially for the poor and downtrodden," Finance Minister Arun Jaitley told lawmakers in his 100-minute Budget address.
Watch Prannoy Roy's analysis of the Modi government's 'pro-poor' budget which Dr Manmohan Singh says is a "mixed bag with no big idea", but is upheld b y many as "transformational".
All in all, it is a transformational Budget on the back of which 125 crore aspirations can be made: Piyush Goyal, Minister of State, Power, Coal, New and Renewable Energy
- In my view good economics and good politics are not divorced from each other.
- But power sector has not asked for more money. In effect we give money back to the Finance Minister.
- More than satisfied with the investment in power sector. In my mind my sector can stand on its own feet.
- India running one of the largest renewable energy programmes. Five times the size of the previous government's commitment 175 Gigawatts.
Minister of State, Finance Jayant Sinha on how you can save the tax on the Provident Fund corpus, 60 per cent of which is now taxable under the new Budget
- First of all I want to explain this is prospective. In 15-20 years if you withdraw the money and put in an annuity, the income from that won't be taxable.
- Let's say you have Rs 100 in your PF account. You take our Rs 40, which is tax-free, the Rs 60 which is to be taxed can be invested in an annuity and the income from it will be tax-free. So essentially, you will not have to pay any taxes on your PF money.
We have said that our philosophy is to transform India with Sab Ka Saath, Sab Ka Vikaas: Jayant Sinha, Minister of State for Finance
- Our economic Philosophy is very clearly articulated.
- Prime Minister in his landmark speech in 2014 had said that our government is that of the poor.
- What we have really tried to do in this and the previous budget is to provide impetus for both the rural economy and the globalised urbanised economy.
- We are really making sure that we have enough for the modern economy - Startup India, Make In India.
This budget is an out and out political budget: Congress leader Sachin Pilot
- The way I see it, this government has two more budgets left before their promise of 'Achhe Din' delivered.
- They have realised that if they don't look like being pro-poor, they will be booted out.
Budget full of platitudes, doesn't inspire growth: Anand Sharma, Deputy Leader of Opposition in Rajya Sabha
Don't think farmers' incomes can be doubled in 5 years: Praful Patel, Rajya Sabha MP and NCP leader
- Maximum emphasis was on agriculture and rural economy.
- Very surprised that they expect farm incomes to double in 5 years. Don't think it can be done.
- Mind you irrigation is a state subject. There are N number of problems.
- Farmer interest intervention is nothing new.
- Not saying what is being provided is wrong, question is the amount.
A very good budget from the growth point of view of the Economy: Yashwant Sinha, Former Finance Minister
- During Vajpayee regime we followed a certain model for economic growth. That was to create demand for investment goods, then marshal supply.
- The Finance Minister has indeed concentrated on the right sectors and is going to spend massive amounts of money on roads and railways.
- He has introduced useful tax exemptions.
- This will create employment opportunities.
- It is a win-win from all points of view.
Saving the Banks - India's biggest problem are bad debts or non-performing assets
The 9 pillars of Arun Jaitely's Budget
- Agriculture and farmer welfare
- Rural infrastructure
- Education
- Fiscal Discipline
- Tax reforms
- Governance, ease of doing business
- Enhance quality of life
- Massive investment in road, power, transport
- Infrastructure and Investment