Union Budget will change the face of rural India, encourage citizen-centric investment: Fadnavis
Mumbai: Maharashtra Chief Minister Devendra Fadnavis said on Saturday that Finance Minister Nirmala Sitharaman presented a dream budget for the middle class in the country and gave a huge relief to them by making income up to Rs 12 lakh tax-free.
He claimed that the Budget will change the face of rural India and encourage citizen-centric investment.
CM Fadnavis said that the Budget has proposed an allocation of Rs 683 crore for the Maharashtra Rural Connectivity Improvement Project, Rs 100 crore for the Maharashtra Agribusiness Project, Rs 1,094 crore for the Economic Cluster, and Rs 186 crore for the Upsa Irrigation Scheme.
“This is a historic Budget for a developed India, a comprehensive and developed India. It will deepen the economy and further strengthen the economy, providing relief to the middle class, salaried workers, youth and farmers, and hardworking people. The provisions of this Budget will enable many ambitious policies of Maharashtra which will get huge benefits from the new policies, especially since it is the startup capital,” he added.
“Increasing the income tax limit will bring that money into the economy and thus increase demand. The decision to increase the taxable income limit from Rs 7 to Rs 12 lakh is historic. It was under the leadership of Prime Minister Narendra Modi that this limit was increased from Rs 2.5 lakh to Rs 7 lakh. It has now been increased to Rs 12 lakh. This journey is definitely incredible. It is effective for the Indian economy. This will provide great relief to the middle class, salaried workers, and youth. A large share of income will be in the hands of a large class. This will create vitality in the market. Purchases will increase, demand will increase, production will increase, employment will increase, especially the MSME sector will get a boost… This will help strengthen the economy further,” CM Fadnavis said.
He hailed the slew of proposals for the agriculture sector, including special incentive schemes for 100 districts of the country, promotion of oilseed production, and a policy of 100 per cent procurement of goods.
“Fishermen can now get interest-free loans of up to Rs 5 lakh. It is expected that this will encourage them to grow their business. It will increase investment in the agricultural sector, creating new opportunities for agriculture and farmers. The MSME sector is important for young entrepreneurs. The decision to increase the loan limit and frequency criteria is important for them,” the Chief Minister said.
“Maharashtra is the capital of startups. A loan limit of Rs 20 crore has been set for startups. This will strengthen the startup ecosystem and generate employment opportunities. He expressed confidence that the state’s progress in this area will be even stronger,” he added.
“A new infrastructure policy is being prepared for the development of infrastructure projects. The state has also benefitted the most from the 50-year interest-free loan scheme for infrastructure projects and the state will be ahead in this Budget as well. Public-Private Partnership projects will encourage private sector investment, which will lead to huge employment generation,” CM Fadnavis said.
Deputy Chief Minister Eknath Shinde said the Budget is an assurance that the dream of a developed India, envisioned by the country’s popular and accomplished Prime Minister Narendra Modi, will come true.
“The relief that the common working class has received in the Budget can only be described as unprecedented. With complete tax exemption on income up to Rs 12 lakh, the footsteps of Lakshmi will not remain unnoticed in every household. I congratulate Union Finance Minister Nirmala Sitharaman for presenting this Budget that will strengthen an all-round self-reliant India, and I also thank her on behalf of all the working people of Maharashtra,” he added.
“There is no doubt that the country’s progress graph will continue to rise as the three important sectors of education, health, and agriculture will benefit from the innovative provisions in the Budget. This is the roadmap for a strong India. These are auspicious signs that our country has started moving in the direction of prosperity under the leadership of Prime Minister Modi,” said Deputy CM Shinde.
Deputy Chief Minister Ajit Pawar said that the Budget has laid the foundation for a developed India and it will take the country on the path of an economic superpower.
“In the Union Budget, income up to Rs 12 lakh has been exempted from tax, which is a big relief for crores of middle-class people. Thanks to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for providing substantial funds for infrastructure projects in Maharashtra from the Union Budget,” he added.
He also said, “Maharashtra is receiving a large development fund from the Union Budget and it will lay a strong foundation for infrastructure projects in the state boosting development. A Budget provides development opportunities to all sections of society — farmers, labourers, traders, entrepreneurs, women, students, and the common man at the centre.”