Slating key highlights of the Union Budget, FinMin assures increase in the economic growth rate by 2022

New Delhi, July 10: “The Union Budget provides a push to the infrastructural, social and economic development and issues a roadmap to New India”, said Anurag Thakur in the lower house of parliament on Wednesday, further adding that various reforms were being undertaken to improve GDP growth.

 

“We have announced various measures in the Budget 2019-20 to promote growth of the economy which include liberalisation of Foreign Direct Investment policy, additional income tax deduction of Rs.1.5 lakh on the interest paid on loans taken to purchase electric vehicles and moving the GST council for reduction of GST rate on electric vehicles from 12 percent to 5 percent”, he said further adding that economic growth was high on the agenda.

 

“Along with this, government has also increased the scope of voluntary pension scheme for retail traders and shopkeepers to everyone with an annual turnover of less than Rs 1.5 crore”, he affirmed.

 

Plunging high over the estimations for the Union Budget, the nation at large seemed satisfied for the rural angle provided, uplifting each and every class, sector and model of the society. With no changes in the personal income tax rates made for the individuals, traditional red ‘bahi-khata’ this time focused on easing lifestyles, building infrastructure, empowering women, farmers; taking the economy to new heights.

 

Thakur meanwhile also informed that the Centre had constituted a five-member cabinet committee on investment and growth chaired by Prime Minister Narendra Modi to give focused attention to issues of growth.