The Union Finance Minister Arun Jaitley has presented his budget keeping in view the saying in the Vedas Sarve sukhina bhavantu(May all be happy), said Jyotindra Mehta, the head of the Gujarat Chapter of NAFCUB.
This budget is not a stereotyped budget. It’s a policy statement by making a few important amends in the economy for the upliftment of the poor and middle class people. This is a pro poor budget. Jandhan Yojna, cheap insurance scheme, extending benefits of Public Provident Fund to the poor have made this clear, Mehta explained in a mail sent to Indian Cooperative.
Swachh Bharat, Woman security and opportunity of employment for the youth has spelled his priorities. He has encouraged the industrial entrepreneurs in India and abroad for investing in India. He has sent a message that if you do business in India, it would be hassle free. Reducing a corporate Tax is with a view to help out the entrepreneurs, he added.
Mr Mehta felt that Jaitley has rightly diagnosed the trend in the common people and has experimented of bringing the Gold into productive use. Narendra Modi being the ex-CM of Gujarat knew what the needs of the states are. Hence, the PM got allocated more funds for the states and has created a new chapter in the relationship between states and the centre.
The FM has aptly proposed to utilise services of the rural post offices from the success of Jan Dhan Yojna and Banks’ contribution to make it a huge success. At the same time, he has appropriately attempted to shun the use of hard cash. Instead, he has emphasized on the use of RuPay debit cards to reduce cash in the money purse/pocket, he added.
So far as Co-operative Banking sector is concerned, he has overlooked the demand of co-operative Banking sector to restore deduction under the section 80(P) and also made unhappy the co-operative banks and its crores of middle class customers by introducing the provision of TDS on the deposits with Co-Operative Banks, he regretted.
