Finance Minister Arun Jaitley responding to the budget discussion in the Lok Sabha, said it possible to balance pro-growth and pro-poor strategies. Here are the highlights from his speech:
- There is no contradiction in being pro-growth and being pro-poor
- 70% defence equipment come from abroad: On raising FDI in defence
- FDI investments lead to job creation
- Retrospective taxation destabilized business, it is a lesson to learn
- Retail and international investors wanted to know the idea behind retrospective tax
- Reached a situation where subsidy burden is very high
- Job creation depends on manufacturing sector:
- Tax buoyancy depends on growth
- Investment levels are low, inflation has been very high
- Populism should not affect aim for stable policy
- Must rise above party politics to get back to healthy growth
- Series of steps needed to check inflation, promote growth
- 100 smart cities may take decades
- Income tax exemption limit: There were not many occasions when it has been raised by Rs 50,000
- Would like to do more with income tax exemption limit, but there's not enough money in our pockets
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