New Delhi: In a bid to send a signal of a growth oriented government, Finance minister Arun Jaitley on Saturday presented the first full-year Budget of Prime Minister Narendra Modi’s government in Lok Sabha. The Finance Minister started his speech on a lighter note by showing his poetic side.
Jaitley said, “Kuchh to gul khilaye hain, kuch abhi khilane hain, par baagh mein ab abhi kaante kuchh puraaney hain” (We have made some progress and are working towards achieving more goals, but there are some hindrances in the way). The clear pot shots were at the legacy of the UPA government.
Presenting the national Budget for the next fiscal, Â Jaitley said the state of the country’s economy was better placed today with its credibility re-established by a series of measures taken by his government.
“I am presenting the union Budget in an economic environment which is far more positive than in the recent past. While major economies of the world face difficulties, India is poised for higher growth trajectory,” Jaitley said as he started his budget speech in the Lok Sabha.
“The real GDP growth is estimated at 7.5 per cent for this fiscal, making India the fastest-growing large economy of the world,” said Jaitley.
“We inherited a sentiment of doom and gloom and have come a long way by proper actions,” said the Finance Minister, adding  “Our objective is to improve quality of life and to pass benefits to common man.”
He also said a double-digit growth was now feasible. “Our objective is to conquer inflation. It will be only 5 per cent by end of year.”
Finance Minister said his government did not intend to do away with subsidies but target them better to achieve the goals. He also said some Rs. 8.5 lakh crore will be provided to farmers in the form of credit, along with an allocation of Rs. 5,300 crore for irrigation.
He also said allocations for a host of social sector projects was being enhanced substantially along with some new social security schemes.
He particularly said the allocation for the rural job guarantee scheme will be the highest ever. Finance minister also announced a slew of low-cost pension and insurance schemes, including Atal Pension Yojana and Universal Social Security scheme.
Highlighting the features of the schemes, Jaitley said, Atal Pension Yojana will provide defined pension according to contribution. Of this, 50 per cent contribution would be made by the government.
“The government proposes to work towards Universal Social Security for all Indians,” Jaitley further said.
Jaitley also announced the launch of PM Suraksha Bima Yojana to increase the access to insurance which will be linked Pradhan Mantri Jan Dhan Yojana.
“These social schemes reflect our intention that no person suffers from avoidable pain due to illness, old age,” Jaitley said in his budget speech.
Finance Minister also announced that his government would set up branches of AIIMS or the All India Institute of Medical Sciences in five states, Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh and Assam.
“Currently only Delhi has an AIIMS hospital – which is one of the country’s premier research and referral hospitals – and it caters to thousands of patients who come from all over the country†said Jaitley.
Jaitley also announced more IITs and IIMs, which are counted among the world’s top engineering and management institutes.
Meanwhile Jaitley also announced the allocation of Rs 5,000 crore to boost MNREGA scheme.
On Friday Prime Minister Narendra Modi assessed the MNREGA rural employment scheme as “living proof of the Congress party’s failure” during his speech in Lok Sabha. Â
Arun Jaitley in his budget speech also announced to provide visa on arrival (VoA) to people from 150 countries., Jaitley also announced proposal of his government that will change provident fund or PF laws after consultations with stakeholders.
The Finance Minister said that the government is considering a proposal in which contribution to employee provident fund would be made optional.
The employees can contribute towards National Pension Scheme (NPS) instead, he said.
The government also plans to give exemptions to employees from provident fund contribution if their pay is below a particular amount, the minister said.