Super-rich to pay more tax: 7% surcharge on tax on income above ₹5 Cr
Finance minister Nirmala Sitharaman proposed that NRIs with Indian passports be given Aadhar cards without waiting for the stipulated 180-day period.
She stressed the need to upgrade roads for better connectivity and said the government which built 3,000 km of roads in its first term, plans to upgrade another 1,25,000 km road length within five years at an estimated expenditure of ₹80,230 crore.
While presenting the first budget of the Modi 2.0 government in Parliament on Friday (July 5), Sitharaman said the Indian economy which was in the 11th position among world’s greatest economies, went up to the sixth place in the past five years of the Modi government. She predicted that the economy will grow further to become a $3 trillion one in the current year itself.
“It took us over 55 years to reach $1 trillion economy. But when the hearts are filled with hope, trust and aspiration, we in just five years added $1 trillion,” she said.
Sitharaman said the NDA government in its first term has provided a rejuvenated centre-state dynamics, cooperative federalism, GST council and strident commitment to fiscal discipline.
Sitharaman began presenting the first budget of the second term of the NDA government, after getting a go ahead from the Union cabinet presided by Prime Minister Narendra Modi on Friday (July 5).
Just ahead of the Budget Session, Sitharaman called on President Ram Nath Kovind as per tradition. She was seen carrying a red bag, instead of the ceremonial suitcase carried by finance ministers on Budget day.
Her budget presentation comes at a time when there is a slowdown of the economy. She is expected to outline her proposals to make India a $5 trillion economy. She also may provide some tax relief to the working class even as she rolls out bold reforms. More spending on infrastructure is anticipated to boost growth. Reviving investments would be a priority. Increasing fiscal deficit and sharp fall in consumption is likely to make her job tougher.
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