PM terms Budget pragmatic, Cong describes it ‘hollow and plain’

New Delhi, February 28

Prime Minister Narendra Modi on Saturday described the budget as "progressive" and "pragmatic" and said it will reignite growth while assuring foreign investors about stable, predictable and fair tax system.

"Union budget 2015 is a budget with a clear vision. It is a budget that is progressive, positive, practical, pragmatic & prudent," Modi tweeted.

The budget will "further reignite our growth engine, signalling the dawn of a prosperous future", he added.

He said Finance Minister Arun Jaitley must be congratulated for "this pro-poor, pro-growth, pro-middle class, pro-youth & paradigm shifting budget".

Modi said the budget has a distinct focus on farmers, youth, poor and neo-middle class and "delivers on growth, equity and job creation".

Contending that the budget is investment friendly, the Prime Minister said it "removes all doubts on tax issues" and "assures investors that we have a stable, predictable and fair tax system."

He said Jaitley had laid down goals to be achieved by 2022 which include housing for all, jobs, health, education and total electrification.

Referring to black money issue, he said the mention of a new law being introduced "demonstrates our firm commitment to bring back every Rupee of Black Money stashed abroad".

Modi also appreciated Jaitley for "doing an excellent job in respecting aspirations of the states and at the same time delivering on national priorities."

He said the budget also indicates the government's commitment to ensure that development of eastern and northeastern parts of India gets an impetus and drives future growth.

The Prime Minister said "success" of Jan Dhan Yojana is "gladdening" and "Building on that, key schemes are announced that will comprehensively transform lives of the poor."In this context, he referred to new schemes like Suraksha Bima Yojana, Atal Pension Yojana, Jeevan Jyoti Bima Yojana, Vidya Lakshmi Karyakram, saying they mark "a shift from Jan Dhan to Jan Kalyan".

He said Atal Innovation Mission and SETU "underline our commitment to enable innovation, entrepreneurship and start-ups to grow & shine in India."

However, Congress describes the Budget as "hollow and plain"

Congress president Sonia Gandhi said its “pro-corporate” Budget. 

Congress leader Mallikarjun Kharge said: “Budget is just a vision document. It is in the interest of corporate and industrialists.”

Budget favours corporates: Chidambaram 

Slamming the Budget, former Finance Minister Chidambaram said it leaned heavily in favour of corporates and the class paying income tax while largely failing to address the 100 cr people who are neither.

On reduction in corporate tax, Chidambaram said, “I am not aware of any country in the world with such low corporate tax. Our previous tax rate was competitive tax.”

The former finance minister said, “Like Plan panel, the BJP is bidding farewell to Plan expenditure, which has been cut over past years. The kindest thing I can say about the Budget is it is very unkind to the poor.”

The NDA has no new black money holder names, as all names are the ones UPA got, he said, adding that, “I don't understand why the BJP should abdicate black money retrieval task to SIT, it’s government's job.”