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Budget 2018-19 joins fiscal prudence to spending needs: Jaitley
New Delhi, Feb 1 (IANS) Describing Budget 2018-19 presented in Parliament as one that combines “fiscal prudence” with the expenditure needs of the economy, especially on agriculture, Finance Minister Arun Jaitley on Thursday blamed implementing GST for the fiscal slippage he revealed earlier in the day while raising the deficit target for the current financial year.
In this regard, the Finance Minister said that the long term capital gains tax had been reintroduced with prospective effect from February 1, 2018, in a move to cover some of the resources gap of the government.
“The Budget combines fiscal prudence with the spending needs of the economy,” Jaitley said at a post-Budget briefing here.
“This year, there were a series of circumastances, a one month loss in revenue because of GST, which made up a substantial part of the shortfall he said, elaborating that the revenues for the coming March from the Goods and Services Tax (GST) implemented from July last would only be available in April after the end of the current fiscal.
“So we have a situation where there is a 12-month budget, but revenue is available only for 11 months,” he said.
“Then there were a set of structural reforms, which had their own impact on the dividends of public sector enterprises, the RBI dividend,” he added, referring to the twin impact of demonetisation and the GST that unfolded during the course of the year.
In his budget presentaion earlier, Jaitley made a significant announcement of fiscal slippage with implications for pushing inflation, revising upwards the government’s fiscal deficit target for 2017-18 to 3.5 per cent of the GDP, or the equivalent of Rs 5.95 lakh crore. The higher target came in place of the 3.2 per cent for the current fiscal announced earlier.
He also projected a fiscal deficit of 3.3 per cent of GDP for the coming financial year.
The Finance Ministry’s Economic Survey 2017-18 authored by Chief Economic Advisor (CEA) Arvind Subramanian released on Monday had said that ambitious targets of fiscal consolidation for the coming pre-election year be avoided, hinting thereby that the target of 3.2 per cent of the GDP could be exceeded.
On the expenditure front, Jaitley said that the earlier allocations on schemes had been maintained, while the stressed farm sector is a priority area
“So it is natural to look at and strengthen the weaker areas. There is serious concern when it comes to agriculture sector,” he said.
He also said that to double farmer incomes by 2022, there was a need to improve infrastructure in rural areas and ensure that the farmer gets fair price for his produce.
On resource mobilisation, Jaitley said that the long term capital gains tax was being reintroduced precisely for this purpose.
The Budget 2018-19 on Thursday proposed to tax long-term capital gains on equities exceeding Rs 1 lakh at 10 per cent, which is expected to bring in revenue of Rs 20,000 crore.
“The total amount of exempted capital gains from listed shares and units is around Rs 367,000 crore last year and the major part of this gain has accrued to large corporates,” Jaitley said.
However, capital gains made on shares until January 31, 2018, will be “grandfathered”, he said, adding “we have protected all investments coming in before February 1.”
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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