Union Budget Set to Transform Rural India, Boost Citizen-Centric Investments: Fadnavis
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Synopsis
Maharashtra CM Devendra Fadnavis praised the Union Budget, highlighting significant tax relief for the middle class with tax-free income up to Rs 12 lakh. He emphasized the budget's potential to transform rural India and stimulate citizen-centric investments, with substantial allocations for various developmental projects.
Key Takeaways
- Tax Relief: Income tax exemption on earnings up to Rs 12 lakh.
- Rural Development: Rs 683 crore allocated for Rural Connectivity Improvement.
- Agricultural Support: Interest-free loans for fishermen and incentives for oilseed production.
- Startup Boost: Rs 20 crore loan limit for startups in Maharashtra.
- Infrastructure Growth: New policy to enhance infrastructure projects.
Mumbai, Feb 1 (NationPress) Maharashtra Chief Minister Devendra Fadnavis stated on Saturday that Finance Minister Nirmala Sitharaman has unveiled a visionary budget aimed at the middle class in the nation, providing substantial relief by exempting income up to Rs 12 lakh from taxation.
He asserted that the Budget is poised to revolutionize rural India and foster investments that prioritize citizens.
CM Fadnavis highlighted the proposed allocations: Rs 683 crore for the Maharashtra Rural Connectivity Improvement Project, Rs 100 crore for the Maharashtra Agribusiness Project, Rs 1,094 crore for the Economic Cluster, and Rs 186 crore for the Upsa Irrigation Scheme.
"This is a landmark budget for a developed India, marking a comprehensive approach to growth. It will invigorate the economy and provide relief to the middle class, salaried individuals, youth, farmers, and diligent workers. This budget's provisions will support numerous ambitious policies in Maharashtra, particularly benefiting the startup capital," he remarked.
"The enhancement of the income tax threshold will inject money back into the economy, thereby driving up demand. The historic decision to raise the taxable income limit from Rs 7 lakh to Rs 12 lakh is commendable. Under the leadership of Prime Minister Narendra Modi, this limit has progressively increased from Rs 2.5 lakh to Rs 7 lakh, and now to Rs 12 lakh. This journey is remarkable and beneficial for the Indian economy. It will significantly relieve the middle class, salaried workers, and youth. A larger portion of income in the hands of a broader demographic will stimulate the market, leading to increased purchases, heightened demand, greater production, and more employment opportunities, particularly benefiting the MSME sector... This will further fortify the economy," CM Fadnavis remarked.
He praised the array of proposals targeting the agriculture sector, including special incentives for 100 districts nationwide, promotion of oilseed production, and a policy ensuring 100% procurement of goods.
"Fishermen can now access interest-free loans of up to Rs 5 lakh. This is expected to encourage business growth. Increased investment in agriculture will create new opportunities for farmers. The MSME sector is vital for young entrepreneurs. The decision to raise the loan limit and criteria for frequency is crucial for them," the Chief Minister explained.
"Maharashtra is the startup hub. A loan limit of Rs 20 crore has been established for startups, which will bolster the startup ecosystem and generate job opportunities. I am confident that the state's advancement in this sector will be even more pronounced," he added.
"A new infrastructure policy is being formulated for the advancement of infrastructure projects. The state has significantly benefited from the 50-year interest-free loan initiative for infrastructure, and this budget will further enhance our position. Public-Private Partnership projects will stimulate private sector investments, resulting in significant job creation," CM Fadnavis stated.
Deputy Chief Minister Eknath Shinde remarked that the budget assures the realization of the dream of a developed India envisioned by the nation's esteemed Prime Minister Narendra Modi.
"The unprecedented relief provided to the working class through this budget cannot be understated. With complete tax exemption on income up to Rs 12 lakh, the blessings of Lakshmi will certainly grace every household. I commend Union Finance Minister Nirmala Sitharaman for delivering this budget that will foster a self-reliant India, and I express gratitude on behalf of all working individuals in Maharashtra," he added.
"There is no doubt that the nation's progress will continue to ascend as the three vital sectors of education, health, and agriculture will reap the benefits of the budget's innovative provisions. This is a blueprint for a robust India. These are promising indicators that our nation is advancing towards prosperity under the leadership of Prime Minister Modi," Deputy CM Shinde expressed.
Deputy Chief Minister Ajit Pawar stated that the budget has laid the groundwork for a developed India, positioning the country on the path to becoming an economic superpower.
"The Union Budget's income exemption up to Rs 12 lakh is a substantial relief for millions of middle-class families. My thanks go to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for allocating significant funds for infrastructure projects in Maharashtra through the Union Budget," he concluded.
He also stated, "Maharashtra is receiving a substantial development fund from the Union Budget, which will establish a strong foundation for infrastructure endeavors in the state, promoting development. This budget provides growth opportunities for all segments of society—farmers, laborers, merchants, entrepreneurs, women, students, and the general populace at large."
