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NEW DELHI: Union finance minister Nirmala Sitharaman said here on Saturday that growth was the main focus of the Union Budget, and the aim was to sustain the recovery momentum that made India the fastest-growing economy.
“It was the express desire of the prime minister that the growth momentum should not be lost and that capital expenditure should be kept up,” Sitharaman said. She attributed the post-Covid growth to the ability of people to absorb the benefits of various government schemes that were announced.
Sitharaman said there was no exit timeline for the old income tax scheme and the two would co-exist, giving the tax assessee a choice.
“There is no intention to discourage savings, and the government is giving savers the choice of the saving instrument. As an adult earner, you will be the best person to decide where to put your money,” the finance minister said.On the government’s decision to convert its dues in Vodafone Idea into equity, the finance minister said the Cabinet finalised the scheme after the issue was discussed in the Supreme Court. “The government is not taking over the company’s debt. Because they cannot pay their dues, we are taking a stake in the company so that when it starts earning we will get the benefit,” she said.
On removing tax breaks on policies with premiums of over Rs 5 lakh a year, Sitharaman said that it would not impact insurance benefits or insurance penetration. “The idea of insurance penetration is to increase the number of insured,” she said.
“It was the express desire of the prime minister that the growth momentum should not be lost and that capital expenditure should be kept up,” Sitharaman said. She attributed the post-Covid growth to the ability of people to absorb the benefits of various government schemes that were announced.
Sitharaman said there was no exit timeline for the old income tax scheme and the two would co-exist, giving the tax assessee a choice.
“There is no intention to discourage savings, and the government is giving savers the choice of the saving instrument. As an adult earner, you will be the best person to decide where to put your money,” the finance minister said.On the government’s decision to convert its dues in Vodafone Idea into equity, the finance minister said the Cabinet finalised the scheme after the issue was discussed in the Supreme Court. “The government is not taking over the company’s debt. Because they cannot pay their dues, we are taking a stake in the company so that when it starts earning we will get the benefit,” she said.
On removing tax breaks on policies with premiums of over Rs 5 lakh a year, Sitharaman said that it would not impact insurance benefits or insurance penetration. “The idea of insurance penetration is to increase the number of insured,” she said.
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