Union Budget is 'progressive', says Rajyavardhan Rathore

Minister of State for Information and Broadcasting Rajyavardhan Singh Rathore on Saturday described the budget for fiscal 2015-16 as 'progressive', adding that it takes into account the entire nation.

"Undoubtedly, it is a very progressive budget. It takes into account everyone in the whole spectrum of our country from the youth to the middle class and to the elderly involving the industrialists, the corporates and the farmers," Rathore told ANI here.

"It also speaks about the black money in the countries outside and how we are going to tackle with it, special steps have been given," he added.

Union Finance Minister Arun Jaitley, who presented the budget for the fiscal 2015-16 in the Parliament earlier today, announced measures to improve the ease of doing business so as to achieve 'Minimum Government and Maximum Governance'. He sought to bring about simplification of tax procedures in the Financial Bill 2015.

Jaitley said that a Bill to enact a new law to deal with black money is to be introduced in the current session of the Parliament. Giving details of proposed key features of the law, he said this is the first and foremost pillar of his tax proposals.

The Finance Minister said there will be a provision for rigorous imprisonment up to 10 years for concealment of income and assets and evasion of tax in relation to foreign assets.

Jaitley asserted that tracking down and bringing back the wealth which legitimately belongs to the country is his government's abiding commitment to the country. He said several measures have been initiated in the last nine months to effectively deal with the problem of black money.

Jaitley said all this is aimed at job creation through revival of growth and investment in domestic manufacturing and 'Make in India', to benefit the middle class taxpayers and to improve the ease of doing business in a climate of minimum government and maximum governance.

Prime Minister Narendra Modi has also hailed the Union Budget for 2015-16 as a budget with a clear vision, and one that is progressive, positive, practical, pragmatic and prudent.