Defence Minister Rajnath Singh on Monday said the Union Budget for 2021-22 is "unprecedented" in many ways, it will usher in a new era of inclusive growth and prosperity and set the ball rolling for making India a 5 trillion dollar economy.
Singh said the Budget will expedite economic transformation, generate jobs, create infrastructure and lay the foundation for a self-reliant India.
The defence minister said several new policies and programmes were announced in the Budget to support India's farmers, agriculture sector and to reinvigorate the human resources of the country.
"This Budget is unprecedented in many ways and it will strengthen the sankalp (resolve) of 'Atmanirbhar Bharat' (self-reliant India)," Singh said on Twitter.
He said special attention has been given to economic reforms, employment generation, capital formation and creating infrastructure in India.
"Based on six pillars of good governance, this Budget will usher India into a new era of inclusive growth and prosperity," Singh said, adding the Budget has set the highest ever capital expenditure target in the history of Independent India.
He also thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for increasing the defence budget to Rs 4.78 lakh crore, which includes capital expenditure worth Rs 1.35 lakh crore.
"It is nearly 19 per cent increase in defence capital expenditure. This is highest ever increase in capital outlay for defence in 15 years," the defence minister said.
"Several new policies and programmes to support India's farmers, agriculture, infrastructure and reinvigoration of human resource have also been announced. I am glad that the Budget has proposed opening of 100 new Sainik Schools in the country," Singh said.
He also mentioned a series of economic measures unveiled by the government in the last few months.
"During the challenging times of COVID-19 pandemic the finance minister had presented five mini-budgets in the form of packages in 2020. This Budget is the biggest addition in that series. This Budget is unprecedented in many ways and it will strengthen the sankalp (resolve) of 'Atmanirbhar Bharat'," he said.
Singh said the budget will help in realising Prime Minister Modi's vision of inclusive development and expedite India's economic transformation.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)