Defence Minister Rajnath Singh on Saturday hailed the Union Budget for 2020-21, saying it will revive growth and rejuvenate demand in the economy.
Singh said the budget is not only investment friendly but it will go a long way in doubling farmers' income and unshackling Indian industries.
"The first budget of the new decade presented by Finance Minister Nirmala Sitharaman gives an outline of a new and confident India. It is a promising, proactive and progressive budget which will make India healthy and wealthy in coming years," Singh said. ? He said the budget has a clear focus on the welfare and development of all sections with a special attention to farmers, adding that the measures announced by Sitharaman will certainly spur growth and create new job opportunities.
"The budget also promises the investors, tax payers and wealth creators a predictable environment by assuring them of protection against tax harassment," Singh said.
"The new tax reforms introduced in the Budget this year are extremely progressive, bold and unprecedented in nature. The new tax regime will reduce tax burden on common man. It will pave the way for an efficient tax system, in sync with the best practises in the world," he said.
The defence minister also complimented Sitharaman for proposing policy intervention in areas like new technologies, saying investments in these sectors will build a strong foundation for a new India based on knowledge driven economy.
"By focusing on reviving growth and rejuvenating demand the budget is expected to trigger a new virtuous cycle in our economy," he said.
Singh said budget proposals have emphatically laid a foundation to achieve the goal of USD 5 trillion economy by 2024-25.
"I must congratulate Prime Minister Narendra Modi and the finance minister for giving the country an excellent budget by addressing the aspirations of the people, and, at the same time, clearly underling our national goals and priorities," the defence minister said.