National Secretary BJP Kisan Morcha and Prabhari Himachal Pradesh, Advocate Sukhminderpal Singh Grewal has heaped praised on Hon'Finance Minister of India Shree Arun Jaitley for providing India with a genuine and achievable targets present in Union of India Budget 2015. Grewal emphasised that the Union Budget is Pro Poor and it will pave way for Development and growth of the Country in the long run.Grewal said the opposition should not mislead the country as they have already done the damage in the last six decades and the Finance Minister had a major reconstrution job in his hands and Budget is step taken in the right direction . Grewal praised the Union Budget 2015 and said this Budget is one that put boosting growth and slowing the pace of fiscal deficit cuts and seeking to put domestic and foreign capital to work. An assumption of a 13 percent nominal GDP growth is not unrealistic and very much achievable.He says it is based on the assumption that growth from agriculture will be much higher and the economy will revive, so manufacturing as well as services should do much better.
Grewal explained a good Budget will be one that is realistic, with not too many claims and sticking to the fiscal deficit target of 3.6 percent, at the same time releasing funds for constructive spending. The government seems determined to ensure we build much stronger social security systems for ourselves evidenced by the increased focus on retirement planning. By incentivizing an additional Rs 1 lakh per annum towards retirement investments he's probably going to facilitate the twin objectives of channelizing people's savings into funds available for long term projects and giving the NPS, a shot in the arm. For the taxpayer, the benefit is clear - assuming a 7 percent per year net return on the Rs 1 lakh per annum savings, the Finance minister is helping today's 40 year olds build an additional corpus of Rs. 40 lakhs when they turn 60 this is a huge sign of relief for the old and I personally feel this will enhanc their financial security and there livelihood in later years of life.
Grewal said another area of major concern for taxpayer of india is Personal health insurance and it is increasingly, becoming a real need. The increased Rs. 10,000 tax rebate for health insurance effectively means that a family of 4, for example with it's eldest member, at 45 years of age, can increase it's total family health insurance from Rs 10 lakh to Rs 20 lakh for as little as Rs 7000 net, more per year. This is timely and a very welcome change.Grewal reassured that Budget would reignite the stalled growth. He said though the budget showed no sign of Big Bang reforms and that is a plus point as these big bang reforms are also not desirable because they have a higher chance of rollback and they have serious repercussions on the indian economy aa a whole.