Mumbai: Maharashtra Chief Minister Devendra Fadnavis today congratulated Finance Minister Arun Jaitley for presenting a “pro-poor and pro-growth oriented” budget. “The budget has thrown open social security net for those vulnerable,” Fadnavis said.
The provisions in the budget will make Mumbai a global financial services centre, which would bring the fund managers who had shifted to Dubai and Singapore back to the city, while the global fund managers who operate from Mumbai will not be taxed for the operations outside India anymore, he noted. Fadnavis also thanked Jaitley for keeping the promise of tax reforms made by him at the recent MumbaiNext conference.
Jaitley had also taken care to address demand to increase in daily wages of MNREGA scheme, he said. The highest-ever allocation of funds for MNREGA will be extremely helpful for drought-hit backward regions, and create assets, the CM said. The emphasis on infrastructure will ensure greater allocations for mega projects in Mumbai from urban development, he said.
Income tax allowances of more than Rs 4 lakh to the middle class would allow more savings in schemes of social security, Fadnavis said. Maharashtra Congress President Manikrao Thakre, meanwhile, claimed that the budget aimed at “looting the common man and filling coffers of the rich”. “Not even the first letter of (Prime Minister) Modi’s slogan ‘Achche Din Aayenge’ is seen in the budget,” Thakre said.
The income tax exemption limit should have been raised from Rs 2.5 lakh to Rs 3 lakh, he said.