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Welfare State – PM Modi Not Giving Up The Role Just As Yet

Referring to welfare measures, the Finance Minister said that the Government of India has decided to extend the pension benefit to about three crore retail traders & small shopkeepers whose annual turnover is less than Rs.1.5 crore.

Photo Credit : Ahsish

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PM Narendra Modi dreams of seeing foreign students coming to India to study

Faced with a challenging economic environment, the Modi government has shown that it’s not giving up its welfare state role just as yet, even if it expresses its intent for strategic disinvestment.

Critics may crib that the underlying big idea is missing, but this is the kind of please-all Budget, touching all interest groups is what the Modi government, especially FM Nirmala Sitharaman was looking at.

If there was any reformist intent, it was seen in an enhanced target of over one lakh Rs 5,000 crore of disinvestment in 2019-20.

Tax rate has been reduced to 25% for companies with annual turnover up to Rs. 400 crore. At the same time, surcharge has been increased on individuals having taxable income from Rs. 2 crore to Rs. 5 crore and above. 

As for the NBFC crisis, remedy measures have been announced.

The government intends to be a 3 trillion dollar economy this year, with the government’s intention to invest Rs. 100 lakh crore in infrastructure in next 5 years.

Rs.70,000 crore will be provided to to PSBs to boost credit, and faster adoption of Electric  vehicles will be encouraged with an outlay of Rs.10,000 crore.

Referring to welfare measures, the Finance Minister said that the Government of India has decided to extend the pension benefit to about three crore retail traders & small shopkeepers whose annual turnover is less than Rs.1.5 crore.

Pension benefits to about three crore retail traders & small shopkeepers with annual turnover less than Rs. 1.5 crore. 

So, a slew of welfarist measures even if the country stares at an imminent slowdown.


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