Commenting on the budget provisions, State BJP president Teerath Singh Rawat said that under the prevailing circumstances, the Union Budget 2014-15 is a pragmatic and extensive one as it lays out a medium term vision for the economy and meets industry expectations on growth and employment creation.
He appreciated that Finance Minister Arun Jaitley has given road map of sustained growth of 7-8 per cent or above in next three to four years. They stressed on reviving growth in manufacturing sector and adequate infrastructure development.
On fiscal consolidation plan, they talked about curtailing the fiscal deficit of 3.6 per cent for 2016 and three percent for 2017. To achieve this goal, they proposed setting up of Expenditure Management Commission (EMC) to review the allocative and operational efficiencies of Government expenditure to achieve maximum output.
Understanding that GST is very critical for streamlining of the tax regime, Finance Minister has indicated to find a solution within this current financial year. Introduction of GST will add about 1.0-1.5 per cent to national GDP. On the other reforms related to taxation, the move towards providing a stable and predictable taxation regime with commitment of not bringing in any retrospective amendments in the current regime is a welcome step. This will certainly provide much needed fillip to the confidence of the global investor community. Some other reform initiatives includes provision of advance ruling for resident tax payers, constituting additional benches for the same, High level committee to interact with trade and industry on a regular basis and changes related to Transfer Pricing regulations.
As far as Uttarakhand is concerned, they have taken care of schedule class, minority, women, farmers, Muslims, youth, traders, industrialist and senior citizen as well. For the conservation of Himalaya Modi Government has allocated Rs 100 crore and allocated Rs 37,800 crore for the construction of national highway. They also allocated Rs 1,000 crore for one rank one pension scheme and with this ex-servicemen would be benefitted. Besides it they have also allocated Rs 100 crore the upliftment of ghat in Kedarnath and Haridwar as well.
For the cleanliness of holy Ganga River they allocated Rs 2,037 crore; Rs 3,600 crore for safe drinking water, Rs 4,000 crore for low cost housing, Rs 50,000 crore for SC/ST and weaker section.