Aiming to up employment generation, Finance Minister Arun Jaitley in his budget speech announced that corporate tax will be reduced from 30% to 25% for the next four years.
"We will rationalise andamp; remove exemptions to eliminate tax disputes," Jaitley said. Jaitley expects the direct tax collection to be at Rs 14.49 lakh crore.
Moving ahead with his government's focus on building infrastructure, Jaitley announced introduction of tax-free infra bonds for railways and roads.
"We have increased the budgetary allocation to roads andamp; railways," said Jaitley. Jaitley also allocated Rs 25000 crore for Rural Infrastructure Development Fund. Allocation on infrastructure was upped by Rs 70,000 crore. A National Investment andamp; Infrastructure fund was also announced.
Emphasising the thrust need to encourage entrepreneurship and businesses in India, Finance Minister Arun Jaitley in his budget speech said that the government will aim to make India a manufacturing hub with the 'Make in India' programme.
Stating that the NDA government has embraced states as equal partners of growth, Jaitley in his budget speech said, "Every rupee of public expenditure, whether by centre or states will contribute to betterment of people's lives."
Stating that Budget 2015 comes in the backdrop of a better growth environment than in the past, Jaitley on Saturday said, "World predicting that it is India's chance to fly."
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