Home Economy and Finance Watch: Arun Jaitley highlights Modi government's policies which helped the middle class and the economy

Watch: Arun Jaitley highlights Modi government’s policies which helped the middle class and the economy

 Jaitley further mentions that in the history of the country, it was only for the first time that there was no increase in the tax rates, the Narendra Modi government rather decreased the tax in the last 5 years.

In a series of videos, Union Finance Minister Arun Jaitley on Monday put forward the reforms introduced by the Narendra Modi government as he highlighted several ‘game-changing decisions’ taken over the last five years.

Union Minister Jaitley hailed the introduction of Aadhar to transfer social benefits to the citizens of the country. “Today everybody has an Aadhar, That is his identity,” said Jaitley. He added that there were no leakages or middlemen in the process after the Modi government introduced Aadhar. Adding that the government was successful in saving resources through Aadhar, Jaitley said the resources are now being used to fund various developmental programmes.

“There are now pucca roads, houses, toilets, cooking gas connection, electricity all given at governmental expenditure today. The farmers today get crop insurance at a subsidised rate, irrigation facilities have increased,” said Jaitley. He further mentioned the lakhs of crore being spent on PM-KISAN scheme, MGNREGA. The minimum support price (MSP) for 22 commodities has been increased during the Modi government, added Arun Jaitley.

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“The biggest gamechanger is the Ayushman Bharat, the health care scheme meant for the 50 crore poor people of India. 16 lakh poor people in the last five months have already availed benefit under this scheme,” added Jaitley.

Launching an attack on previous government, Union Finance Minister Jaitley said, in between 2009-2011, the banks indulged in reckless lending at the behest of the UPA government leading to favourites of the government getting the loans expanding NPAs from Rs 18 Lakh crore to Rs.55 Lakh crore in a span of three years.

“The UPA gave loans to undeserving projects, therefore people did not pay back their loans leading to banks going to sickness and rise in NPAs,” said Jaitley.

“The Insolvency and Bankruptcy Code introduced by the Narendra Modi government led to defaulting management being thrown out of business, the companies were auctioned, new management came in which are now discharging the bank loans. We have already recovered Rs.3 Lakh crore of bank loans, which were NPAs earlier. We have created an Environment of honesty in the country and proved that India can be run in an honest manner,” added Finance Minister Arun Jaitley while highlighting the achievements of the Narendra Modi led NDA government.

Jaitley further mentions that in the history of the country, it was only for the first time that there was no increase in the tax rates, the Narendra Modi government rather decreased the tax in the last 5 years. “We have reduced the tax, particularly for the new middle class. Our strategy is the size of the middle class must expand,  they must spend more on education, healthcare, housing rather than the government imposing an unfair tax,” added Jaitley.

He said that GST is being reduced on more than hundreds of commodities and the tax base has expanded despite lowering of tax rates. Tax collection has zoomed up, helping us to spend on infrastructure, especially on roads, railways, power, and ports.

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