‘In 2017-18, the central government will be receiving GST revenue of only 11 months, and this will have a fiscal effect. There will also be a shortfall of non-tax revenue. The total revised estimated expenditure is Rs 21.57 lakh crore against 21.47 lakh crore,’ he said.
Presenting the last full budget before 2019 General Elections, Union Finance Minister Arun Jaitley spoke of massive spending on rural infrastructure. Jaitley on Thursday claimed that although there has been an increase in the taxpayer base, the turnover is ‘not encouraging’. Talking about the Goods and Services Tax (GST), Jaitley revealed that the Centre will receive revenue of only 11 months, adding that this would have a fiscal effect. (LIVE UPDATES HERE)
‘In 2017-18, the central government will be receiving GST revenue of only 11 months, and this will have a fiscal effect. There will also be a shortfall of non-tax revenue. The total revised estimated expenditure is Rs 21.57 lakh crore against 21.47 lakh crore,’ he said.
Jaitley also opined that the November 2016 demonetisation drive was well received by the nation, claiming that honest tax payers perceived it to be an 'Imaandari ka Utsav' (celebration of honesty).
Presenting the Union Budget 2018-19 in Parliament, Jaitley said the priority accorded to the sector was evident from the fact that Prime Minister Narendra Modi is personally monitoring infrastructure project targets and achievements.
"Infrastructure is the growth driver of the economy. Our country needs massive investment in access of Rs 50 lakh crore in infrastructure to increase growth of GDP and integrate the nation with a network of roads, airports, railways, inland water and to provide good quality services to the people," the finance minister said.
In order to create employment and aid growth, the government has increased budgetary and extra budgetary expenditure on infrastructure for 2018-19 to Rs 5.97 lakh crore from Rs 4.94 lakh crore in 2017-18, he said.
Jaitley said, "The Prime Minister personally reviews the target and achievements in infrastructure sector on a regular basis. Using online monitoring system of Pragati alone, projects worth Rs 9.46 lakh crore have been facilitated and fast-tracked."
Asserting that the government has laid an all time high allocation for railway and road sectors, the finance minister said that the government is committed to further augmenting the infrastructure.
National Highways exceeding 9,000 km will be completed in 2018-19, he said and highlighted that Bharatmala scheme which has been approved for providing seamless connectivity to interior and backward areas and borders of the country. Under the phase-I of the project, 35,000 km of highways would be constructed at an estimated cost of Rs 5.35 lakh crore.
He also said NHAI will consider organising road assets into SPV.
Here’s the full text of the Finance Minister’s speech:
Arun Jaitley's Union Budget Speech
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