New Delhi: In what will be the last annual budget to be presented by the Narendra Modi government before 2019 general elections, Finance Minister Arun Jaitley on Thursday said rural India and infrastructure will be the two big focus areas.
“Two areas to concentrate on in the upcoming budget are rural India and development of infrastructure,” said Jaitley during a session at the Hindustan Times Leadership Summit.
On February 1, Modi government will present its last full budget as the 2018 budget will only be a vote on account. The new government in 2019 will get to present its own budget for the remaining period.
When asked about the plan to privatise public sector banks, the FM said, “I am pragmatic to realise that political opinion is not ready to take that decision.”
Jaitley said Modi government will continue to follow the glide path as far as fiscal deficit is concerned. “The last three years we have had an exemplary record as far as maintaining that glide path is concerned. We intend to move on that track,” he said.
The FM said India will need an investment of Rs 50 lakh crore over the next five years. “One of the great challenges which remained in India and that directly impinges on the creation of world-class infrastructure is that India was largely a tax non-complaint society,” Jaitley said.
India has spent Rs 60 lakh crore on infrastructure during 2007-17. In recent time, the government has increased infrastructure spending, the finance minister said, adding that Budget 2017-18 made an allocation of Rs 3.96 lakh crore for the sector.
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