Budget Not 'Pro-Rich', it Has Something for All: Jayant Sinha

New Delhi: Seeking to dispel the notion of the Budget being "pro-rich", Minister of State for Finance Jayant Sinha said on Thursday that it was a "reformist" and "landmark" Budget which has something for all.

Addressing a press conference five days after Budget at the BJP headquarters here, he also said that the Budget tried to provide some relief to states like West Bengal and Bihar as part of the government's 'Look East Policy' to cater to the poor states, especially in the Purvanchal region.

"We have presented a very reformist budget, a landmark budget, which has many structural reform measures particularly the Jan Suraksha programme which is the start of a universal social security system."

"We have done quite a lot for the middle class in terms of infrastructure, jobs and benefits of long-term savings.

Most good economists would agree that this is a very good budget," he said.

The Budget offered relief in the form of tax saving, reduced household expenses and improving the quality of life of the middle-class, he said.

"While the previous budgets have had 8 to 10 reforms, this Budget had 20 major reform initiatives," he said.

When queried on the need for him to clarify, Mr Sinha said, "After the budget presentation, it is common for the ministry to highlight the details of the Budget. It is normal for the Finance Minister, Minister of State or secretaries to explain details in the Budget after its presentation. It is our duty to do so as we are public servants."

On what Budget has for the poor, Mr Sinha said it catered to basic needs, social security and housing through development that would provide power, food security, MNREGA and medical and education services.

For the youth, Budget offers jobs through 'Make in India', skill development and innovation, he said.

He listed soil health cards, irrigation and access to easy cards besides creation of a national agriculture market as measures taken in Budget for farmers.

Whether it is middle-class or the poor, most people are pleased with the budget, he added.

The 'Make in India' initiative, innovation and entrepreneurship and reformed tax regime will help the business class, too, the minister said.

Mr Sinha cited upswing in stock markets as an indicator of what Budget carried. He said stocks have gone up despite high expectations of people who invest in the economy.

"If it was a bad budget and not a good Budget, people who had high expectations, the stock market would have dropped because people were betting on a very very good Budget. It has gone up and continued to go up," he said.