Addressing industry leaders, Goyal said the broad aim of the budget was to boost investments and consumption in the economy and to empower farmers so that they do not have to depend on doles. A robust insurance system will ensure 100% payment to the farmers in the event of any loss of production. The road map will empower them to double their income and not depend only on doles,” said Goyal. Jaitley is in the process of lowering corporate tax rate and phasing out tax breaks to simplify tax laws. We have an inter-ministerial team working on cost effective power storage solutions, the biggest challenge in electric transportation,” said Goyal.

Source: Mint February 05, 2017 16:18 UTC