In conversation with Leaders Speak, The Minister of State for Finance in the Government of India, Santosh Gangwar hopefull for the outlook of cashless ecnomoy in India. Below is the gist of conversation.
Q: Opposition parties are blaming that the Centre’s decision to present the Union Budget on February 1 has sole purpose to woo voters through tempting schemes?
A: Things will become clear soon, but our sole purpose to launch this budget so early, to utilize the Budget well. It has nothing to do with the state polls. We are trying to pass the Budget by March 31 to enable a systematic flow of work. Earlier the entire process to pass the Budget used to last until May or June, and therefore in the first three months of the financial year, no new work could begin. Therefore, we are trying to make it systematic so that the Budget can be passed by March 31.
Q: What are the possibilities and new announcement in upcoming budget?
A: The government is aware of tax relief demands to hike the exemption limit. We are reviewing the proposal. The current tax exemption limit is upto Rs 2.5 lakh annual income, which according to sources could be hiked in the upcoming budget. Another big announcement expected is on the digital economy push. We want to promote cashless economy and now the situation is improving every day. Currently, consumers don’t have to pay any charge on card transaction but we will review all the measures to promote digital economy.
This story is from the February 2017, edition of Leaders Speak.
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This story is from the February 2017, edition of Leaders Speak.
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