PM Modi hails 'people's budget', says will make citizens partners in development
New Delhi (PTI): Prime Minister Narendra Modi on Saturday lauded the Union Budget, presented by Finance Minister Nirmala Sitharaman, as a "people's budget" that puts more money in the hands of people and said it is a force-multiplier that will increase investments and lead to growth.
In televised remarks on the Budget, Modi said the government has opened up many sectors for the youth, who will drive the mission of 'Viksit Bharat' (developed India).
"This Budget is a force multiplier. This Budget will increase savings, investment, consumption and growth," the prime minister said, congratulating the finance minister and her team for presenting a "people's budget".
He said a budget usually focuses on increasing the income of the government, but the budget presented by Sitharaman seeks to put more money in the pockets of people, increase savings and make citizens partners in the development journey.
"The Budget lays a strong foundation to increase savings and make citizens partners in development," he said.
Modi said welfare measures for gig workers underscore the government's commitment to the dignity of labour.
He said the measures presented in the Budget for the manufacturing sector will allow Indian products to shine globally.
The tax relief will provide big benefits to the middle class and salaried employees.
The announcements in the Budget for farmers will revolutionise the agriculture sector and rural economy.
"In terms of reforms, many important steps have been taken in this Budget. Encouraging the private sector in nuclear energy is historic. It will ensure a big contribution of civil nuclear energy in the development of the country," the prime minister said.
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Trump says EU has until July 4 to approve last year's trade deal or it will face higher tariffs
Washington (AP): President Donald Trump has said in a social media post that goods from the European Union would face higher tariff rates if the 27-member bloc fails to approve last year's trade framework by July 4.
The announcement on Thursday appeared to be a deadline extension after the president said last Friday that EU autos would face a higher 25 per cent tariff starting this week. Trump made the updated announcement after what he described as a "great call" with European Commission President Ursula von der Leyen.
Still, the US president was displeased that the European Parliament had yet to finalize the trade arrangement reached last year, which was further complicated in February by the US Supreme Court ruling that Trump lacked the legal authority to declare an economic emergency to impose the initial tariffs used to pressure the EU into talks.
"A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO!" Trump posted. "I agreed to give her until our Country's 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels."
It was unclear from the post whether Trump was implying that the tariff rates would jump on all EU goods or the increase would only apply to autos.
His latest statement indicates he might be backing away from his earlier threat on EU autos by giving the European Parliament several more weeks to approve the agreement.
Under the original terms of the framework, the US would charge a 15 per cent tax on most goods imported from the EU.
But since the Supreme Court ruling, the administration has levied a 10 per cent tariff while investigating trade imbalances and national security issues, aiming to put in new tariffs to make up for lost revenues.
