Budget 2017: Sanjay Pugalia in Conversation with Arun Jaitley

Sanjay Pugalia talks to Union Finance Minister Arun Jaitley about Budget 2017.

Finance Minister Arun Jaitley shares his thoughts on the Union Budget 2017-18 with Sanjay Pugalia, Editorial Director of The Quint.

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'Reducing Corporate Tax Gradually by Phasing Exemptions'

On being asked about his promise to India Inc to bring down corporate tax to 29%, Arun Jaitley argued that reduction in tax is linked to a gradual phasing of tax exemptions. He said,

As my ability in phasing out of tax exemptions to corporates improves, tax deductions will come into play. In accordance with my ability, I have followed my promise and extended deductions to a large part of corporates. The big boys in India Inc are big enough to take care of themselves.

'Universal Basic Income is an Idea Whose Time Should Come'

Commenting on the Universal Basic Income, an idea expounded by Arvind Subramanian in his Economic Survey, Arun Jaitley said that UBI could only be implemented if Indian politics matures. He said,

The Universal Basic Income is an alternative to the current structure of subsidies. If Indian politics can mature then it can be implemented. As long as other subsidies exist, the UBI can’t exist alongside.