'Budget'18 will cement India's position as global economic power'

New Delhi [India], Feb. 1 (ANI): Terming Union Budget 2018 proposals as 'historic', Union Ministers Rajnath Singh and Nitin Gadkari on Thursday said it would help bridge the gap between rural and urban India.

Union Minister for Surface Transport Nitin Gadkari said, "Medical insurance of Rs. 5 lakh for 10 crore families is a huge initiative. This is a 'historic' budget."

Union Home Minister Rajnath Singh termed the Budget as a "budget for a progressive and positive India"

He said it would help bridge the gap between rural and urban India.

"It's a grand budget, lot of announcements for the poor, farmers and tribal. This budget will also cement India as a global economic power," Singh told ANI.

Finance Minister Arun Jaitley stressed that this year's budget proposals would focus on four aspects namely - strengthening of agriculture, education, healthcare benefits and improving infrastructure.

Jaitley also announced two new measures in his fifth Budget under the government's Ayushman Bharat scheme, which are expected to take healthcare to greater heights.

Jaitley also proposed to cut the corporate income tax rate to 25 percent for companies with a turnover of up to Rs. 250 crore.

While presenting the Budget proposals, the minister said that the tweak will result in 7,000 companies coming under the 25 percent tax slab.

He added that the government will receive Rs. 7,000 crore less in the form of revenues due to this decision.

"This will see the extension of a trend as the share of corporate tax to total revenues has come down from 34.45 percent in 2014-15 to 28.18 percent in 2017-18, under the Modi government," added Jaitley. (ANI)