Just before some time from the elections in five states, Union Finance Minister Arun Jaitley defended his move in Budget 2017-18 over political funding. Jaitley said, "The cash limit of above Rs 2,000 for political funding is on recommendation of the Election Commission, which is a credible institution".
Stressing the need for greater transparency in political funding, Finance Minister Arun Jaitley on Wednesday said the maximum amount of cash donation by an individual to a political party could be Rs 2,000 -- a sharp drop from the Rs 20,000 amount in cash earlier.
Presenting the Union Budget for 2017-18, Jaitley said political parties can take donations from donors through cheque and digital payments.
He also gave a stern warning and said, "If someone misuses the Rs 2,000 upper limit for political funding, then the act will have its consequences".
FM @arunjaitley : If someone misuses the Rs 2000 upper limit for political funding, then it invites onerous consequences.— Ministry of Finance (@FinMinIndia) February 2, 2017
Commenting over the idea of Universal Basic Income, he said, "It's a wonderful idea. But first, Indian politics needs to reach at a mature level to implement it."
FM @arunjaitley : Universal Basic Income is a wonderful idea if implemented, but Indian politics need to reach a mature level to do that.— Ministry of Finance (@FinMinIndia) February 2, 2017
The Finance Minister also appreciated the Chief Economic Advisor, Arvind Subramanian, for his UBI suggestion in the Economic Survey.
FM @arunjaitley : Economic Survey is prepared by CEA & govt keeps an arm's length. CEA has lot of independence and he floats lot of ideas.— Ministry of Finance (@FinMinIndia) February 2, 2017
FM @arunjaitley : This year Chief Economic Adviser has given the idea of Universal Basic Income. It's a great idea if implemented.— Ministry of Finance (@FinMinIndia) February 2, 2017
He said,"To implement Universal Basic Income, Political Parties must appreciate that it's better alternative for poverty elimination".
FM @arunjaitley :Last Eco Survey shown that many subsidies are used by rich. So better to replace them with a better set of subsidies ie UBI— Ministry of Finance (@FinMinIndia) February 2, 2017
"We have mostly an unstructured and untargeted subsidy regime in India. Many subsidies like fertiliser are used more by the rich people. So it is better to select 30-35% most vulnerable persons and give a cheque in their hand to lift them out of poverty", the Finance Minister said.