The debate saw more than 30 MPs state their views as they emphasised that everyone must do their part.
Dr Amy Khor, Minister of State for Health and MP for Hong Kah North, said there is a role for everyone in building an inclusive society.
She said while the government implements policies to redistribute resources to help the vulnerable, an inclusive society is also about individuals wanting to be helped and to help themselves.
Dr Khor said: "This is the social partnership Singapore needs to forge and strengthen even as we face a period of greater economic uncertainty. But, while the government has done more, and no doubt, will continue to do so in the years ahead, the problems have to be collectively owned and comprehensively tackled. They will require a total response from everyone.
"Likewise, we need to pursue a social partnership that leverages off the strengths of each party - the government's resources, the community's local networks, the neighbour's alertness to specific people in need.
"The community must look out for one another, and the able must stoop to help the less able. In this way, the holes are plugged and more sustainable solutions can be proffered.
Dr Janil Puthucheary, MP for Pasir Ris-Punggol GRC, said help must not be at the expense of fiscal prudence.
He said: "Fiscal prudence, good advice for an individual, good advice for a household, good advice for a nation. This fundamental part of our policy approach should be given more prominence. It's importance in getting us to this point in our nation's story and cannot be over emphasized. We spend within our means.
"In a time of global economic uncertainty, where parliamentarians in other nations, First World and otherwise, are arguing over which austerity measures to effect, which reductions in spending to push through and which increases in revenue to risk, we are instead going to debate how best to increase our expenditure.
"How fortunate a position to be in, how remarkable that we have the luxury to ask and ask and ask for more? But one question I would like to ask is what is at the heart of our values? What in the budget do we feel so strongly about that it defines us and the ideology of our society? What are the choices we make that can help illustrate our beliefs?
"There are many things that we need to spend on. There are also things that we choose to spend on, but sometimes we don't even see it as a choice, but simply as a given, part of the backdrop, because we believe them to be non-negotiable, when in truth they are. If we examine these choices we can begin to better define ourselves."
Mr Gerald Giam, Non-Constituency MP, said: "While I share the Government's concern about uncontrolled spending or unsustainable social entitlements, this should not be a convenient excuse to hold back much needed social investments."
MP for Aljunied GRC Chen Show Mao's views on Tuesday were challenged.
Mr Vikram Nair, MP for Sembawang GRC, said: "He starts off by saying the government has heeded the call for inclusive growth. That is our long-held belief.The insinuation from this is that the government did not care previously about inclusive growth but something he had personally believed all the time. And he says let's do more, let's do more, let's do more. Let's do more is a wonderful rallying cry because it does two things.
"First of all, by highlighting the vulnerable groups, he shows that he understands their plight. Second, by suggesting let's do more, he is suggesting the government isn't doing enough. Many of us here have been working year-in, year-out, helping the vulnerable groups.
"And it is pretty hurtful coming from Mr Chen, he might have held his belief for a long time but he only came back quite recently to help in this and I certainly hope he will not make further insinuations against the character or heart of our Party because we certainly share the belief that these vulnerable groups should be helped. In that sense, it is a wonderful way to score political points which is fair game."
Speaking in Mandarin, Workers' Party chief Low Thia Khiang said the 2012 Budget was a direct response to the results of the 2011 General Election.
In his speech in both Mandarin and English, NTUC Secretary-General Lim Swee Say said that the GE results have not affected the challenges facing Singapore, like transforming the economy, reducing dependence on foreign workers and enhancing productivity levels.
Mr Lim said: "For the SMEs out there, we realise, we know that life is tough for them especially at the pace of rapid restructuring. However we want to assure them, it is important for the tripartite partners to assure them, that we will not neglect them, in this economic restructuring.
"We are going to go the extra mile to support them and reach out to them. Why? Because their interests is also the interests of the labour movement, they are the largest employers in Singapore as a group.
"Will we succeed today with a good policy? We have a good debate in this parliament. The question is will we have good implementation after all this debate is over. I believe as we go through this process of change there will be pain. Some workers will feel the pain as they have to go for retraining, some SMEs will feel the pain because they have to go for the repositioning, some clusters will feel the pain because they have to regroup themselves. There certainly will be pain with change.
"But we must always remember, there will be bigger and longer pain without change. So therefore as we go through this process, let us not try for a painless process, it won't happen. Let us as Singapore unite, let us go through the pain together, let us go through the change together so that at the end of the day, there is gain to share together."
Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam will reply to the various issues raised on Thursday.
After the debate on the Budget Statement, Parliament will begin debating the Budget allocations for the various Ministries and Organs of State, starting off with the Prime Minister's Office.
- CNA/fa/de
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