New Delhi, February 02, 2018: This year the Finance Minister was very cool and composed and determined to carry forward the structural reforms as there was an increase in FDI and the decrease in quantum of cash circulation in the economy, increase in the tax revenue by broadening the tax base, increase in public sector disinvestment exceeding the target have all contributed to make him smile.
This being a final budget before the elections of 2019, he has addressed to the common man.
We welcome the allocation of Rs.17,000 crores for 168 kms Bengaluru Sub Urban Railway which is going to help ease out the agony of the commuters in Bengaluru.
Finance Minister has increased the allocations and taken many initiatives for the MSME sector. Reduction of the corporate tax for MSME sectors from 30% to 25% upto Rs.250 crores turnover and measures like Working Capital, Ease of Doing Business will go a long way for MSME growth.
The improved technological transformation through digitization has helped to bring about transparency and also remove the redundancy in the administration. It was very heartening that he said during these years the reforms have brought “Premium to Honesty”.
Though the fiscal deficit of 3.3% looks to be on the higher side but the direction of expenditure to increase the spending by allocating major portion of their revenues to the agriculture and rural sector and also giving a new direction in expenditures for health, education and MSME sectors will all add to the consumption.
The consumption will increase the Demand and thereby attaining the growth of 7.5% in the coming year is a possibility.
The 2.5 trillion dollars Indian Economy is no doubt will increase its ranking to 5th from the current 7th slot. When we look at the size of our economy and the direction of the outlays towards the Agri and Rural Sector as he rightly pointed out we will be a 3rd largest economy if purchase power parity is considered for GDP.
The judicious approach of “Operation Green” policy measures will help boost the agriculture sector and have a growth rate of 4%-5% p.a.
The “Ease of Doing Business” measures will no doubt remove the bottle necks for the Industry and the Manufacturing sectors.
Though there has not been any direct phenomenal measures to help the manufacturing sectors, may be in the coming days new legislations relating to Industry, Labour, Small Factory Bill, Insolvency of NPA’s and other related issues of the Industry will be addressed to make the life of Industry easier to attract Investments in the large way to revive the economy.
The Budget has been very good for it has addressed the structural reforms and ease of doing business by eliminating unethical ways which were the road blocks for a transparent economy.
Let us hope that this Budget will give a Sigh of relief to the Business and Industry from red tapism and bottlenecks, so that Business and Industry can concentrate on doing business with full dedication and honesty.
Corporate Comm India(CCI Newswire)