A fine and balanced act of Budget was presented by India’s Finance Minister, Arun Jaitley on Wednesday, increasing the investment to stimulate growth while at the same time ensuring the government’s financial health isn’t weakened.
The reaction of Investors was extremely positive to his announcements, as the benchmark stock index climbed as much as 1.8% after he presented the budget to Parliament.
The Budget of 2017 has been brought forward keeping one thing ahead, that is “Corruption free” Economy of India. The govt is up to give all of the effort to fight against corruption by boosting development of different types of sectors.
The focus, however, was in the country’s villages and small towns where job losses and hardships due to a cash shortage caused by the sudden withdrawal of 86% of currency have been felt the most.
Below are the few aspects which should be highlighted:
1.Agricultural & Rural Development:
It was a major responsibility to provide relief to people in India’s vast countryside, where farmers and other labours faced the big trouble of cash shortage caused by the currency withdrawal in November. The Budget didn’t disappoint them.
The money that the government plans to spend on rural development next year has been increased by almost a quarter to 1.87 trillion rupees ($27.6 billion). Now the banks are bound to give to farmers 10 trillion rupees next year from 9 trillion rupees.
Emphasis should be more on improving the service part, which includes catering charges, travel time, improved sanitary services, etc. The fare will be increased as per the demand of AC coaches.
Modi Government Fast-Paced On Reforms Even Outside Budget:
3.Digital India Plan:
As we are going cashless, In order to promote digital payments, first, the policies should be fair and transparent; and secondly, technology based payment security should be taken on a priority basis.
4.Reduction of Tax Payment:
Relief for the taxpayers in India, including companies. Now the tax rate on incomes between 250,000 rupees and 500,000 rupees to 5%. Companies with turnover of up to 500 million rupees also got the opportunity of tax deduction to 25% from 30%. As per the report, such companies from 96% of the ones filing returns.
The Modi Govt is also focusing on foreign investors. The government has decided to make it easier for overseas investors who want to try their luck in India. Mostly such investors now won’t have to face the country’s bureaucratic red tape which delays the investment process. Those wanting to invest in India will now be permitted to do so without any kind of trouble.
The 4th Budget of the Modi Sarkar is pretty promising for all of us. It may lead us to a better future.