India’s budget for 2017-18 presented by Arun Jaitley is “well-balanced” with greater emphasis on the agriculture sector and increased provisions to uplift economic and social conditions in rural India, said Adeeb Ahamed, Managing Director, LuLu Financial Group.
“The agenda to transform, energise, and clean India, will allow the government to lead the country towards a more brighter future,” Ahamed said in comments on the Indian budget for the next fiscal.
Adherence to fiscal discipline, with emphasis on growth and development, increased allocation to agriculture credit and other development schemes, increase in infrastructure spending are this year’s key elements, he said.
Ample provision has been given to the development of roads and highways and passenger safety for railways which will not only help develop trade, but also promote tourism and subsequent infrastructure. Development of airports in tier-2 cities on PPP mode and five special tourism zones in partnership with states is also a positive move for domestic tourism.
Abolishing the Foreign Investment Promotion Board (FIPB) policy is a welcome move to add the continuing efforts of making the India an investor friendly destination, in line with promoting the ‘Make In India’ campaign.
Reduction of taxes for small and medium enterprises indicates the government’s commitment to encourage and promote the entrepreneurial environment in India. The reduction in taxes for middle income class is likely to have a twin impact of reduction in taxation burden and encourage increased taxpayer base.
Furthermore, incentives and steps towards promoting cashless economy and digital transformations announced during the budget will make India a more efficient nation, Ahamed said.