Skip to main content

Budget to boost investment, rural demand, ease of doing business and living: ASSOCHAM

Focus on affordable housing with higher tax benefits to end users, start-ups, sustainable development, and Make in India, is clearly visible, ASSOCHAM has said

Sub Category:

Finance Minister Nirmala Sitharaman's maiden budget is a mega investment-oriented initiative with a strong focus on scaling up rural infrastructure and demand along with slew of tax simplification measures, aimed at boosting growth, maintaining high level of fiscal discipline, ASSOCHAM president BK Goenka said.
 
Focus on affordable housing with higher tax benefits to end users, start-ups, sustainable development, and Make in India, is clearly visible, along with a firm assurance of ease of living for common citizens and businesses by the tax authorities. The initiatives like e-assessment, inter-changeability of PAN and Aadhaar, digital payment would make a big difference to tax payers. Likewise, the increase in the threshold for lower corporate tax of 25 percent to Rs 400 crore annual turnover would encourage higher investment which would also get a boost from proposals like further liberalisation of FDI norms in sectors like insurance intermediaries and aviation, Goenka said.
 
 The roadmap for a huge investment in railway investment with the involvement of the private sector would create a spill over for several sectors. Besides, the low hanging areas of tourism wherein several iconic sites are being identified would lead to immediate gains, the ASSOCHAM president said. The next phases of affordable housing, national highway projects should also be growth drivers.
 
The disinvestment target of Rs 1.05 lakh crore along with the commitment to disinvest Air India would be good efforts to enhance the fiscal stability with fiscal deficit being pegged lower at 3.7 percent of GDP.  Likewise, the re-capitalisation of the public sector banks by Rs 70,000 crore should increase lending including to the stressed sectors of the economy.
 
The focus on Make in India is visible as also emphasis on sustainable development by measures like electric vehicles and renewable energy. Boost to high-technology manufacturing like semi-conductor and commercialisation of space technologies are innovative measures.  
 
Overall, it is a business like Budget taking into the account the ground reality. The gains would be visible in a sustained manner, Goenka said.
 
This is a transformational budget, aimed at taking the Indian economy to USD 5 trillion by 2025.

Votes with an average with

Related Story

Focused attention needed to meet India’s food needs: Chemicals Secretary

P. Raghavendra Rao, Secretary, Department of Chemicals & Petrochemicals, Government of India today said that India faces a big challenge in meeting its food needs and thus requires a focused…

3rd phase of PMGSY gets CCEA approval

In a major boost to rural road connectivity across India, the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has given its approval for the launch of Pradhan…

How ISRO brings transparency in MGNREGS?

In order to bring transparency and to eliminate corruption in rural development works, National Remote Sensing Centre (NRSC) an organisation of Indian Space Research Organisation (ISRO) has geo-…