Budget 2021

Budget 2018: Industry gives thumbs up, calls it progressive

Our Bureau New Delhi | Updated on February 01, 2018

Union Finance Minister Arun Jaitley presents the Union Budget at Parliament.   -  PTI

The industry experts which were expecting this to be a populist budget said that it covered all the important issues in a bold and positive manner.

With focus on agriculture, job creation, infrastructure, health in the budget 2018, the industry termed it to be a progressive one. “I come from the health sector so such comprehensive approach on health is extremely welcome. The tax rates are not changed but some deductions have been given which is a welcoming move. What we like to see in future is how much of this going to translate in creating more jobs on the ground”, Shobana Kamineni, President, CII.

The industry experts which were expecting this to be a populist budget said that it covered all the important issues in a bold and positive manner. “Full marks should be given on coming up with budget so focused on health and also covering the rest of the sector. The government was being questioned if it is addressing the needs of the poor but with budget focusing not only making the country healthy but also giving weaker sections the means to be part of the cycle, it already has addressed the issue”, said Naresh Trehan, Chariman, CII Healthcare Council.

“There was a fear that several populist measures will be part of the budget but it has not happened. Also, some recognition has been given to the rural distress. However, where I am disappointed is corporate tax rate. They have increased the availability of the lower tax of 25 per cent to companies up to 250 crores but that’s a patch work it should have been across the board”, said Abhishek Goenka, Partner, Tax and Regulatory Services, PwC.

Meanwhile, some of the experts were expecting that what has been announced in the budget for the infrastructure sector. “I am a bit disappointed as I did not see major push in the housing for all. The only redeeming feature was renewal of 36000 km railway lines”, said an expert who did not wish to be named.

Published on February 01, 2018

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