Given the revenue constraints thrown up by demonetisation, the Finance Minister has presented a pro-growth Budget without busting fiscal boundaries. The Budget initiatives aim to stimulate growth, simplify tax structure, provide relief to the middle class, eliminate black money and maintain fiscal consolidation. With the implementation of major tax reform viz GST in the next four months, I am sure the economy will see strong growth.

At the macro level, the Finance Minister has pegged the fiscal deficit to 3.2 per cent of the GDP in FY18, ensuring prudent fiscal management and eliminating concerns of inflation.

A substantial outlay on infrastructure; a large allocation to the road sector; a very strong fillip to housing; a large support to the Railways — all these are growth-oriented measures and will spur demand. Sectors such steel, cement, logistics will stand to benefit and will revive demand, employment and income generation.

The agricultural credit of ₹10 lakh crore, increased coverage of Fasal Bima Yojana to 50 per cent, an all-time-high allocation of ₹47,000 crore to MGNREGA, will lead to rural push and a fillip to agriculture activity. Various ancillary industries and sectors supporting agriculture will also benefit considerably.

By bringing down the tax rates at the threshold level, relief has been provided to a large number of small tax payers and the SME sector.

On the negative side, the maintenance of MAT and corporate tax rates at the same level, and inadequate provision for recapitalising banks, are surprises.

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