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The Budget presented by the Finance Minister today was overall in the right direction. I think the GDP growth rate in the next fiscal year will be on the higher side of the range at 8.5 per cent. The high investment in infrastructure, a clear date for implementation of the GST, strong encouragement to agriculture, and the social infrastructure sector will be very favourable for GDP growth in the future.
Several of the issues faced by foreign investors, foreign institutional investors and foreign direct investment have been tackled well, and will lead to greater foreign investments. The announcement to reduce the corporate tax over the next four years to 25 per cent is a very welcome one. However, as a result there have been no incentives for manufacturing in this Budget. In fact, because of surcharge, taxes on the manufacturing sector have increased. I do hope the Finance Minister reduces this surcharge on the manufacturing sector and takes some corrective steps before the Budget is passed. I would rate this Budget 8/10.
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