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The Union Budget spells out a long-term approach to development. It is a pragmatic view of the challenges facing it, according to A Vellayan, Executive Chairman, Murugappa Group.
Some of the positive features include the plan for creation of the Expenditure Management Commission; holistic view on agriculture sector spanning soil health, balanced nutrition, irrigation and NABARD support for warehousing.
The manufacturing sector will get a boost with the plan for 10 new industrial clusters, 16 ports, setting up Smart Cities with a corresponding allocation of ₹ 7,000 crore and a 15,000km-long gas pipeline.
The proposal to increase FDI in insurance will help improve penetration and spur growth in the sector, he added. The Budget has also addressed concerns with regard to FDI by clarifying that there would be “No retrospective amendment of taxes in the future” and that steps will be taken to rationalise the way in which FDI proposals will be dealt with.
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