The Union Budget 2017-18, the
first budget after demonetisation can be seen as a stable and balanced budget
with a futuristic view keeping in mind the economic growth and inclusive
development. The Hon’ble Minister of Finance Shri. ArunJaitley remarked about
the post demonetisation phase of remonetisation as a temporary slow-down and
quoted the words of Father of the Nation, Mahatma Gandhi: “A right cause never fails”. The Budget is commendable for the focus
on the agricultural sector and rural development. There cannot be any
development of the economy unless there is food to feed the people. This fact
has been rightly taken into account in the budget. The targeted loan of Rs.10
Lakh crores for agriculture is a welcome measure. The farmers need more
assistance at the time of natural calamity. “FasalBimaYojana”
(Crop Insurance Plan) is a move in the right direction, with the increased
contribution of Rs.9,000 crores to this scheme. The power of the youth should
be fully used. The skill set of the youth should be tailored to meet the market
needs of the Industries. The launch of the programmeSkill Strengthening for
Industrial Value Enhancement (STRIVE) in this direction is laudable.
Infrastructure status for the affordable housing scheme will boost the
construction of houses for the poor. Measures to boost the cash less economy is
a welcome move. Strengthening the digital payment infrastructure and grievance
handling mechanism will improve the use of non-cash payment modes in the
economy. Though much relief has not been given in the direct tax front by way
increase in the basic exemption limit, steps have been made to reduce the cash
payment for the expenditure. On Indirect Tax front, the amendments are minimum
due to the introduction of GST shortly.
The Finance Minister before closing his budget address remarked “When my aim is right, when my goal is in
sight, the winds favour me and I fly” thereby sending a positive note
applicable for every individual or business equally that to be successful, you
must have a right aim and a goal in sight. To sum up, the budget is a well-balanced
one taking care of all the sectors of the economy”.
A detailed
analysis on the taxation proposal is presented for your valuable information.
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