The Union Budget 2017-18 is historic having laid a foundation for a stronger Indian economy. A Budget that reflects the present government’s unprecedented thinking towards uplifting the condition of masses and its visionary policies focusing on reduction of fiscal deficit to 3.2 percent, interest rate, government borrowings, spending in agriculture, digitalisation and creation of infrastructure, for long-term growth and faster pace growth in the country.
With large allocations for agriculture, rural road infrastructure, skill development and electrification schemes, this Budget has the potential to change the face of ‘Bharat’ – the India beyond our cities.
Clearly, the government spending in schemes such as MNREGA and Pradhan Mantri Awas Yojna is highest-ever. This is a boost for core sectors such as rural, agriculture, steel, manufacturing etc…, and will convert into an increase in consumption in rural India.
I am confident that such schemes for the manufacturing sector, combined with the social sector initiatives will bring robust growth for the automobile sector catering to rural India both in 2-wheeler and 4-wheeler segments.
I believe ‘demonetisation’ was a bold move. The digitisation of economy will improve tax compliances leading to growth in tax revenue. In an era of ‘protectionism’ across the world, the Budget has made it easier for global companies to come and set up businesses in India.