India Inc. Emerging under the new leadership at the center: Budget shows the torchlight
The Finance Minister Arun Jaitley speech while presenting the maiden NDA budget talks about the beginning of a new era of improved infrastructure, better housing conditions, better industrial growth and overall happiness for all.
He started the speech with thanking the nation for electing them and mentioned that his government is taking all the measures to fulfil all of their dreams. He talked about the economic slowdown, and a few policies of the previous government which had slowed down the growth. The government wants to usher in a policy regime that will result in the desired macro-economic outcome of higher growth, lower inflation, sustained level of external sector balance and a prudent policy stance.
He also mentioned that his predecessor has set up a very difficult task of reducing fiscal deficit to 4.1 % of the GDP in the current year. Jaitley talked about the introduction of GST (Goods and Services Tax) to bring uniformity in the tax regulations and add to the central treasury.
Introduction of FDI in many sectors like real estate, defence, manufacturing and infrastructure will be in the larger interest of the Indian Economy. The composite cap in the Insurance sector is proposed to be increased up to 49 % from the current level of 26 %.
To encourage development of Smart Cities, FDI will be welcomed. A sum of Rs 7,060 crore in the current fiscal is allotted to the building and maintenance of smart cities. REITs & InvITs will be launched to increase liquidity in the market.
A host of other benefits and investment options like e-Visa, Swatchh Bharat Abhiyan, Kissan Vikas Patra, Pradhan Mantri Krishi Sinchayee Yojana etc. were presented in the budget.
Source- The Financial Express
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