Manufacturing, Real Estate, Textile etc. to get a boost in the maiden budget of Jaitley
The entire nation and the business world abroad are looking at the maiden budget of the Modi Government to be presented on July 10 with a lot of anticipation. Manufacturing, housing and labour skilling are going to be the key long-term focus of Finance Minister Arun Jaitley maiden budget on July 10.
The government’s main agenda is to take the economy out of its longest slowdown since the free market reforms of 1991 which was spearheaded by the Narasaimha Rao’s Government with the support of then Finance Minister Manmohan singh.
The new BJP-led government raised the rail fares last month and it is speculated that the budget will focus on the measures that contribute towards growth, development and job creation. Foreign investments will be attracted to the real estate, infrastructure and other sectors and a clear roadmap on attracting investment in manufacturing sector is expected. The GDP (Gross Domestic Product) for the last few years has been lower than expected the government is all set to increase the manufacturing’s share in the overall GDP.
A single window clearance for infrastructure projects, on-line environment clearances and import duty relaxation on certain raw materials are expected and the budget is expected to focus on labour intensive sectors like textile.It is also expected that the housing sector will be given the status of infrastructure sector.
Steps to reducing cost of borrowing for the housing sector can be expected too. It is expected that the low income borrowers might get an interest subvention while borrowing for the home loans.
Source- Deccan Herald
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