Country’s growth is always set out to public by fair means by its government. India, being a democratic state also demands the right of the people to know about the financial dealings of the country in various sectors and sub sectors. The Union Budget is one such instrument.
Affirming that the economy is right on track, Finance Minister, Arun Jaitley presented the Union Budget. Every year we keep demanding as to which sector does the bill favour. Fortunately, this time every sector and every class of people have been benefitted a little atleast. Keeping in mind the common population of India, the Bill this time has done a fair justice for everyone, if not in huge amounts atleast a tinkle of it.
Some of the highlights are listed below-
- Foreign Exchange reserves are at their peak.
- Growth of GDP has accelerated to 7.6%
- Inflation has fallen.
- Government has decided to prioritize expenditures.
- Farm, rural, infra and social structure to get more of government expenditure.
- Tax slabs increased.
Most people agree that there is nothing extraordinarily path breaking, neither is there anything disastrous. Having said that, for me the direction of levelling the playing field or atleast giving the small tax payer a chance of success is a standout. Overall this ought to put the small tax payers and small businesses much more on the country’s financial map as they should be.
Coming down to the social sectors, Jaitley presented a Sombre and status quo budget especially when it comes to core sectors such as education and health. Although as we know that Indian job sector is mostly dependent and is maximum in agricultural sector, Mr. Jaitley has tried his level best to eradicate the challenges faced by the agricultural sector in the first place.
Boiling down to the increase in slab rate, common people can save more and the slight increase in bank lending rates, it more so adds to the people to save more. This gives an incentive for the people to use their savings in the investments offered these days.
Recent study shows that the budget is likely to be an inflexion point for the market but rather another step in the direction of an economic recovery and long term reform.As always noticed, the stock indices showed a good amount of fluctuations during the whole session for the declaration of the Union Budget.
The next step totally would be effective implementation of these schemes, which can potentially help the economy from a structural perspective. Schemes to alleviate skill shortages are likely to also lead to healthier job market that is directly in tune with the changing times while rural spend is likely to bring about changes at the supply side of the economy.
While there remain challenges on the domestic front such as inflation, and on the international front due to geo-political concerns, the stage set by Union Budget 2017 seems to harbinger a more sustainable growth process, and in turn, headway for our economy.
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