Budget Boosts Demand and Investments

There were two major expectations from the budget – to give a boost to demand as well as investments. The finance minister has delivered on both and maintained continuity in policy reforms.

The budget offers a huge tax relief to the middle-income tax-players by enhancing the income-tax exemption to 12 lakh. This should give a significant boost to consumption, particularly discretionary spending, which has seen moderation in recent times.

The thrust laid on agriculture and rural development will not only strengthen the agriculture ecosystem but also augment rural incomes. Which will boost market ultimately.

Ficci had suggested an Agricultural Yields Mission on the line of aspirational districts. It is reflected in the budget with the new Dhan Dhaanya Krishi Yojana that will cover 100 districts with a view to enhance yields, productivity, crop diversification, augment post-harvest storage, improve irrigation and facilitate credit.

The continued effort towards self-reliance in agriculture is also reflected in the proposal to augment capacity of urea plants, which will help in bringing down their imports.

Industry looks forward to the New Jan Vishwas Bill and the setting up of a high-level committee on regulatory reforms. We hope that industry will be involved actively for result- oriented outcomes.

In all, the budget proposals are expected to re-energise the economy and bring the growth momentum back.

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