Budget 2018: people expects government's tendency towards rural economy and employment
Feb 01, 2018, 00:53
The budget, which is presented by means of the Finance Bill and the Appropriation Bill has to be passed by both the Houses before it can come into effect from April 1, the start of India's financial year and hence the same would be presented tomorrow (Feb. 1).
With elections round the corner in 2019, the present Budget is an opportunity to put in place a mechanism that is able to effectively weed out any practical problems faced by the business community, provide stability and in the process put India securely on the track of development and progress.
Given that this is the first budget since the implementation of GST, it is more likely to pose a bigger challenge in terms of maintaining deficit targets while holding off spending and boosting economic growth. Many countries across the globe have not only implemented the GST effectively, took care of the fledgling SME sector but have also clocked impressive economic growth resulting in some stunning case studies.
"The government has sought to reclassify imported solar panels and modules in a category that attracts 7.5 per cent duty and various kinds of cess whereby the cost of a solar cell, around 30 cents at present, will go up to around 50 cents for Indian developers if 70 per cent safeguard duty is imposed".
In the Budget, Mr Jaitley has the tough task of appeasing a demanding middle class, revive the rural and agriculture sectors and push growth which is at a four-year low.
NRIs also expect legal reforms to enable them to invest in agricultural properties and look for the removal of dividend distribution tax as it discourages companies from paying dividends, which dampens investor confidence. (GDP is calculated by adding net indirect taxes to GVA). The government has already announced a major plan for recapitalization of Rs 2.11 lakh crore.
The health care industry is expecting a better role for private sector in the country's health system, a boost to the Public-Private Partnership (PPP) will also help, industry leaders say.
This, however, will not change anything for finance minister Arun Jaitley. In 2015, the finance minister had said that main corporate income tax rate will be progressively brought down to 25 percent by 2019.
"We may see policies aimed at eliminating supply side barriers to in agricultural markets while also trying to increase the efficiency with which markets function".
With every sector eyeing on Jaitley's magical briefcase, experts believe that the budget would be focussed on rural economy. Choosing this turnover, in the absence of any such evidence, shows the apathetic nature of the Government towards small businesses.
"Rural roads, post-harvest infrastructure, last-mile connectivity, massive irrigation projects could all be a part of the budget package".
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