It appears to be a balanced budget with great focus on job creation, demand generation, spending on infrastructure all across in rural sector, urban sector and a big way in housing. More emphasis is given on tax compliance and rationalisation of various government subsidies and claims, digitisation and digital transactions which is a big thing. It has focused on the long term economic correction in the country. It’s a must for the government to expand the tax base and increase the resources to be able to provide more benefits and incentives to the industrial sector. Since this budget is focused on overall development, its immediate impact on manufacturing sector is expected to be good as well. With tax reforms or GST implementation round the corner and commitment to stick to 25 per cent corporate tax in the long run, we are moving in the right direction.
- Brij Nagpal, Executive Director, Finance, Luminous Technologies