Overall economic situation in the country is looking better and basic parameters of Indian economy are moving in the right direction, said Finance Minister Mr Arun Jaitley. He said that current account deficit will be under control and will try to keep fiscal deficit also within the prescribed limit. The Finance Minister said that the growth rate would be better than the last year as per the old system. The global situation is favourable to the country as more and more investors are showing curiosity and interest in India. Gradual turn-around of the Indian Economy taking place and the inflows of FDIs and FIIs during the current year have increased. Here goes five major expectations from the FM this budget.
Include significant increase in allocation for judicial sector for setting- up fast track courts in order to clear the heavy back log of pending court cases in various courts; abolition of differential import tax levied on end use basis as this leads to misuse and corruption, steps be taken to broaden the tax base and impose small tax at flat rate on everyone including small businessmen so that everyone is a stakeholder in the country’s development.
VIBRANT AGRI SECTOR
Focus on inland waterways, rationalization of subsidies including in case of urea leading to its excessive use which in turn spoiled the quality of land and brought down the productivity, more concession for migrant workers and agricultural labourers, incentives for modernization of agriculture to make it viable, focus on creating strong rural infrastructure, incentives for agri-exports, moré tax benefits to cooperative sector, incentivize use of ethanol in petrol, more allocation for animal husbandry and veterinary research, boost to micro-irrigation, 50% subsidy by the Central Government for drip irrigation be extended to all farmers in all areas and financing of remaining 50% liberally by banks through soft loans to farmers among others.
MAJOR LABOUR REFORMS
Labour reforms, settlement of issue of wages etc of staff of public sector banks and insurance companies and focus on skill development programmes for workers and labourers among others.
REFORMS IN MANUFACTURING SECTOR
Structural reforms in manufacturing sector, incentives in income tax for exporters, incentivize import of cutting edge technology rather than finished products, and online scrutiny of tax returns to bring high level of transparency and probity.
INCENTIVIZING TOURISM SECTOR
Creat tourism infrastructure as tourism has a great potential both for generating revenue as well as creating employment opportunities. More allocation to Archaeological Survey of India for preserving cultural heritage, incentives to local bodies and private sector for solid waste management.