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As indicated by the FM in last year's budget speech, the government has started process of gradually phasing out various tax exemptions and incentives available to corporates in the Income-tax Act, 1961.
Glad that fiscal deficit is being targeted at 3.5 per cent for FY 2016/17. This is a good signal to foreign investors that financial discipline will be maintained.
Middle class and rural incomes and consumptions should increase based on the multipliers from the Govt spends.
Many 'Smart City Watchers' may have been dismayed by the absence of even mention of core urban sector schemes in the Finance Minister's speech.
In 2015/16, India has shown a robust and steady growth of economy at 7.6 per cent despite unfavourable slowing global economy.
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