Bringing down the tax rate will reduce vehicle prices, which will help in spurring demand that has been sluggish for the last 11 months, said an industry executive
Some of these disputes date back to over 10 years, but a bulk of the amount stuck is from recent years. Of the Rs 7.8 lakh crore, disputes involving Rs 7 lakh crore are less than five years old.
The interim budget announces various measures like interest subvention on loans to small businesses and village industries; The proposal to transform one lakh villages into digital villages over the next 5 years is expected to generate jobs.
The salaried class has an additional reason to cheer as the limit of standard deduction, which was re-introduced last year, has been enhanced from Rs 40,000 to Rs 50,000.
At the end of December 2017, the deficit was 113.6 per cent of the Budget Estimate (BE).
My one line comment on the budget is that it is not a vote on account but an account for votes. The big takeaway is that the present government has further weakened fiscal stability. For the second year in succession, the government has missed the fiscal deficit target. The revised estimate shows a slippage from 3.3 per cent to 3.4 per cent.
The Budget for 2019-20 touched the right notes for stimulating demand and growth in the economy. By strongly addressing the major consuming sections of society such as farmers, the middle class and unorganised sector workers, it aims to stabilise incomes and reduce risks for vulnerable people
The Interim Budget presented by Shri Piyush Goyal today marks a high point in the policy directions that the Government headed by Prime Minister Shri Narendra Modi has given to this nation.The Budget is unquestionably pro-growth, fiscally prudent, pro-farmer, pro-poor and strengthens the purchasing power of the Indian middle class.
I was bracing for a populist, profligate budget driven by 'election panic.' I'm just grateful that the reliefs to the key middle class and farmer segments were delivered in a measured way without risking bankruptcy of the economy. This was a controlled, pump-priming exercise.
This has been a fabulous budget and I compliment my good friend and Finance Minister Piyush Goyal for a fantastic job. The FM has managed to do something for a large cross section of society - the middle class, the farmers, workers in the unorganised sector. At the same time, he has ensured that fiscal deficit remains at 3.4%. This is a people's budget that will help the economy and also lays down a vision for the next 10 years. This could well be a game changer budget in this election year.
India's middle class, small traders and farmers are the lifelines of its economic growth. By catering to these ambitions Budget 2019 infuses hopes for millions of dreams.
The interim Budget proposals should augur well for the Indian economy by providing a growth impetus through a boost in consumption as well as an inclusive framework designed to benefit agri and rural communities, unorganised sector workers as well the middle class.
The increase in allocation for agriculture and rural sectors stands out. It aims at stimulating consumption by reducing the burden on the middle-class. The budget aims to expand the formal economy; the 2% interest subvention scheme for GST-registered MSMEs is likely to encourage more firms to be covered by GST. The extension of affordable housing benefits should create new momentum in real estate activity in the country.
A host of measures by the government to boost the agrarian economy through minimum support price and increased investment in the farmer scheme is a welcome move as it will benefit small and marginal farmers. Simplified tax assessment processes coupled with the increase in tax exemption for income up to Rs 5 lakh per annum for individual tax payers, will not only reduce the tax burden on the middle class citizens but also increase the tax payer base in India.
The budget is a forward-looking one and is expected to increase liquidity in the hands of the consumer. Along with the recent reduction in GST on appliances, this anticipated increase in consumer spending can be a catalyst for higher demand in our sector.
The budget has given more sweeteners than expected. Targeted towards the marginalised farmers, rural economy, workers in the unorganised sector, MSMEs, and low income earning population, this budget has addressed the bulk of the population which are most impacted by any turmoil in the economy. We believe that this will help in alleviating some of the stress in the rural sector, have a positive impact on consumption and kick-start the investment cycle.