This time, we expected a Budget with far-reaching reforms to make India more business friendly. The expectations from the Budget were to provide a huge boost to investment, both public and private. In my opinion, the objectives were fairly addressed by the Finance Minister in today's Budget announcement.
Overall, the Budget is forward-looking, progressive and practical, with a very clear direction for the future. It reflects the government's focus on increasing investment in infrastructure growth and generating skill-based employment that will fuel economic growth.
We welcome the changes in the taxation policy, with the reduction in corporate tax over four years and rationalisation of customs duty. The determination towards GST and the proposed implementation will boost industry through the state-of-the-art indirect tax system.
Also the efforts being made by the current government towards achieving its vision of 'Make in India' policy is evident in this Budget and hopefully it will turn manufacturing in India into a more profitable and business-friendly proposition.
Apart from business, measures taken by the government to curb black money, job creation through revival of growth and investment, will definitely benefit middle-class tax payers.
So, if we look at the Budget in totality, it is quite sensible and inclusive and it gives a great boost to India Inc.
(The author is Managing Director, LG Electronics India)