Jaitley wears a reformist cloak; presents a sentiment boosting budget
Updated: Feb 28, 2015 04:19:03pm
New Delhi, Feb 28 (KNN) The first full budget presented by Finance Minister Arun Jaitley today is set to infuse positive sentiments making GDP growth of 7-8 percent looks tenable.
Highlighting ‘Jandhan yojna’, ‘Swachh Bharat Abhiyaan’ and coal auction leading to windfall gains for states- as the three ground breaking initiatives that BJP led government has undertaken, he alluded to two next big ideas: GST and ‘JAM trinity’.
While GST is scheduled to come into force by 1st April 2016, the JAM Trinity – Jan Dhan, Aadhar and Mobile – is to be leveraged to implement direct transfer of benefits to in a leakage-proof, well-targeted and cashless manner.
Jaitley assuaged the nerves of investors with a several small and big measures and tried to cast an image of a reformist Finance Minister. The GAAR is postponed, Corporate tax is being reduced gradually from 30 to 25 percent and facility of advance ruling in Income tax is being extended to Indian investors also.
The Budget announcements of enacting legislations for a comprehensive Insolvency code, Public Procurement, Public Contract Resolution and for setting up of exclusive commercial divisions to address commercial disputes in various courts in India are set to transform the business eco-system in India. The fact that economy of a size of India does not have an Insolvency and bankruptcy mechanism is unthinkable.
Jaitley also broke ground and took baby stapes in labour reforms by allowing option ESI and PF to employees- a move that would be welcomed both by the employees and employers particularly among MSMEs.
The budget focused on two new areas- social security and financial inclusion for common man, besides running themes of the BJP led government such as skills and infrastructure. (KNN/AB)
Highlighting ‘Jandhan yojna’, ‘Swachh Bharat Abhiyaan’ and coal auction leading to windfall gains for states- as the three ground breaking initiatives that BJP led government has undertaken, he alluded to two next big ideas: GST and ‘JAM trinity’.
While GST is scheduled to come into force by 1st April 2016, the JAM Trinity – Jan Dhan, Aadhar and Mobile – is to be leveraged to implement direct transfer of benefits to in a leakage-proof, well-targeted and cashless manner.
Jaitley assuaged the nerves of investors with a several small and big measures and tried to cast an image of a reformist Finance Minister. The GAAR is postponed, Corporate tax is being reduced gradually from 30 to 25 percent and facility of advance ruling in Income tax is being extended to Indian investors also.
The Budget announcements of enacting legislations for a comprehensive Insolvency code, Public Procurement, Public Contract Resolution and for setting up of exclusive commercial divisions to address commercial disputes in various courts in India are set to transform the business eco-system in India. The fact that economy of a size of India does not have an Insolvency and bankruptcy mechanism is unthinkable.
Jaitley also broke ground and took baby stapes in labour reforms by allowing option ESI and PF to employees- a move that would be welcomed both by the employees and employers particularly among MSMEs.
The budget focused on two new areas- social security and financial inclusion for common man, besides running themes of the BJP led government such as skills and infrastructure. (KNN/AB)
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