Union Bud­get 2017-18 View­ing and In­ter­ac­tive Ses­sion

FICCI Business Digest - - In the States -

FICCI or­gan­ised a Union Bud­get 2017-18, view­ing and in­ter­ac­tive ses­sion with in­dus­try lead­ers in Ahmed­abad to get an in­sight into var­i­ous as­pects of the Bud­get, un­der­stand its im­pli­ca­tions for in­dus­try and get ex­perts' opin­ion on is­sues af­fect­ing the cor­po­rate sec­tor. A select group of lead­ers from the in­dus­try shared re­ac­tion on the bud­get.

Ra­jiv Vas­tu­pal, Chair­man, FICCI - Gu­jarat State Coun­cil, said that the Union Bud­get pre­sented by the Fi­nance Min­is­ter is a wel­come change as the Rail­way Bud­get is also merged with it. The three Point Agenda of Trans­form, En­er­gize and Clean India cover pri­or­ity ar­eas such as agri­cul­ture and farmer wel­fare, ru­ral sec­tor, so­cial sec­tor, ed­u­ca­tion, in­fra­struc­ture and in­vest­ment, fi­nan­cial sec­tor re­forms, gov­er­nance and ease of do­ing busi­ness, dig­i­tal econ­omy, fis­cal dis­ci­pline and tax re­forms. The Fi­nance Min­is­ter (FM) has in­ci­den­tally termed these fo­cus ar­eas as the 10 pil­lars of his trans­for­ma­tive agenda in the Union Bud­get. The re­sult that this bud­get hopes to achieve is an im­proved macro-eco­nomic sit­u­a­tion, with a greater em­pha­sis on so­cial sec­tors, im­prove­ment on tax com­pli­ances, ed­u­ca­tion and skill build­ing, job cre­ation by build­ing a knowl­edge base and a pro­duc­tive econ­omy. In our PreBud­get Mem­o­ran­dum, FICCI had asked for grant­ing In­fra­struc­ture Sta­tus to Af­ford­able Hous­ing and to De­vel­op­ment of In­te­grated Town­ships. We are happy that the FM has granted In­fra­struc­ture Sta­tus to Af­ford­able Hous­ing.

Re­duc­tion of in­come tax to 25% for MSME with an an­nual turnover less than Rs. 50 crore is a wel­come move. Over­all it is a mod­est bud­get given the cur­rent fis­cal sce­nario. MSMEs are the back­bone of the Gu­jarat econ­omy and hence this move will ben­e­fit the state's econ­omy and its in­dus­tries.

The an­nounce­ment of AIIMS in Gu­jarat will boost the al­ready ro­bust med­i­cal ed­u­ca­tion and health­care sce­nario of the state. Ad­di­tion­ally, Gov­ern­ment of India's sup­port to the Gov­ern­ment of Gu­jarat for Cen­te­nary Year Cel­e­bra­tion of the Sabar­mati Ashram is a laud­able ges­ture.

Union Bud­get 2017-18 view­ing and in­ter­ac­tive ses­sion in Ahmed­abad.

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