Union Budget 2017-18 Viewing and Interactive Session
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.