A 360° Bud­get with Fo­cus on Job Cre­ation

Bud­get comes with outcome-based re­view of schemes & ex­er­cises un­der­taken by NITI Aayog

The Economic Times - - Front Page -

I think the Union Bud­get of 2015 is a prag­matic, growth-ori­ented turn spur sus­tain­able growth.

For the ru­ral econ­omy, the most im­por­tant an­nounce­ment in my view is the de­ci­sion to in­te­grate PACS (pri­mary agri­cul­ture credit so­ci­eties) and district cen­tral co­op­er­a­tive banks on the core bank­ing sys­tem, which will en­able in­clu­sion of a large sec­tion of the ru­ral pop­u­la­tion within the seam­less ru­ral credit ecosys­tem. By an­nounc­ing com­pre­hen­sive labour mar­ket re­forms, the min­is­ter has given the big­gest in­di­ca­tion of the gov­ern­ment’s in­tent to im­prove ease of do­ing busi­ness, thus pro­mot­ing the man­u­fac­tur­ing sec­tor. Abo­li­tion of FIPB is a bold mea­sure that will cut down red tape. Re­duc­tion of cor­po­rate tax rates from 30% to 25% for com­pa­nies with less than ₹ 50 crore turnover would prove to be the added ben­e­fit. With “In­fra­struc­ture” sta­tus be­ing be­stowed upon af­ford­able hous­ing, pri­vate in­vest­ment in in­fra­struc­ture will cer­tainly see a boost.

The Bud­get comes with the outcome-based re­view of gov­ern­ment schemes and ex­er­cise be­ing un­der­taken by NITI Aayog.

The un­prece­dented ini­tia­tive of elec­toral bonds, re­duc­tion of cash do­na­tion and ban on cash trans­ac­tions above ₹ 3 lakh will in­crease trans­parency in po­lit­i­cal fund­ing and pro­mote trans­parency in fi­nan­cial trans­ac­tions.

The Bud­get has suc­cess­fully laid down the blue­print for cre­at­ing an en­abling frame­work that would pro­mote growth with a fo­cus on job cre­ation.

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