A 360° Budget with Focus on Job Creation
Budget comes with outcome-based review of schemes & exercises undertaken by NITI Aayog
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.