The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.
Shobhit Gupta, MBA 2016-18, Vinod Gupta School of Management, IIT Kharagpur
It’s not long ago that we the people of India were standing in long queues outside ATMs, Branches. We had some really mixed Reviews regarding the demonetization move by the Government.Nevertheless, all eyes will be on the union Budget to be tabled in the Parliament on February 01, 2017. Here Sector Wise Expectations are listed:
- Reduction in Cash Transactions & increase in overall Tax Base due to demonetization will help in reducing the Fiscal deficit. Therefore, more Budgetary allocations to Defence sector
- Funds may be increased for OROP
- Introduction of Digital Card to Connect people through various schemes
- More Funds allocation towards Jan Aushadhi Yojana
- More Cheaper Loans for Farmers leading to more demand in the economy
- Focus on promoting latest technology in the agriculture sector through more allocation of funds
- Sanctioning more irrigation projects and boost to startups operating in this sector
- Since there is a revamping change in the industry requirements with disruptive technologies, so more emphasis on quality education and more funds allocation to this sector.
- May consider establishment of Centre of Excellence (CoE) across the country
- Easy Loans for students pursuing Higher Education with reduction in rates
- Startup India, Stand Up India along with Skill India & Make in India to work more cohesively so that the stagnant manufacturing sector grows at a fast rate
- Reduction in Corporate Taxes leading the Businesses to grow more
- Building more Manufacturing Zones (NIMZs) to attract more foreign Investment
- More Burden with the implementation of the seventh Pay commission
- Setup a dedicated railway safety fund for safe journey & reducing accidents
- Majorly Budget allocation to Railways with massive capital infusion
- Fare review mechanism likely to be implemented
From all of the above, Budget 2017 has a lot of expectations riding on it, especially after demonetisation. The common man is expecting some relief in the form of reduced tax rates or enhanced tax slabs to soothe the discomfort caused by the demonetisation drive and for conscientiously backing the move by the Hon’ble Prime Minister to curb the menace of black money.
With Economy facing a huge slowdown, there is pressure on the Finance Minister to give impetus to various industries from manufacturing to Services sector.
After all, its not just the intention that matters, but the results too.Let’s hope that Acchhe din for the Aam Aadmi Arrives !!
#Shobhit Gupta #Union Budget 2017 – Expectations