 "There is nothing in budget to push private investments & exports: AK Anand")
The union budget 2017-18 is mainly focused on spending on rural sector, agriculture and infrastructure which is expected to create jobs. A huge thrust has been given to push the digital transactions including funding of political parties and announcement of electoral bonds.
However, lot of work needs to be done on ground to implement digital transactions, which will ultimately help widen the tax base. There is nothing done to push the private investments and growth of exports.
There are certain reductions in duties of components to promote domestic manufacturing specially electronics. However, details will be known subsequently.
The cut in tax rate for MSMEs and personal income tax is a welcome step. However, some investment linked benefit could have been given to the other units in manufacturing sector. There was also talk on upgradation of ITIs which will help in skill development to suit the needs of the industry.
AK Anand is the director of The Institute of Indian Foundrymen (IIF)
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