Overall, I would rate it as an inclusive rather than a populist corporate budget. The finance minister has maintained continuity of the reform agenda—like improved investments in infrastructure and social sector, promotion of in-house R&D, continuing with the support for green energy as well as indicated the roll out of the DTC and GST.
At the macro level, it is commendable that this budget has fixed a lower target for fiscal deficit at 4.6 per cent which is achievable given the FM’s track record.
This budget given a big boost to infrastructure that will impact positively all sectors of the economy. There is enough in the budget to stimulate economic activity, creating larger markets for the corporate sector. While the Indian capital goods manufacturers in the power sector will get benefit of excise duty exemption, the domestic industry, for a truly level playing field, would have preferred imposition of an import duty.
The “inclusiveness” of the budget is really welcome. The FM has increased outlays substantially for social sectors like health, education, agriculture, rural development and self help groups for women in villages. However, delivery and implementation of the various schemes continue to be areas of concern.
Meher Pudumjee
Chairperson, Thermax Limited
