)
The Budget was low on theatrics and high on clarity on the economic road map for the next five-10 years; this is what companies and investors need.
The finance minister balanced the conflicting objectives of fiscal consolidation and reviving growth.
Read our full coverage on Union Budget
He has tried to deal with sustainable growth, with the push for infrastructure, manufacturing, entrepreneurship and job creation, while focusing on the middle-class and rural masses with a slew of measures including a social security net. This was a Budget for all.
The Budget will help recovery by lowering rates and spurring investment. Setting up of an infra fund, re-introduction of tax-free infra bonds and proposed corporatisation of ports are big positives.
The introduction of the bankruptcy code underlines the pragmatism of the government.
The investing community will welcome that MAT was not imposed on FIIs (Foreign Institutional Investors), and that GAAR (General Anti-Avoidance Rule) was deferred by two years.
By encouraging international fund managers to operate out of India, the government has made doing business easier. The gold monetisation drive should help jewellers to earn on inventory and bring idle gold into the system.
Kaku Nakhate
President and Country Head, Bank of America
President and Country Head, Bank of America
