 "Harsh Mariwala")
Overall, the Budget is positive. Among the big standouts for me is the finance minister's announcement that he will stick to the government's existing fiscal deficit target of 3.9 per cent of gross domestic products for 2016-17.
It speaks of fiscal discipline on the part of the government, which is a welcome move.
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The other highlight is the big push for the agriculture and road sectors. A realisation that the rural economy has suffered in the past two years because of a deficit monsoon is noteworthy. Also, infrastructure development is being seen as critical to improving economic growth.
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The measures announced to boost growth in the agriculture and infrastructure sectors will impact all companies operating in this space, including consumer goods. Yes, the finance minister was silent on the goods and services tax.
There were expectations that he would say something on the issue or announce a clear road map pertaining to its roll-out. However, given that much has already been said about goods and services tax in the run-up to the Budget, I think he thought it was prudent to keep silent on the issue.
Harsh Mariwala
Chairman, Marico
