Jaitley proposed lowering corporate tax to 25% for businesses with turnover of up to Rs 250 crore, and a target to lend Rs 3 lakh crore by next year under MUDRA.
“The FM has presented a Budget which is both balanced and positive. Focus on rural infrastructure, agricultural output and farmer income will help reduce the agrarian distress and boost the rural economy," says T V Narendran , CEO & MD Tata Steel India Limited.
Madhya Pradesh Chief Minister Shivraj Singh Chouhan today said the Union budget would provide a boost to the farmers' income.
Extending the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a positive move to bring more people into the insurance ambit, they said.
The GDP (Gross Domestic Product) growth of 6.3 per cent in the July-September quarter of the current fiscal signalled turnaround of the economy, Jaitley said while presenting the Union Budget 2018-19 in the Lok Sabha.
"Overall, it was a balanced Budget with focused allocation given to priority segments that are needed to lay the foundation for India’s long term sustainable growth, with only a marginal slippage on the fiscal deficit," says Shanti Ekambaram, President – Consumer Banking, Kotak Mahindra Bank Ltd.
Besides, it also proposed to extend the facility of payment of 12 per cent employers' contribution by government towards social security schemes run by Employees Provident Fund Organisation (EPFO) for new employees for first three years of their employment to all sectors.
Civil aviation ministry will receive an increased budgetary allocation of Rs 6,602.86 crore in the next financial year, with a significant chunk kept aside for purchase of "two new aircraft" to be used for VVIP flights.
“With continued Securities Transaction Tax (STT), the LTCG on listed equities is additional burden and would promote short term transactions, given 15 percent STCG up to one year and 10 percent LTCG beyond one year with no indexation benefits," says Ranjeet Mudholkar, Vice Chairman and CEO, Financial Planning Standard Board of India.
“The Union Budget 2018 has reiterated the government’s rural focus and its commitment towards India’s agriculture sector. Announcements through measures regarding farm output seem to be the key highlight," says Shilpa Divekar Nirula, CEO, Monsanto India Region.
The higher nominal GDP growth itself gives leeway to the government to project an ‘optically’ lower deficit, as the market looks at it as a percentage of GDP.
In a panel discussion with Moneycontrol’s Harsimran Julka, Shailesh Vikram Singh, Executive Director, Seedfund and founder Gomassive Fund, Kunal Khattar, founding partner of advantEdge Partners, Ishan Singh, Founder & CEO of RevStart, Amarinder Dhaliwal, Chief Product Officer of IndiaMART gave their take on Arun Jaitely's Union Budget and its impact on start-ups.
Kotak Securities' Kamlesh Rao picks 10 stocks to invest into post the union Budget
In an interview with CNBC-TV18's Ashpreet Sethi, Piyush Goyal, Railways Minister gave his take on Arun Jaitley's Union Budget and the outlook on the road ahead.
This is a contrast from last year, when the government allocated Rs 900 crore for the UIDAI
"Deterioration in quality of spending (increase in revenue/capex ratio) remains a concern. Deviation from the fiscal glide path is a risk and could trigger bond yields/interest rates spiral," says Abheek Barua, Chief Economist at HDFC Bank.
BSP supremo Mayawati has dubbed the Union Budget presented in Parliament today as anti-poor and pro-capitalists.
Industry experts have lauded the budget proposal to boost technological advancements through digital initiatives saying this can be the biggest driver for job creation, to improve the quality of education, healthcare and rural progress.
In an interview to CNBC-TV18, Nitin Gadkari, Minister for Road and Transport gave his take on Arun Jaitley’s Union Budget and the outlook on the road ahead.
The government expects to raise Rs 80,000 crore from PSU disinvestment in the next fiscal, lower than Rs 1 lakh crore raised this financial year.
"We are disappointed with the increase in customs duty of cut and polished Diamonds and cut and polished coloured gemstones from 2.5percent to 5 percent, as it was not included as part of the industry’s recommendations to the Government," says Pramod Agarwal, Chairman, Gem & Jewellery Export Promotion Council.
The increase in customs duty on diamonds, precious stones and jewellery will give a boost to domestic manufacturing and promote ‘Make in India’
Boost in rural sector should aid the fragile rural recovery and spur consumer demand.
The government will revamp the 'Gold Monetisation Scheme' and come out with a comprehensive policy on the precious metal, Finance Minister Arun Jaitley today said.
Telecom operators body COAI today expressed anguish at the Union Budget not addressing the industry's key demands, such as cut in levies and taxes, and said the sector which is in deep financial stress "continues to remain an orphan".