'Budget looks balanced and proposes steady growth ahead'

Pradeep Jain, chairman, Parsvnath Developers

While welcoming the Union Budget presented today, Pradeep Jain, chairman, Parsvnath Developers is a bit disappointed for not getting infrastructure status.

"The budget presented by finance minister lays down the vision of the Government, looks balanced and proposes a steady growth ahead. It is a well planned and thought out budget where the finance minister has tried to ease out the working environment for domestic corporations as well as foreign investors. Announcement to rationalise the capital gains regime for REITS and InvITs will benefit the commercial realty space. The hope this budget brings in for economy is the implementation of GST by 2016. We were hopeful that the government would make it applicable from this fiscal itself.

Nevertheless, implementation of GST would make business operations much easier and would help us get rid of multiple layers of indirect taxes. Also, the announcement of formation of a legislator to make a single window for multiple clearances is again something to look out for. However, whether housing projects come under its ambit is yet to be clarified. Also, reduction of Corporate Tax by 5 percent to 25 percent over the four years period is a welcome step. Government has also announced building 6 crores housing units under ‘Housing for All by 2022', however there are no clear guidelines as how this goal shall be achieved.