Union Budget 2015: FM's vision for long-term India growth story, says Microsec

The broader objective of the Budget 2015-16, in a nutshell, is that the Finance Minister has laid down the vision for a long term India growth story by being a facilitator with minimum government and maximum governance.

March 01, 2015 / 13:38 IST

Union Budget 2015-16 analysis by Microsec:

The Budget 2015-16 is a vision document that encompasses the Government’s long term goals of development by 2022 as several projects has been targeted to be achieved by that period. It had laid down the vision of the Government by empowering Indian states, corporate and individuals. The Budget math has not exaggerated its allocations to meet a predefined target of a rosy picture, which has been a general trend in the past, but kept the fiscal deficit at 3.9% for FY2015-16 which in all likelihood is likely to be contained within the limit because of a host of positive factors more particularly decline in crude oil prices and cut in subsidies. Fiscal deficit target for FY16-17 has been set at 3.5% and it is set at 3% for FY17-18. Oil has been pegged at $70/ a barrel despite the current price of $62 currently which shows the intent to rather under shoot than overshoot, just like a good corporate that is conservative in its projections. But there are less soft measures and more harsh measures from taxes point of view as it has made clear that development will come at a cost and cost has to be borne by the rich and the affluent.

The Budget speech has highlighted three major achievements of the Government which lays the boundary for participation from broader sections of society in economic development, i.e, Financial inclusion that brought 12.5 crore families under financial mainstream in 100 days; transparent coal auctions that garnered a ~`100000 crores, and Swatch Bharat Mission that has become not only a symbol of hygiene and cleanliness but also a tool to regenerate India. A final timeline of GST implementation is set from April 1, 2016, which is the much awaited reform that would help ease doing business and prop up the economy.

The Year 2022 has been labeled as significant as India’s 75th year of Independence and marked as ‘Amrut Mahostav’. The Government targets 2 crores houses for urban India and 4 crores houses for rural India, with basic facilities of sanitation, Water. Road connectivity and 24X7 electricity by that pe riod.

Throughout the Budget speech, the FM has reiterated his stand on the intricacies and the need to increase growth and employment. He has emphasized on employment creation, infrastructure development, social security, and above all, the need to curb black money. A separate law is proposed to punish the perpetrators of black money with strict judiciary action. The broader objective of the Budget 2015-16, in a nutshell, is that the Finance Minister has laid down the vision for a long term India growth story by being a facilitator with minimum government and maximum governance.