Finance Minister Arun Jaitley present, perhaps the most eagerly watched budget in recent past. Here are the key takeaways on the implication from his budget speech
In Union Budget 2017, the government carried on with its Transform-India mission started in 2016, by a continued focus on rural, social welfare, infra, ease-of-doing business, fiscal prudence and tax reforms.
Reviving fortunes in the hinterland by bolstering the agricultural economy and rural infrastructure seems to be the primary motivation of the Union Budget announcements this time, as evinced in higher allocations for MNREGA and the Pradhan Mantri Awas Yojana, among others.
Government projects fiscal deficit target of 3.2%, in line with market consensus. FY18 Revenue deficit pegged at 1.9%, below FRBM mandated level of 2.0%. Focus of the Budget on Investment and Consumption revival
GDP for Budget Estimate (BE) 2017-2018 has been projected at Rs 1,68,47,455 cr assuming 11.75% growth over the Revised Estimates (RE) of 2016-2017 (Rs 1,50,75,429 crore). Fiscal deficit for 2017-18 is targeted at 3.2% of GDP and the government remains committed to achieve 3% in the following year
In its BE for FY2017, the GoI had pegged its fiscal deficit at Rs. 5.3 lakh crore (3.5% of GDP; based on the assumption that nominal GDP for FY2017 would be Rs. 150.7 lakh crore).
Finance Minister Arun Jaitley‘s fourth annual budget comes in the wake of state elections, the effect of demonetization on economic growth, flagging investments, and Trump‘s H1B visa decision.
The budget has rightly focused on maintaining the fiscal disciple while maintaining the direction of the economy by allocating higher investments on infrastructure, rural and agriculture sector, to support equitable growth.
The Union Budget 2017-18 laid out by the Finance minister explicitly focuses on three point agenda- Transform-Energise- Clean. The FM stuck to the path of fiscal consolidation along with focusing on infrastructure, rural economy, affordable housing, curbing of black money and digitisation.
To create a strong foundation for the nations sustainable growth through job creation, empowering the weaker sections of society, encouraging a healthy investment climate and providing necessary framework to enable foreign invest, ease of business and tax compliance.
Union Budget presented today may not have pleased many but in our view it was strong on fiscal prudence, rural development, affordable housing thereby providing the much needed impetus for capital expenditure.
â€œSab ka Saath Sab Ka Vikasâ€ was the undercurrent of Budget 2017 -18 that reflected government‘s firm commitment to substantially boost investment in Agriculture, Social Sector, Infrastructure and Employment Generation at one hand and simultaneously sticking to the fiscal consolidation path on the other hand.
Union Budget 2017-18 is realistic, high on substance and has positively surprised the markets by defying expectations of populism amid demonetisation and impending state elections.
India‘s Economic performance in 2016-17, in the backdrop of significant developments and disturbances in the global and domestic economic environment has moderated as highlighted in the Economic Survey.
Despite the demons of demonetisation resulting in reduced consumption and consequently slowdown in the economy, the fiscal deficit was maintained below the targeted level for FY17 at 3.2% and has targeted to maintain at 3.2% for FY18 and at 3.0% in FY19.
Budget took a small pause on fiscal consolidation by targeting fiscal deficit @ 3.2% for FY18, 20bps higher than planned in the government‘s medium term fiscal consolidation program. The lower reduction in fiscal deficit is to stimulate demand in a weak economic environment post demonetisation â€“ a step in right direction.
Finance Minister Mr. Arun Jaitley in his budget 2017 speech addressed the governments mission to bring a transformative shift to the governance landscape of our country. The government has moved from a discretionary administration to a policy and system based administration; from favoritism to transparency and objectivity in decision making.
The government pegs FY18 fiscal deficit target at 3.2% of GDP, lower than 3.5% for FY17, but slightly higher than the self-committed target of 3% of GDP. Since primary deficit and debt-to-GDP ratio are likely to narrow next year, we do not find a breach in the deficit target concerning.
Finance Minister has presented half budget for FY17-18 which will be followed by major changes in Indirect Tax law with GST getting implemented from 1st July 2017. Hence, FM has tweaked indirect tax marginally.
Good, even if not inspiring Mr Jaitley has yet again delivered an elaborate and meticulous Budget, mostly within stated policies. It laboured more than it inspired. India still awaits a transformative and inspiring follow-through after demonetisation.
The Union Budget FY17-18 presents a credible fiscal math, with predominant focus on continued fiscal consolidation and preserving macro-economic stability.
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