The tax relief given by the Government for the middle class tax payers will definitely boost the purchasing power, thereby aiding the overall growth of the economy, says Rajiv Srivastava, MD, HP India.
The government also announced setting up of two more All India Institutes of Medical Sciences (AIIMS) in Jharkhand and Gujarat and asserted that it has prepared an action plan to eliminate kala-azar and filariasis by 2017, leprosy by 2018, measles by 2020 and tuberculosis by 2025.
Subrata Ray, Group Head, Corporate Sector ratings ICRA is of the view that focus on rural economy and infrastructure are two big positives in Union Budget 2017-18.
The government's revenue foregone in the form of incentives to corporates in the current fiscal is estimated to grow nearly 8.63 percent to over Rs 83,492 crore.
Indian businessmen in the Gulf today largely welcomed the Budget, regarding it as good for the long-term growth of the country's economy saying the impetus given to rural, agricultural, infrastructural sector and reduction in personal income tax, will be a game-changer after demonetisation.
The big hit appears to be the Government‘s commitment to strengthening India‘s telecom network with the allocation of Rs 10,000 crore to the ambitious Bharat Net project, says Naveen Aggarwal.
Reduction in BCD on LNG is a welcome move, which will make LNG more affordable to end users in industrial category such as ceramics, glass, chemicals besides large consumers such as power and fertilizer sectors, says K Ravichandran, Group Head, Corporate Sector ratings at ICRA.
The reduction in capital gains period for real estate is a positive move, says Shanti Ekambaram, President â€“ Consumer Banking, Kotak Mahindra Bank.
Jaitley said infrastructure was the thrust area of the government for efficiency, productivity and quality of life and approach was to spend more on infrastructure development.
Welcoming the announcement to extend the network of Pradhan Mantri Kaushal Kendras to 600 districts across the country, Rudy told PTI that in days to come, these centres would become benchmarks for skilling infrastructure.
In the receipt estimates, the government has pegged revenue from communications at Rs 44,342.2 crore, which includes "licence fees from Telecom Services Providers" and "one time entry fees from new operators".
"The Union Budget presented today is bereft of any substance for any section of the society," Prasad told reporters reacting on the budget for 2017-18 presented in Parliament by Union Finance Minister Arun Jaitley.
"Overall a safe and balanced Budget, which could have been bolder. Good allocations for rural development, affordable housing, agriculture and infrastructure sectors.
A bond is a debt security, similar to an IOU. Borrowers issue bonds to raise money from investors willing to lend them money for a certain amount of time. When you buy a bond, you are lending to the issuer, which may be a government, municipality, or corporation.
While the industry expected exemption from Minimum Alternate Tax (MAT), it has accepted the provision to allow MAT credit to be carried forward from 10 years to 15 years as a positive step forward.
The capital outlay for the three defence services for the purchase of new equipment, weapons, aircraft, warships and other military vehicles stood at Rs 86,488 crore for 2016-17 as compared to Rs 78,586 crore for this fiscal.
Almost all the associations and bodies representing commerce and industry welcomed the introduction of Trade Infrastructure Export Scheme with an allocation of Rs 3.96 lakh crore, which will help the Indian exporters to become globally competitive.
The Budget has allocated Rs 3.96 trillion to infra sector to spur economic activities and create more jobs and has also accorded infrastructure status to affordable housing projects which will give lot of tax incentives to the players.
The Minister also proposed to reduce the time for completion of scrutiny assessments from 21 months to 18 months for Assessment Year 2018-19 and further to 12 months for Assessment Year 2019-20 and thereafter.
In the Union Budget for the fiscal 2017-18 announced by Finance Minister Arun Jaitley today, Ayush Ministry has been allocated Rs 1,428.65 crore for the financial year, starting April 1 this year.
The ministers also lauded Finance Minister Arun Jaitley for offering "many" concessions to honest tax payers, while tightening the noose around those evading taxes and fleeing the country.
"No bad news on long term capital gains tax is relief for equity investors. Overall, Union Budget is positive for economy in general and equity markets in particular," said Sharekhan research head Gaurav Dua.
Noting that the Finance Minister has shown fiscal prudence by keeping the Fiscal deficit target at 3.2 percent, she has rated the budget "overall a 7/10".
Reacting to the proposals in the Budget presented by Finance Minister Arun Jaitley today, he praised the Centre's move to bring "much-needed" reforms in political funding by making political parties file income tax returns, and lowering the maximum cash donation received by any party from one source to only Rs 2,000 from Rs 20,000.
Dinanath Dubhashi, Managing Director, L&T Financial Services is of the view that it‘s a fiscally prudent Budget despite being "expansionary" in right directions.