"Focus on farmers, infrastructure and digital economy will create transparency and will have an overall positive sentiment in the market," PNG Jewellers Chairman and Managing Director and India Bullion and Jewellers Association (IBJA) Saurabh Gadgil told PTI here.
Rupee-denominated offshore bonds, popularly known as masala bonds, today got a tax benefit boost with the Union Budget exempting them from taxation for transfer among non-residents, while a low rate of 5 percent will apply for investors till 2020.
"The Budget focuses a lot on the rural and agriculture sector. Though the thrust on digital continues, reforms announced in the Budget will generate employment and help in doubling farmers income," chairman Harsh Kumar Bhanwala told PTI.
Although no major reforms were announced, plans to amend Drugs and Cosmetics Rules, formulate new norms for medical devices and taking steps for strengthening medical education will reduce healthcare cost for the masses, industry players today said.
K Ravichandran, Group Head, Corporate Sector ratings at ICRA is of the view that Union Budget has several favourable proposals for the oil & gas sector such as creation of two more strategic oil reserve projects, reduction in basic customs duty (BCD) on LNG from 5 percent to 2.5 percent and creation of an integrated oil PSU major.
The amount budgeted for 'Indira Gandhi Matritva Sahyog Yojana' saw a four times jump with Rs 2,700 crore being set aside this year as compared to Rs 634 crore in 2016-17. As per this scheme Rs 6,000 will be provided for mothers who seek institutionalised delivery and vaccination.
According to Sunil Mishra, Chief Strategy Officer at PropTiger.com, Union Budget 2017 has been cautious while the standalone sector being the real estate.
The budget is expected to bring positive impact on job market as the focus on infrastructure and ease of doing business is aligned with the government's vision of job creation, experts say.
Chhattisgarh Chief Minister Raman Singh praised the Union Budget presented today in Parliament, saying it is in accordance with Prime Minister Narendra Modi's vision of 'Sabke Saath Sabka Vikas'.
Analysts and market experts have welcomed the tax proposals in the Budget saying the slew of pro-business measures along with more inclusive taxation for individuals and small firms, will go a long way in boosting consumption which in turn will help the economy grow faster.
Meaningful recovery in consumption unlikely as FM focuses targets spends towards rural poor.
Despite its sops for various sections of society, the Budget seeks to keep fiscal deficit to 3.2 per cent which is laudable, he said, praising Prime Minister Narendra Modi and Finance Minister Arun Jaitley.
"Budget presented by the finance minister for the year 2017-2018 looks failed to address the objective of Budget as declared by finance minister," BMS said in statement after the Budget, presented in Parliament by Finance Minister Arun Jaitley.
A new era has begun by not only adhering to fiscal prudence but also bringing social equity at the same time, Prabhu said after the presentation of the General Budget by Finance Minister Arun Jaitley.
The Chairman of the Special Investigation Team (SIT) on black money, Justice (retd) M B Shah said in order to check stash funds some "stern steps" are needed to be taken but the government also has to go by the advice of economists and others and not alone them.
The subsidy bill on food, petroleum and fertilisers is estimated at Rs 2,40,338.6 crore for 2017-18 fiscal, according to the Budget proposals presented by Finance Minister Arun Jaitley in Parliament.
Noting that "limited number of individuals availed this deduction", the Union Budget 2017-18 today proposed to rationalise this tax benefit introduced in Finance Act, 2012 and phase it out from assessment year 2018-19.
"The new capital for state of Andhra Pradesh is being constructed by innovative land-pooling mechanism without use of the Land Acquisition Act. I propose to exempt from capital gain tax," Jaitley said while tabling the Union Budget for 2017-18 in the Lok Sabha.
Unveiling the Budgetary proposals for 2017-18, Jaitley said: "As per the data of assessment year 2015-16, there are 6.94 lakh companies filing returns, out of which 6.67 lakh companies fall in this category. Therefore percentage wise, the 96 per cent companies will get the benefit of this lower taxation".
While greater rebates were expected in individual tax rates, nonetheless the rebate for individuals earning upto 5 lakh will help increase their disposable incomes, says Anshuman Magazine, Chairman â€“ India and South East Asia CBRE.
According to Brotin Banerjee, MD & CEO at Tata Housing, infrastructure status to affordable housing comes as a landmark announcement for the consumers and the real estate industry. A long-standing demand of the sector, the government has realised that housing & infrastructure can be two pillars to increase GDP and accelerate economic growth.
"This is a Budget for the future - for farmers, underprivileged, transparency, urban rejuvenation, rural development, enterprise," Modi said while commenting on the document presented by Finance Minister Arun Jaitley in the Lok Sabha.
Breaking from the past, Finance Minister Arun Jaitley presented a historic Budget in which the railway budget has been merged and the date advanced by a month, retaining the 15 percent surcharge on taxable income above Rs 1 crore.
"A new and restructured central scheme with a focus on export infrastructure, namely, Trade Infrastructure for Export Scheme (TIES) will be launched in 2017-18," Finance Minister Arun Jaitley said in his Budget speech.
"A controversial #Budget2017 which is clueless, useless, baseless, missionless and actionless. Heartless No roadmap for the country or the future from a government that has lost all its credibility," Banerjee said on Twitter.