- 13:47 (IST)
Modi lauds increase in MSP in Budget 2018
“I congratulate the finance minister for the decision regarding Minimum Support Price. I am sure it will help the farmers tremendously,” Prime Minister Narendra Modi
- 13:44 (IST)
Congress criticises Budget 2018
- 13:43 (IST)
Our budget will boost agriculture sector in India
Our budget is a step at increasing the incomes of farmers. We have made many things for the improvement of agriculture sector in India. We have increased the allocation for agriculture sector to Rs 14.5 lakh crore.
We intend to provide 51 lakh new homes. We intend to build 3 lakh kilometers of roads. We will build 2 crore toilets under Swacch Bharat programme. We will also provide 2.5 crore homes with electricty.
- 13:37 (IST)
It is a common man friendly budget, says Modi
From food processing to fibre optics, from roads to shipping, to youth to senior from rural to urban India, from digital to start up India, the budget is for the aspirations of 130 crore Indians. This budget will increase the speed of growth. This is a common man, business friendly and development friendly budget. It is not just the ease of doing business but also ease of living, which has been focused.
- 13:34 (IST)
Cluster farming is a small step. A bolder and major step would have been corporate farming with BJP-ruled states leading the way.
- 13:32 (IST)
One medical institute per constituency
One medical institute per constituency is a big one. Tough to implement but certainly a step forward.
- 13:30 (IST)
Bold steps to address rural distress
Great step to have allocated one lakh crore towards research under RISE programme. Strong step towards taking care of rural distress.
- 13:26 (IST)
Modi has been able to manage GST well
Demonetisation and GST was always supposed to be a contentious issue.. But people knew that GST will have to be done. Demonetisation was a brave move. Over the period of time, it brought the informal into the formal economy. They (government) have also manged their tax collection despite all this. The 3.3 percent fiscal deficit target shows that.
- 13:24 (IST)
- 13:22 (IST)
A Budget that changes India?
- 13:19 (IST)
Budget is totally election-oriented
The BJP-led government has used this Budget to get ready for the 10 Assembly elections scheduled this year. Looking at this budget, chances are the Lok Sabha elections might also be brought forward towards the end of this year.
- 13:17 (IST)
Fiscal target set at 3.5 percent for 2018-19
As expected, the government couldn’t keep the fiscal deficit target of 3.2 percent this fiscal year, saying it will slip to 3.5 percent on account of delayed spectrum auction and lower tax collections. For next year, the fiscal deficit target has been set at 3.3 percent. Markets didn’t take this well as investors turned jittery on government finances. The fiscal slippage will not go down with investors and could prompt monetary policy authorities to hold back rate cut plans. What will also make investors unhappy is the introduction of long-term capital gain tax to 10 percent for investments over Rs one lakh. Besides, Jaitley also proposed to introduce 10 percent tax on distributed income by equity-mutual funds. These would mean budget is a turn off for investors at least partially.
- 13:14 (IST)
Budget gives push to infrastructure development
“Jaitley’s budget has given a huge push to infrastructure with more allocation of resources to infra sector; focus on employment problem of India with particular focus on medium and small enterpises; MSMEs to receive quick loans for resource access and employment generation. It is laudable that the government has given a significant focus on holistic health care and education. The finance minister’s approach likely to be more balanced without disturbing sensitive things like introducing tax on long-term capital gains,” says Sanjay Sanghvi, Partner, Khaitan & Co.
- 13:11 (IST)
Predictable Budget from Arun Jaitley
It is a predictable budget, overall, no surprises at all, except perhaps the creation of a single insurance company. The focus on employment, agriculture and health and education was needed, but not sure if the announcements will lead to the expected outcomes. implementation will be the key if these are to give electoral bang for the buck. fiscal slippage from 3.2 per cent to 3.5 percent is disappointing, but, again, perhaps expected.
- 13:10 (IST)
Anshul Prakash, Partner, Khaitan & Co, says the proposal for the government to go out of pocket in respect of the 12% contribution mandated under the EPF Act for all ‘new employees’ across sectors for a period of first three years, is a populist move aimed at appeasing the younger workforce. This is being done in the wake of the upcoming assembly elections this year and the next year’s general elections. While the source of funding by the Government for the employee part of the EPF contribution is unclear for now, it would result in greater takeaway for the employees who are currently required to contribute 12 percent to the employee provident fund out of their salaries. Industry may have to struggle with structuring the staff salaries accordingly from a cost to the company perspective.