Pro-growth Budget with fiscal prudence
As a departure from the past, both the Union Budget and Rail Budget have been merged and distinction between Plan and Non-Plan expenditure have been done away with. Union Budget for FY 2017-18 is pro-poor, pro-farmer, pro-small business and pro-infra while maintaining fiscal prudence and being pro-growth. It remains true to its dictum to Transform, Energise and Clean India. It ushers India to the cusp of a digital revolution. The Budget gives further stimulus to education, skill development, healthcare and housing.
It aims at introducing legislative reforms to harmonise industrial relations and provide stimulus to small industries. As a positive for the Banking Sector, thrust has been accorded to evolving a swifter and effective resolution mechanism. Provision for NPAs to avail tax benefits has been raised. Target under PMMY has been doubled to benefit the poor and under-privileged.
Steps have been taken to revolutionise public service delivery and tax administration through technology. Relief has also been given to the tax payers at the lower end. Another major takeaway is the stimulus given to affordable housing by giving it infra status and subvention benefits.
Overall, the Budget is pragmatic, focuses on tax compliance, improves the ease of doing business, brings about a transformative shift in governance and is expected to broad-base the India growth story.