Great Expectations Leads to Great Reactions : Union Budget 2015
Some of leading Industry stakeholders came forward and shared their perspective on the Union Budget 2015.
Specifically pointing out the Finance Minister’s not so clear message on imports related to energy conservation, Dinesh Aggarwal, Jt. Managing Director, Anchor Electricals Pvt. Ltd. says, “Though there was no specific announcement on reducing Import duty on project imports or encouragement of energy saving products, we at Anchor believe that the overall direction of the budget was consistent with the government’s commitment to strengthen the confidence in the Indian economy. The macro indicators are positive and there is a direction set to strengthen the governance of financial markets and move towards global standards, commitment towards investment directly by the government and through public participation in Infrastructure development. The reduction in tax on Royalty will encourage technology infusion and manufacturing of technology products in India. The phased reduction in corporate tax, reduction of customs duty in specific raw materials and inputs will support the “Make in India” initiative further. Clearly, the Government’s intention is to empower the poor and the old in recognition of the rising health care costs and aging population. Overall, the budget has set a positive direction and its for the businesses to react in support now.”
On the contrary, Debopam Chaudhuri, Vice President- Research & Chief Economist, ZyFin Research finds the budget a fairly good one. He said, “A fair budget in our view. Indian governments have always been criticized of cutting down expenditure during the recovery phase, thereby prolonging the path to growth. Mr Jaitley however, did not try to stifle public spending and acknowledged a breach in fiscal deficit targets. However he has ensured through various policies to limit leakages and spend on sectors with high multiplier effects on the economy. We need to first build an exchequer before seeking personal benefits in order to prevent future austerities.”
Prof. Rupa Manjari Ray, Assistant Professor, Economics,MDI Gurgaon, shared her views on the Budget by quoting, The budget proposals for 2015-16 are growth and investment oriented with a target towards skilled India. It envisions building India through encouragement to the young entrepreneurs and youth. Greater allocation towards education sector and skill creation can be viewed a foundation stone of long term vision of skilled India, particularly keeping in mind the current age profile of the population. The focus on minority youth in the budget is a welcome step. To incentivize the growth of young talent in India, Allocation of 1500 cr under the National Skills Mission for skill development and entrepreneurship will enhance employability of rural youth. The budget also envisages on providing assistance to the budding entrepreneurship segment as the Finance minister speaks about making India as job creator.”