The Union Budget 2017-18 significantly focuses on bringing socio economic development and digitalization in the country while emphasizing on the nine key initiatives for economic reforms — Farmers and rural population, youth education and job opportunities, poor and underprivileged, infrastructure, financial sector, digital economy, public service, prudent fiscal management and tax administration. With increase in Foreign Direct Investment and Foreign Exchange reserve, India has now emerged as one of the fastest growing economy with an accelerated growth in 2016-2017.It is also quite encouraging to see that investment on infrastructure has been given priority at today’s budget while focusing on the GDP growth.
Budget mainly focused on digitalization of the economy as an integral part like; introducing Aadhaar Pay an enabled payment system to be launched shortly for those without debit cards and mobile phones and initating high broadband connectivity in more than 1 Lakh villages which will help rural India move one step closer to a digital economy. Rs.10,000 Crore have also been allotted for the recapitalisation of public banks which will in turn regain the spending capacity of the masses and hence, accelerate economic growth. Another great initiative by our finance ministry is the establishment of over 100 skill centres in 2017 to provide training in foreign languages and various other skills to the youth of our country to maximise their potential. We personally think it is a great initiative as it will help our economy reach the desired GDP. It is also great to see that both corporates and salaried employees are relieved in the budget as there is relief in personal income taxes and other various taxes. The budget also mentioned our Finance Minister’s initiative to create an ecosystem and make India a hub for electronic manufacturing by increasing the allocation of schemes related to these to Rs 745 crores. This budget has been a great initiative keeping in mind the various obstacles in the growth of our economy. We wish our Finance Minister a great luck for the successful implementation of Budget 2017.
@Technuter.com News Service