The Economy should start growing again @8% and the interest rates should be reduced to achieve this growth. This budget should take measures to reduce complex and heavy taxation in terms of both personal and corporate income tax. The economy will benefit with more incentives for the service industry especially tourism. There will be multifold impact of manufacturing in India. Firstly, we will save valuable foreign exchange. Secondly, we will be independent of the erratic supply schedule from the foreign countries. Thirdly and most importantly, our security concerns will be addressed as the entire process will be run in-house. Hence we will have better control on the quality and security aspects. Hence the ‘Make in India’ initiative is a welcome move. Moreover further incentives for startups and small scale businesses will help in enhancing employment in the country.
The telecom industry needs to be revived with a Realistic 3G spectrum auction. Finalization of a concrete telecom policy will provide clarity and enable ease of doing business for the industry. Tax benefits and incentives for VAS companies to energize the VAS ecosystem are much needed. The government should now look at boosting the telecom sector with the ‘Make in India’ initiative. Selection of key areas and forming exclusive technology parks for the telecom industry will be a welcome and most necessary initiative. Telecom needs the ecosystem to develop to be able to make in India, hence if government provides incentives to ancillary industries it will boost the sector. Moreover there should be adequate tax rebates to make it more viable for companies to do business in India.