01 February, 2018
Through the Budget presentation, the Finance Minister can provide a larger mandate and direction to the GST Council so that frequent knee-jerk decisions, that now emanate after the GST council meetings once in a while, are done away with and a much more thought-induced working is put in order.
State Bank of India chief economist Soumyakanti Ghosh, said he believes the budget would ultimately be a balance between pragmatism and fiscal consolidation.
A more financially prudent Budget will be an indicator of the government waiting for the short-term negative impacts of GST on the GDP to fade away and job generation to bounce back before the Lok Sabha polls scheduled in May 2019.
The government is expected to increase import duty on certain items related to power, capital goods and chemicals sectors to give a boost to domestic manufacturing and its "Make In India" programme. Since 2014-15 the finance minister Arun Jaitely has reiterated his commitment for the consolidation of fiscal deficit, nearly in all his budget speeches. "In a nutshell, we are looking forward to an industry-friendly budget with designated funds allocated to accentuate the growth of the industry over the coming years", said Nitin Aggarwal, CEO, Prayag India.
Duterte claims United Nations 'useless' in India speech
Tingnan mo (Look at) the Rohingyas. "The UN has no objective at all, actually, for mankind", Duterte said. I told the Nobel Peace Prize victor , protect your own country.
CORPORATE TAX: Will Jaitley cut the headline corporate income tax rate from 30 percent? The limit was last increased in 2015 from Rs 1 lakh to Rs 1.5 lakh.
Ahead of the budget, Modi - who came to power in May 2014 and faces re-election by mid-2019 - said in an interview with the Times Now news channel on January 21 that it is "a myth" that the average person wants sops and freebies, rebuffing the idea that the budget must be populist.
It is also expected that the goverment may announce big schemes to generate employment sector. The industry has also sought incentives for setting up warehousing and cold chain facilities and efforts to increase Foreign Direct Investment (FDI) in the sector. Among the critical economic issues facing the nation today, the need is to handle the ripples created in the wake of demonetisation and GST and to that effect, the current Budget provides a singular opportunity to the Finance Minister to assuage and calm the business community who bore the major brunt of the GST implementation. Since 1980, the budget printing was started in North Block, which remains same till the date.
All eyes will be on the fiscal consolidation roadmap and the government's borrowing plans.
"Rural roads, post-harvest infrastructure, last-mile connectivity, massive irrigation projects could all be a part of the budget package".