Finance Minister, Arun Jaitely presented the first full-year Budget of the NDA Government before the Parliament on 28 February. In many ways this has been one of the better conceived and balanced Union Budget in the recent times, presented amidst better economic and political environment than what has been witnessed in India the past few years. The current overall positive sentiment along with the gradual recovery from economic slowdown has given rise to a fresh set of expectations from the new Government.
The extent of emphasis on agriculture, infrastructure and social sector spending along with tackling the menace of black money is rather encouraging. ‘Make in India’ receives the required boost along with thrusts to the tax reforms with a significant push towards the proposed introduction of GST from April 2016.
Significant changes for both direct and indirect taxation regime have been proposed. The proposals on the Corporate taxes are likely to bring cheer to the industry.
Though the budget may fall short on the populist expectations in the short run, this is clearly a forward looking budget with long-term agenda and its real impact may be witnessed in the years to come.
Click to download the significant highlights of the budget.