Post-Budget reaction By Rajiv Rattan, Chairman, RattanIndia Group
INVC NEWS
New Delhi ,
This budget is the reflection of the strength and resilience of Indian economy. The results of digitization of taxation, GST and other structural policy ” said Mr Rajiv Rattan, Chairman Rattan India Group, The NBFC and Power sector group.
“The interim Budget unveiled by Interim Finance Minister Piyush Goyal is likely to stimulate demand and boost economic growth, with a slew of sops for the middle class, farmers and workers in unorganised sector leading to more disposable income in their hands” Mr Rattan Said.
” The government decisions are showing in the macro indicators with widening tax base, higher tax collections, low inflation and good growth. It is good that government is passing these benefits in the form of tax cuts and direct benefit transfers to the common man. It will surely boost both urban and rural consumption which in-turn should fuel growth in the SME and MSME space.” He said .
“Budget is pro growth blended with fiscal prudence. Some of the steps like PradhanMantri Kissan Samman Nidhi, the new initiative aimed to take care of the distressed farmers, the pension scheme for the unorganised sector workers and the raising of the income tax exemption limits are very progressive and most welcome.” he added
“The Financial sector would benefit from the additional cash in the hands of the farmers and the increased savings for the salaried class. The other welcome step is the increase in the TDS limit on deposits which would ease the hardships faced by the depositors.” He said
“The Financial sector can also expect more inflows because the salaried class can use the extra disposable income for investments. Tax compliance will also improve due higher slabs & ease which government is aiming at & lots of money is being given to the tax payers by giving various benefits on direct taxes like increasing the threshold to 5 lacs, increasing the standard deduction by addition 10 thousand, tax rebate on notional income from second home & minimum support of Rs 6000 to Farmers. All these measures will fuel consumption & increase the top line of companies. ” he concluded
