Union Budget 2018 to unlock India’s future growth

Promoth Manghat, CEO, UAE Exchange Group

Dubai: The Union Budget 2018 is set to fuel India’s future growth in all vital sectors.

“Truly a budget for a New India, the Union Budget 2018 promises an impetus for India’s future growth. Apart from the positive initiatives for agriculture, infrastructure and healthcare, the pragmatic focus on technology is a great sign for India’s digital transformation,” Promoth Manghat, CEO, UAE Exchange Group, while commenting on the India Union Budget 2018, said.

“The government’s decision to ramp up investments in research and skill development in robotics, AI, digital manufacturing and doubling the allocation for the Digital India programme, clearly signals a commitment towards creating a digitised economy. Another significant observation from this year’s budget is the intent of the government to explore blockchain technology, while hinting at discouraging non-regulated cryptocurrencies. Financial Inclusion has also been focused on with 60 crore bank accounts expected to be brought under the Pradhan Mantri Jan Dhan Yojana. With a positive budget outlook for the fiscal year 2018-19 in place, it will be interesting to see its rollout and reactions from the markets, global investors, NRIs and the people of India at large.”

Y. Sudhir Kumar Shetty, President, UAE Exchange“Overall the India Budget 2018 looks futuristic and strongly growth oriented. Indian economy is poised to grow @ 7.5%, which is expected to grow @ 8% going forward. This means the economy is well on course to emerge into the 5th largest economy. All sectors including agriculture, food processing, employment, education, health, infrastructure, textile, tourism housing etc., are addressed well. Modernisation of railways and security of passengers are in focus. Initiatives like development of airports, tackling air pollution, free cooking gas and electricity to rural areas, Swachch Bharat Abhyan etc., are also getting the right impetus,” Y. Sudhir Kumar Shetty, President, UAE Exchange, said.

“On the corporate tax front, for companies with a turnover of up to INR 250 crore, the tax is reduced from 30% to 25%. For the individual tax, the salaried class benefit from standard deduction of 40000 INR. This means over 2.5 crore people from the salaried class stay advantageous. Senior citizens and pensioners are exempted from paying tax for income from interest up to INR 50,000. For health insurance and medical bills, they can claim up to INR 50,000 as tax deduction. Long term capital gain is placed at 10% for over and above one lakh.”

“There has been no mention about NRIs in the budget. Probably government is prioritising on developments within India. The fiscal deficit is pegged at 3.5% which is a courageous move. Elections being around the corner doesn’t seem to impact the objectivity and focus of the budget. It can be called a bold budget.”

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