Budget 2017

Budget 2017

The autumn has come to an end and spring has arrived.  With the arrival of spring the entire Indian economy asks only one question “kya laye hai vitta mantri?”I remember an advertisement of budget which flashed on nationals some two decades ago. Right from the big business tycoons to the common man everyone is eager to know about how his financial year is going to pass. Is it that he has to curb his expenses and pay more taxes or is it that the government will allow him to have some money in his pocket so that he can spend? On the other hand the government is in the process of deciding whether to make people happy or sad. However, we all need to keep one thing in mind and that is the policies that are framed by the government are on a larger scale and not specific to particular state, region, religion or community.

It has been three years now that the BJP led government has been into power. In these three years the government has presented three budgets and in all these three budgets the government has shown clean indication on the infrastructural growth. When I say infrastructural growth I do not mean by real estate or land but what I mean is buniyadi needs of people which will make things easy for the common man. The basic difference between BJP led government and Congress led government is that the former works more on the infrastructural growth.

In this year’s budget the government has again proved that. If you have watched and understood the budget of this year then the message is loud and clear that the government is taking radical steps for shaping India’s future. The finance minister has ensured that the momentum of reforms will remain as it is. I would say that the government has found the pulse of India which is rural, youth, digital India, start ups and finance. They have very well understood that if we work on these elements in the Indian economy and are successful then there will be no looking back for the economy. However, they have still a long way to go. The finance minister has ensured that he does not give a budget which is pro – election and hence have refrained himself from declaring any popular schemes or special packages for states having elections. Instead he has concentrated on the plan that they had put up in their first budget. This needs a lot of guts and a vision. We must congratulate him for this step.

If we go through the budgets of this government we will find that they have started with the phase of transformation in 2014 and are taking it forward year by year. The budget has focused on making the economy more transparent which will turn it into efficient and dynamic. The boldest move of demonetisation has proved to be a great success. The opposition was and is criticizing the move but the success in elections that took place in Maharashtra was a litmus test which the government has passed with flying colours.

The most important target that the government has kept is getting India digitalized and they have taken a step forward in this budget. The concept of digitalization will help the economy to fall in a formal framework and will help to curb the black money in the economy. The government is saying that they are to curb black money, they are ensuring it that they follow their decisions. Aadhar linked payment is one better move for the rural sector, poor people and for people who do not have a smart phone. One more path taking decision of accepting two thousand rupees in cash by the political party will take their decision of curbing black money.

The demonetization exercise has created excess money with the banks. This has helped the government to bring tax reforms. The tax reforms that have been proposed have made the common man relived and happy. This will help the common man to plan his short term goals as well as long term goals. A common man has a simple goal in his life and that is to have his own house. This dream of the people will be fulfilled with the announcement of budget homes.

Another sector which needed an intervention was education. The finance minister has done it at the right time. The announcement of, Swayam platform with 350 online courses, investing in new education infrastructure like setting up a national testing agency, building 100 international skill centres in 600 districts where job aspirants can learn languages, and a new skill acquisition for livelihood programme will boost the sector.

It has been proved time and again that no economy can go digital unless and until the infrastructure of the country is at its best. The government since it came to power has shown keen interest in this sector and the recent budget has taken it a step forward. With doubling of the road network in the rural areas and connectivity of high speed broadband network the economy will boost in next couple of years.

At this juncture we have to understand one thing and that is if we are determined enough to walk on this laid down path in future then every sector will fall in place and the future path will be glorious.

Till now we were talking at the micro level. However, it is not possible for us to overlook the most important announcement of the finance minister to bring down the fiscal deficit to 3% in the current year. This has shown his prudence Attempts to improve consumption growth by increasing expenditure in the rural areas, lower taxation rates at the entry level as well as for small companies will help push GDP growth higher.

To conclude I will say that the country is certainly going to transform, energise and clean India. At last this is what we needed as a youth to happen.

The boost for the banking sector was most important at this point of time.

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