Rajeev Sharma, Head-Corporate Services & Strategic Planning, Mitsubishi Electric India Pvt Ltd on Monday said that he expects simplified tax norms, increased spending on social infrastructure, policy to boost “Make in India” from Budget 2017. He also said that this Budget should be about execution and implementation of the schemes announced in the past as it will be the third Budget of the existing government.
Narendra Modi government will be presenting Budget 2017 on February 1. Yesterday, Supreme Court dismissed the plea to change the Budget date from February 1. The Apex Court dismissed the PIL, filed by ML Sharma, as there was no illustration to support that the presentation of the Budget would influence voters’ mind in state elections. The PIL had said that the Centre be directed to present the Budget in the financial year 2017-18 which would commence from 1 April, instead of the proposed 1 February date. It has also said the central government be restrained from declaring “any relief, programme, financial budget until the states’ elections are over” as they would violate the Model Code of Conduct.
The Budget is special not only for the fact that it has been preponed but more importantly because it comes within months after Modi government’s massive demonestisation drive. Most analysts and economists expect Budget 2017 to be tax-payer friendly, especially given the pain that common man has faced after old Rs 500 and Rs 1000 notes ceased to be legal tender money.
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Meanwhile, the Cabinet Committee on Parliamentary Affairs (CCPA) recommended holding of the Budget Session from January 31. The first part of the Budget Session will run till February 9. The 92-year-old practice of presenting a separate Rail Budget is going to end from this fiscal, with the Finance Ministry accepting Railway Minister Suresh Prabhu’s proposal to merge it with the General Budget.
Finance Minister Arun Jaitley has indicated that railway travel may become pricier for passengers come the next financial year.