In an exclusive interview with CNBC TV 18, sources told the business news channel that Budget 2017 will be taxpayer friendly and it may focus on sectors like agriculture, MSME and housing. “It may also focus on welfare and skilling of the poor and may reflect Modi government’s effort to soothe cash crunch pain.” The Finance Ministry is also reviewing limit for tax rebate on home loans, the sources added.
Economists and experts at NITI Aayog, yesterday, discussed steps that could be taken in the upcoming Budget 2017. They discussed issues like job creation, agriculture and skill development. They also chalked out the roadmap for economic planning in India, to formulate India’s Vision. According to sources, 4-5 sectoral groups have been set up to discuss new initiatives and budget proposals. After the meeting, speaking on budget related issues, the NITI Aayog vice chairman said: “There was a discussion on how to bring down the tax rate.”
Panagariya added that experts, gathered for discussion in meet named “Economic Policy – The Road Ahead”, suggested steps as how to double the farm income by 2022. The participants which included politicians and noted economists, shared their views on various economic themes such as agriculture, skill development and job creation, data driven policy, taxation and tariff related matters, education, digital technology, housing, tourism, banking, governance reform, and future steps for growth.
The meet saw participation of Finance Minister Arun Jaitley, Minister of State for Planning Rao Inderjit Singh, Panagariya, and senior officers from the Union Government and NITI Aayog. It was also attended by economists and experts including Prof. Pravin Krishna, Prof Sukhpal Singh, Prof Vijay Paul Sharma, Dr. N.K. Singh, Vivek Dehejia, Pramath Sinha, Sumit Bose, Neelkanth Mishra, Surjit Bhalla, Dr. Pulak Ghosh, Dr. Govinda Rao, Madhav Chavan, and T.N. Ninan.
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Yesterday in an interview with BTVi, Madhusudan Kela, chief investment strategist, Reliance Capital also said that the government is in a “sweet spot” in terms of fiscal situation and has space to roll out stimulus in the Budget for FY18.