Porush Singh, Country Corporate Officer, India and Division President, South Asia, Mastercard on Wednesday said that he expects Budget 2017 will strengthen digital payments ecosystem to help country move towards less cash economy. “It would be helpful if the Government further announced incentives focused on consumer and merchant acceptance across all networks including Mastercard,” he said. “Other strategies that have worked in international markets like South Korea to include service tax and income tax breaks, will go a long way in creating consumer confidence and trust in promoting the expansive use of digital technologies,” he added.
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 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.
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.