Stating that the Union Budget 2017 was as per expectations with no major changes, Achin Goel, Head, Wealth Management & Financial Planning, Bonanza Portfolio Ltd on Thursday said that the thrust was on skill development, farmers, rural electrification and infrastructure development. “Some important highlights of the Budget were establishing of Mahila Shakti Kendra’s, coming up with LIC plan for senior citizens pension with assured 8% returns, increasing of defence budget and incentivizing tax payers with benefit of Rs 12,500, reducing corporate tax for small and medium scale industries to 25% with turnover upto Rs 50 crore while levying additional surcharge of 10% on individuals earning income between Rs 50 Lacs to Rs 1 crore”, he said.
He also said that measures to reduce cash transactions like sealing maximum limit upto Rs 3 lacs along with maximum donation by anyone in cash to political party upto Rs 2000 is a welcome step. “Expenditure’s are well directed towards economic growth and development and increased revenues are expected to come by passage of GST and listing of more PSU’s apart from other sources. With fiscal deficit projected under 3.2% for FY 17-18 and under 3% for subsequent years, current CPI at 2.6% and planned to be under 6% in coming years and GDP projected to be 7.2% and 7.8% for FY 17-18 and FY 18-19, India for sure is shining again,” he further added.
Finance Minister Arun Jaitley presented the Union Budget 2017 on Wednesday, February 1 at 11 AM. This union budget was historic and unique in the history of Independent India, considering the fact that it was presented on February 1, doing way with the former date of presentation on the last working day of the month. This budget was also significant due to its close proximity to the announcement of the demonetisation drive by Prime Minister Narendra Modi on November 8, 2016.