Union Budget 2017 was presented by Finance Minister Arun Jaitley today and his budgetary proposals have elicited a number of reactions. In the latest, Founder & CEO of Paytm Vijay Shekhar Sharma reacted after the presentation and said the government has pushed the digital theme in every area of the budget and so it can be termed as a ‘digital economy budget’. Sharma said, “Every person from a small shops to consumers are pushed towards the digital economy. Tax benefits, incentives to use digital payments and extending loans based on a digital footprint will create a larger merchant ecosystem for digital payments.” Sharma also spoke in the favour of incentives that would be provided for labour intensive sectors which includes housing, farming and dairy, and said that this will help SMEs to create new jobs.
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On govenment’s focus and attention to bank NPAs and increasing bank capitalisation, Sharma is assertive that it is a great step towards strengthening the financial system of the country.
Happy with the change in income tax rate, he said that this will encourage more people to report their incomes and create a larger tax net for the country. “Overall, it is a great budget that will encourage people to move to the formal economy and derive benefits,” Sharma concluded.
Budget that was presented by Finance Minister Arun Jaitley has been praised by Prime Minister Narendra Modi for being an excellent Budget and said it will give new strength to the economy while also focused on eliminating corruption. PM Modi said that the budget is devoted to strengthening the hands of the poor. He also claimed that the budget is aimed at the well-being of the villagers and farmers and will double the income of farmers.