1. Union Budget 2017: Tax relief to middle class will boost purchasing power, says Rajiv Srivastava

Union Budget 2017: Tax relief to middle class will boost purchasing power, says Rajiv Srivastava

Finance Minister Arun Jaitley's Union Budget 2017-18 has been receiving mixed reaction from various sectors of the country. Here is how Rajiv Srivastava, Managing Director of HP India reacted.

By: | New Delhi | Published: February 1, 2017 4:10 PM
Rajiv Srivastava said, "The tax relief given by the Government for the middle class tax payers will definitely boost the purchasing power, thereby aiding the overall growth of the economy." Rajiv Srivastava said, “The tax relief given by the Government for the middle class tax payers will definitely boost the purchasing power, thereby aiding the overall growth of the economy.”

Finance Minister Arun Jaitley’s Union Budget 2017-18 has been receiving mixed reaction from various sectors of the country. Prime Minister Narendra Modi lauded this year’s budget claiming that it will lead the country towards development and stated that this year’s budget is devoted towards strengthening the hands of the poor. While on the other hand, Congress vice-president Rahul Gandhi slammed FM Jaitley’s Budget and stated that it lacked a clear vision and had nothing for farmers, youths and job creation. In a major announcement this year FM Jaitley said that political parties continue to received funding from anonymous sources, and hence reduced the maximum donation that a political party can receive in cash is Rs 2,000 from any one source. He added that no transaction of more than Rs 3 lakh will be permitted in cash.

Here is how Rajiv Srivastava, Managing Director of HP India reacted:

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“The Union Budget 2017-18 is extremely positive for the common man, farmers, small and medium businesses and would drive significant growth in Indian economy. Government’s commitment to make taxation rate reasonable, tax administration fair and expand the tax base is the step taken in the right direction. The tax relief given by the Government for the middle class tax payers will definitely boost the purchasing power, thereby aiding the overall growth of the economy. The major tax relief given to the MSMEs and SMEs with an annual turnover of Rs. 50 crores, would enable them to invest in job creation, increase capital expenditure and explore their digital journey.

The strong emphasis laid on technology in almost all the development areas in the budget reaffirms that technology has been at the forefront of India’s recent economic growth and digital transformation. It has been recognized as an important enabler across initiatives ranging from agriculture to skill development to manufacturing and infrastructural development. The Government’s focus on making India a digital payment economy will definitely help companies like HP to contribute in technology adoption in rural and semi-urban areas, thereby bringing the Digital India’ vision closer to reality. We also welcome the Finance Minister’s commitment to introduce and implement Goods and Services Tax (GST) as per schedule and start GST awareness programme from April 1, 2017 for all stakeholders.”

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