A day after the presentation of the Union Budget 2017-18, Finance Minister Arun Jaitley, today said that newly elected United States President Donald Trump’s protectionism and policies will impact India. Days back, there were reports suggesting that US President Donald trump is set to sign a new executive order aimed at overhauling H- 1B and other work visas. However, in a big relief to Indian techies, earlier in the day Trump’s prominent Indian-American donor confirmed that the Trump administration has no plans to come out with an executive order on the H-1B visas.
The signing of the new executive order by President Trump on the H-1B visas stands as a major threat for the Indian techies. National Association of Software and Services Companies (NASSCOM) said that the Lofgren Bill contains provisions which might be challenging for the Indian IT sector and might also leave loopholes that will nullify the objective of saving American jobs. In an official statement, NASSCOM stated that it will be engaging with the US administration and legislators both directly and through the Government of India.
Speaking at an interview with the Times Now, for the first time after the budget presentation, FM Jaitley, today said that the objects of the budget were clear and its not difficult to implement new policies. Citing the need to incentivise the tax payers so that they become compliant, Jaitley stated that through the budget he has announced tax relief for low-income segments and also for higher slabs too.
With the presentation of this year’s budget, FM Jaitley made it easier for small tax-payers by announcing the reduction of the tax rate of individuals earning between Rs 2.5 lakh to Rs 5 lakh to 5% from the current 10% which will also translate into an additional benefit of Rs 12,500 for tax payers even beyond Rs 5 lakh. The Finance Minister said that the focus of the government in this year’s budget was on the middle class, farmers and MSME.