Union Budget 2018: Budget 2018 expectations have already risen as the date for presentation of Union Budget is nearing. The Modi government’s Union Budget 2018 will be presented on February 1, 2018. Finance Minister Arun Jaitley will present the budget speech in Parliament. Budget 2017 was presented on February 1 by Finance Minister Arun Jaitley. Everyone is expecting FM Jaitley would offer something for them in his budget 2018 speech. Since India has become the fastest-growing smartphone market in the world, people especially youths want more affordable rate for the gadget. Everybody in the world is looking at India as a huge landing ground for their innovation. With the upcoming Union Budget 2018, the industrialists are also looking up to the Modi government to support the growth of the mobile industry.
Highlighting the expectations from the Union Budget 2018, Sanjay Kalirona, the CEO, and Director of COMIO Smartphones said that upcoming Union Budget should support the growth of the smartphone industry by smoothening of GST from 12% to 5% and offering tax reductions. This will help in making smartphone much more affordable for the consumers, he added. “India is currently the fastest growing smartphone market in the world. The upcoming Union Budget should support the growth of this industry by smoothening of GST (from 12% to 5%) and offer tax reductions, especially towards the budget category as it will make mobiles much more affordable for the consumers,” Kalirona said.
The COMIO CEO also mentioned the scope for the country to strengthen its manufacturing capabilities and create a self-sufficient eco-system for component manufacturing. Kalirona said that the government’s support in the manufacturing sector will also help in pushing Narendra Modi’s ‘Make in India’ vision. Expressing his expectations from Union Budget 2018, Kalirona stressed upon the fact that the incentives provided by the government will help build India as a manufacturing hub, complete the mobile supply chain and further support the government programme that was launched by the Government of India in 2014 to encourage companies to manufacture their products in India.
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The union budget 2018 will be the Narendra Modi government’s fifth budget. This will also be the final budget before crucial 2019 Lok Sabha Polls. The previous Budget 2017-18 was a unique one for the people of India, as, for the first time, both the railway budget and the general budget were presented on the same day. Simultaneously, Budget 2018 has a great significance across India.
Since the historic merger between Railway budget and general budget took place, two budgets are presented on the same day. Budget 2017 was the first one to be presented in this format. Finance Minister Arun Jaitley will present the Railway budget along with Union Budget on February 1.