Budget Reaction from Mr. CK Ranganathan, Chairman &
Managing Director, CavinKare Pvt Ltd
Keeping in line with the Development Mantra, the Narendra Modi Government’s
first budget is indeed a long term, growth oriented and well intended document.
At the same time, it has also fairly addressed the immediate concerns of
the aam admi, Corporates, capital market, general trade & investors alike.
The fiscal prudence of the Government is sought to be show cased by their
willingness to adhere to 4.1% fiscal deficit in 2014-15, 3.7% in 2015-16 and 3%
in 2016-17, proposal to reach GDP growth
rates of 7-8% in 3 years, boldness in
setting up of Expenditure Commission, relook overall subsidy regime, higher
allocation to defense of India, commitment towards putting in place GST and New
Tax Code regime, desire to bring in FDI
including in defense / insurance sectors.
Under the prevalent inflationary economic conditions, the tax sops given to
the salaried class by increasing his exemption limits from Rs.2 lac to Rs.2.5
lac, additional tax deduction of Rs.1 lac in the form of 80C and Home Loan
interest subsidy, would indeed enhance
his purchasing power.
Same would be the case of senior citizens and retired class who are
benefited by enhanced tax exemption of Rs.3 Lac per annum, apart from assured
minimum pension of Rs.1000 per month.
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| Mr. CK Ranganathan, CMD, CavinKare |
The Government’s initiative in enhancing Technical Skills through Skill
India and opportunities for higher and advanced education in the new AIIMSs,
IITs and IIMs would enhance the employability of the youth of India. These economical and social boosters are
expected to fuel and kick start the sagging FMCG sector in the coming years.
The initiatives in the budget announcement, notably those related to
assurance of 24x7 electricity, clean
drinking water, home & sanitation for all coupled with education and
infrastructure proposed to the farmers and rural folks would enhance the
happiness index of the Aam Admi.
The proposal for introduction of a
Venture Capital Fund with an initial corpus of Rs.10,000 crores to seed fund
the budding entrepreneurs could take the business potential of the emerging
India to a greater heights.
The innovative and path breaking initiatives like advance tax ruling for
Indian corporate, mechanism for periodic addressing of industry issues by the tax administration, settlement commission for
resolving old issues, assurance on no retrospective tax, quick introduction of GST & Tax Code
would all lead to enhance the ease of conduct of business by the Indian
corporate and the business class.
Last, but not the least, the opening up of FDI in defense / insurance /
e-commerce, enhanced spends on national highways, rural roads, power
generation, industrial corridors and setting up of scientific warehousing
facilities would tremendously increase the business potential of the Indian
Corporates.
Overall the Government seems to have taken steps in the right ernest
towards fulfilling the dream of ‘sab ka
saath, sab ka vikas’ i.e. the wellbeing of
the 12.50 crore Indian citizens.
For Media Contact
Mr. G. Srinivasan
Sr.Manager - Regional Media PR
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