“Build Bharat, Digitize India, Growth & Investment for Masses , Create Long Term Growth” sums up Budget 2017. The Finance Minister has captured majority population of this country into a positive mood vide this budget. The message is clear, government is for the masses and the economy, industry has to wait. However even the industry has been taken care by no major negatives. This is a momentous budget clearly aimed at Socio-Economic reforms to achieve a higher growth rate that would eventually benefit the common man in the long term.
With a huge push to rural economy, farmers & agriculture growth (expected at 4.1%) , rural housing, affordable housing, skill development, reduction in taxes for the entry slab, focus on infrastructure, fiscal discipline, reducing capital gains tax timeframe to 2 years for fixed assets, enabling smaller businesses with tax sops, cashless economy and regulating political funding, Mr Jaitley has struck the right chord with the country. He has set the country for long term growth as well as defined the mood for future budgets.
Increased allocation for the rural reforms, increase of 25% in capex and 5% reduction in personal income tax for the lower slab are the hallmark of this budget.