Enhanced investment in infrastructure, affordable housing, augmenting lending capacity of Public Sector Banks and NBFCs are major initiatives unveiled in the Budget. Measures to boost flow of foreign capital and deepening of corporate bond market as well as formation of an expert committee to look into the long term financing for infrastructure are all aimed at boosting the investment in infrastructure which is expected to play a critical role in becoming a $ 5 trillion economies in the next 5 years.
Measures aimed at simplification of processes like interchangeability between AADHAR and PAN, pre-filled income tax returns, faceless assessment will reduce the burden of tax compliance on an ordinary citizen. Simplification of labour codes is another major announcement. On the whole, the Budget will boost demand with many enablers for augmenting the flow of domestic and foreign capital.
- Rajnish Kumar, Chairman, SBI