“The Union Budget 2015 announced by the honourable FM Arun Jaitley has taken a very balanced approach to the budget. It provides an impetus to every section of the society. The reduction in corporate tax from the existing 30% to a proposed 25% and the additional 15% depreciation on plant & machinery, I feel are welcome measures.
Among the most important announcements today was the promise to spend INR 1.25 Lakh Crores on Infrastructure. A move that will be seen as bold, the proposed completion of 1 lakh km road will provide impetus to cement & steel industries. Moreover, with the decision to bring the fiscal deficit down to 3% over the next 3 years, is a move that will definitely create additional benefits for everyone in the long run. And with GST set to roll out from April 2016, the tax policies also look very clearly set to achieve the targets first set by the new government.
Keeping in mind that India is a young country, it is heartening to see the amount of support for the young, old and underprivileged sections of society alike. The Social Security Scheme for the rural, old and weaker sections of society, Skill Development, support for Make in India and the pension schemes announced today will go a long way to ensure India’s support to every single citizen and grow as a country, together.
All in all, I believe this budget is a step that is going to set India firmly in the global market and I would rate it a 7.5 on 10.”
The author is BK Goenka, Chairman, Welspun Group