In his last full Budget before the general election 2019, Finance Minister presented a slew of measures for the agriculture and rural sectors, a new health insurance scheme for the poor and some relief in income tax for the salaried class and senior citizens.
He also lowered the corporate tax for small, micro and medium enterprises with turnover of up to Rs. 250 crore to 25 per cent from the current 30 per cent, while reintroducing the tax on long- term capital gains of over Rs. 1 lakh made from the sale of shares.
In our inquisitiveness to get the market reactions we spoke to many renowned people.
In the first instalment we sit across Vishal Sinha (Business Head: SK Brands – Chef Sanjeev Kapoor’s Co.) and ask him just two questions about the recently presented budget.
Mr Sinha, tell us your observations about Mr Jaitley’s budget?
“The Union Budget 2018 has reiterated the government’s rural focus and its commitment towards India’s agriculture sector. Also, this Budget clearly showcases the government’s additional focus on providing increasing affordability in healthcare and housing, coupled with availability of necessary services and ensuring ease of living for senior citizens.The MSME sector is the backbone of our economy and this boost by the government will ensure higher production and consumption.
Do you want to say anything about the government’s focus on Digitisation?
The government’s focus on Digitisation by providing 500,000 wifi hotspots in rural India will enable broadband access to rural population at large thereby driving grow of the digital commerce industry and encouraging more people to adopt cashless economy. Broadly, the programs announced for the rural, agriculture, healthcare and manufacturing sectors will drive essential growth in GDP, expected about 7.5% by FY19.