Indian industry stakeholders have given a thumbs up to the Union Budget 2017-18 for its pro-business measures which are expected to clear the roadmap for sustainable, stable and inclusive growth and development in Indian economy. They are equally upbeat on expected sentiment revival after the budget has proposed more inclusive taxation for individuals and small firms, apart from its emphasis on housing and infrastructure development, cashless economy and various other announcements which can help the people realize their dreams.
The Union Government has already been instrumental in expediting the reforms process with taking key policy decisions and now an industry-friendly budget is expected to boost the growth, encourage the demand and bring the industry back to higher growth trajectory, said the industry leaders cutting across the spectrum. “The Government’s renewed commitment towards providing a boost to infrastructure growth is clearly visible in this budget which is highly commendable at this juncture when the country is moving ahead at fast pace. The announcements like reduction in corporate tax for MSMEs and increase in the income tax limit for the common man in the Union Budget 2017-18 are another two big steps taken in the right direction. All these promising announcements made by the honourable Finance Minister will go hand in hand in taking the industrial development in the country to the next level,” said Mr. Rajesh Gupta, Director, Okaya Power Pvt. Limited.
The industry leaders cutting across the spectrum have also opined that the government’s increased focus on the development of affordable housing will stimulate the demand in the market which will also have positive effects on the real estate allied sectors. Mr. Rakesh Zutshi, President, ELCOMA India and Managing Director, Halonix Technologies Limited, said, “As the Union Government has introduced many path-breaking provisions in the Budget 2017-18, the overall economy including the lighting sector is expected to achieve considerable growth. Especially the Government’s focus on low-cost housing in this budget is highly positive for the lighting industry. At Electric Lamp and Component Manufacturers’ Association (ELCOMA) India, we are already working towards transforming India into a global manufacturing hub of superior, but economical LED products and we expect the gains of the economic development achieved by the government on the back of the growth-oriented budget will percolate to the fast developing LED sector as well”.
“There is plenty to cheer in budget 2017-18 which has boosted the morale of all the stakeholders of real estate sector in a true sense. Grant of infrastructure status to affordable housing will go a long way in fulfilling the bigger dream of providing homes to the masses. The Government’s another path-breaking provision in this budget is the additional refinance of individual loans worth of Rs. 20000 crore through NHB which will definitely prove to be a shot in the arm for the real estate sector,” said Mr. Arjunpreet Singh Sahni, Executive Director, Solitairian Group. “Apart from all these, the benefit of the additional disposable income in hand of the taxpayers due to increase in income tax exemption limit will also result into boosting the demand for housing in the market. In a nutshell, it’s a win-win budget for both homebuyers as well as the real estate developers,” he added. Another stalwart of the real estate sector, Mr. Pankaj Kumar Jain, Director, KW Group said, “The Budget- 2017-18 is in line with the major expectations of the industry. Creating conducive environment of growth with its industry friendly provisions like granting infrastructure status to affordable housing which was a long pending demand and lowering the tenure for long term capital gains tax from three years to two years, it will definitely be able to inject lifeblood in the real estate sector.”
Elaborating further, Mr. Bharat Aggarwal, Managing Director, Sheetal Group, said “With its increased focus on improving the industrial scenario in the country the Union Budget 2017-18 has provided a considerable boost to the manufacturing sector by announcing tax reduction for MSMEs, which is undoubtedly a revolutionary step. We would also like to commend the honourable Finance Minister for improving the general sentiments of the buyers by increasing the income tax exemption limit which will increase the demand in the market.”
The dairy sector is equally optimistic about emerging growth prospects, as the Finance Minister has announced Rs. 8,000-crore dairy development fund to be set up under Nabard. Mr. Anant Choudhary, Founder and Director of the premium dairy brand Freshmen’s Valley, said, “With the announcement of Rs. 8000 crore fund for dairy sector in Union Budget 2017-18, the honourable Finance Minister has once again promised a whole new era of growth in the industry. Looking at the fast-growing demand, such booster dose was long awaited. We expect that the amount will be invested with proper planning and in such a manner that the desirable growth impetus is achieved at the earliest.”
Overall, the Union Budget-2017-18 has been successful in building the momentum for the next phase of industrial growth. “It’s a balanced and growth-oriented budget which will benefit the overall economy with simultaneously providing booster dose to catalyze growth in consumer durable market. The Budget 2017-18 has actually enabled the people to spend more with reducing the tax liability of the middle class who constitute a major chunk of the population in India. It’s a timely move meant to strengthen the demand in the market which has been almost stagnant over the last few quarters. The provisions in this budget will also help the economy to weather the demonetization impact successfully,” said Mr. Nipun Singhal, Director, Lloyd Electric & Engineering Limited. “Providing digital push to the economy, the revolutionary provisions in Budget 2017-18 is expected to promote ease of doing business in a big way. The emerging scenario will also help the manufacturing sector to grow on a large scale. Tax reduction for MSMEs is another welcome step taken by the honourable Finance Minister in this budget. We expect that all these growth-oriented measures together will help all the segments of the industry expand their horizons,” concluded Mr. Ashish Baheti, Managing Director, Vectus Industries Limited, while mentioning at the same time that the budget is progressive and that it has a clear focus on Digital India.