Budget 2019 puts farmers and middle class at the centre stage

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Vikas Vasal
Partner
Grant Thornton India LLP

The government has laid down its strategic vision for 2030 by announcing a pro-active approach focusing on 10 key themes comprehensively covering all aspects of the economy to take India to the next level of development with social equity. The Budget is an attempt to provide a fine balance between larger socio-economic requirements and fiscal prudence. As the structure of the economy changes, it is important to have a robust safety net for the marginalised sections of the society. This Budget seems to be directed towards this objective. There are many far-reaching policy announcements to designate it as a milestone budget.

From the CEO's desk

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Vishesh C Chandiok
CEO
Grant Thornton India LLP

With significant tax relief and incentives for the middle class and farmer segments, I would like to assume positive intent from the government. I hope that the rest of India can look at the incentives as being the right catalyst for growth by boosting consumption, while the global economy faces a significant slowdown.

 

Expert Take

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Ashish Gupta
Director
Grant Thornton Advisory Private Limited

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This Interim Budget will drive a consumption-led growth, which will directly benefit the consumer sector. More disposable income in the hands of the middle class through tax rebates will increase their purchasing power, driving the sales of more value-added products by FMCG, consumer electronics, retail and hospitality companies.

 
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Neeraj Sharma
Director
Grant Thornton Advisory Private Limited

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In this Budget, the government has clearly indicated its long-term focus on improving overall infrastructure and expediting the current pace of industrialisation. Expanding industrialisation to rural areas using modern digital technologies and creating infrastructure with a focus on railways, airways, highways, etc. to improve ease of living are praiseworthy announcements. The push towards making India a global manufacturing hub in auto, electronics, defence and medical devices will have a far-reaching impact on employment generation, making India a $10 trillion economy in eight years.

 
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Raja Lahiri
Partner
Grant Thornton India LLP

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The Budget is balanced and focuses on people and social infrastructure. It will provide an impetus to the Digital India and Start-up India initiatives, and chart out the strategy and platform to develop a Vibrant Bharat and a $10 trillion economy, with a focus on ease of doing business and ease of living. The Budget also brings in the 3 Cs (certainty, continuity and consistency) in thinking and execution for India’s growth agenda, and creates a 'josh factor' for the people of India.

 

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