Indian Finance Minister Arun Jaitley will be presenting the Union Budget for the year 2017-18 today. This budget is also a special one considering that for the first time ever, the Railway budget will be combined with the Union budget. At the same time the budget is presented early than usual, thus moving away from tradition after a period of 92 years.
India has seen some gigantic economic experiments in forms of demonetisation and Goods and Services Tax (GST).
The Union Budget 2017 will be a very tough task for the FM Jaitley considering the fall-out from demonatisation is still unraveling slowly. The GST is still in the process of roll-out.
Here are the things to watch-out from Jaitley’s budget for 2017-18:
- The common man of India is expecting favorable revision in the Income Tax slabs as well as in the tax rates. The demonetisation and its fall out has discouraged the consumer spending in short term and a relaxation in the taxing structure will the most important thing to watch out for.
- The common man and businesses are looking for more benefits of switching to digital payments. The tax rebates will a thing to watch out for e-payments and other steps to achieve the financial inclusion.
- Assured electricity for the whole India and boost to solar power generation is on the cards.
- Affordability of consumer durable items such as mobile phone, laptop and data services will be on focus.
- The transportation sector is expecting simpler and clear regulations as start-ups business surge.
- The Start-Up India is looking for more robust ecosystem with increase in the tax free period, quick clearance ,and easier tax regulations.
- The ever evolving e-Commerce market of India is looking out for clear guidelines on FDI in B2C e-commerce through automatic route.
- Make in India, Skill India and Affordable healthcare will be on the focus as government will require huge capital to increase the visibility and benefits of these schemes.