The Budget seeks to provide an environment to attract investment and propels economic growth.
The proposal to do away with different types of foreign investment caps and to replace those with a composite cap is welcome. Quick implementation of market and policy reforms proposed in the Budget will help achieve gross domestic product growth of 8.5-9 per cent on an annual basis. The proposal to reduce the corporation tax rate to 25 per cent in the next few years is also welcome..
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The Rs 70,000 crore earmarked for the infrastructure sector, too, augurs well for sectors like steel and cement. The proposed National Skills Mission will enhance employability of rural youth. The new tourism scheme and the governments proposal to issue visa on arrival to people from 150 countries will greatly benefit the hospitality and services sectors.
The finance ministers proposals on social security for all and welfare schemes for senior citizens indicate the governments intention to achieve inclusive and equitable growth.
The move to appoint an expert committee to prepare a draft legislation for obtaining regulatory clearances expeditiously is a step in the right direction. Increase in the import duty on steel will help in improving the competitiveness of the domestic steel industry.