It is an incremental but positive Budget. The intent of the finance minister is very much in the right direction. There is a genuine effort to bring in better involvement from the states in the development process, which is required in the long term.
This Budget has several good elements - focusing on ease of doing business in India, removing inefficiencies, and steps to create a stable and modern taxation structure. So are efforts aimed at the development of renewable energy and the measures announced to help promote entrepreneurs and innovation. On the social sector front, the introduction of pension and insurance schemes for the poor and the middle class are a step in the right direction. So is the attempt to bridge the urban rural divide through rural infrastructure development and the MUDRA Bank.
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Though we did not hear anything significant on infrastructure, I am happy to see it has tried to get the basic elements in the system right - like the intention to bring in a procurement law and institutional structure to correct the fault lines in public procurements, integrating regulatory permissions, focusing on skill development and a clean India. With proper implementation, the Budget can revive growth.
Chairperson, Thermax Limited