ALSO READBudget 2018 LIVE: Will Arun Jaitley ease tax rates amid fiscal challenges? Union Budget 2018 LIVE: Tabled by Arun Jaitley, Know top highlights Budget 2018: From digitisation to NPAs, a lot expected for banking sector Budget 2018: Capital gains tax: First principles first Budget 2018: Know your savings if FM Jaitley changes tax exemption limit
Markets slump: Will govt scrap LTCG tax? Adhia says will 'look into' fixes The government will look into what it can do after a slump in local market reflecting global sell-off, the finance secretary said on Tuesday. Hasmukh Adhia said he will discuss the issue of fall in local markets with Finance Minister Arun Jaitley. RBI to turn hawkish, keep rates on hold through middle of 2019: Poll The Reserve Bank of India will keep interest rates on hold through at least the middle of 2019 even though inflation is above its medium-term target and is expected to stay that way, a Reuters poll found. A majority of economists also expect the central bank's tone to turn hawkish when it announces its latest policy decision on Wednesday. While retail inflation hit a 17-month high in December and is expected to remain above the RBI's 4 per cent target over the coming 12 months, growth in Asia's third-largest economy likely slowed markedly in the financial year ending March 31, complicating the RBI's policy path. Murmurs of discontent among NDA allies over election-year budget The Telugu Desam Party (TDP), a key ally of the Bharatiya Janata Party (BJP), on Friday said it was disappointed with the Union Budget but would not walk out of the National Democratic Alliance (NDA) just yet. Budget announcements on the farm sector: Markets, not MSP, is the focus The budget announcements on the farm sector, especially the one that commits to ensure a minimum support price (MSP) for crops, which is equal to 1.5 times the cost of production—which the Swaminathan commission had recommended in 2006—raised eyebrows. Budget 2018: Tax loophole plugged for corporate mergers and amalgamations The Union Budget for 2018-19 has proposed to tax all mergers and amalgamations in which a company with higher accumulated profit merges with a company with lower profits, or with a company that made losses, and reduced capital to avoid paying dividend distribution tax (DDT). Budget 2018 impact: Steel sector to see a marginal increase in fuel cost The steel sector is likely to see a marginal increase in fuel cost, since the new Customs duty surcharge will affect the price of imported coking coal.
Here are some reactions on Budget 2018 from industry-experts
Arvind Bali, CEO, Videocon Wallcam
The budget has a clear push towards socio-economic growth of the country with aggressive focus on agriculture, education, rural economy, healthcare and infrastructure. The allocations aimed towards rural India will increase consumption which boost industries and help in nation building. Focus on digital solution and new age technologies is a big push in terms of creating the right environment for the next level of development in India. The increase in customs duty will further boost 'Make in India'.
"Disappointing budget from the perspective of private sector involvement in creating mass housing stock that will make homeownership a reality for all Indians. Budget has unfortunately ignored the stressed and vilified real estate sector that is in desperate need of Government support through specific targeted tax breaks that help make building affordable homes in India viable." - Sarjan Shah, MD, Group Satellite.
Pacific India Group
"The budget this year is a boost to 'Make in India' initiatives and aimed at a progressive development of the rural economy and growth of the entire country. The focus on infrastructure, social inclusion and progress, education, agriculture and healthcare are steps in the right direction. Though there is not much in terms of addressing the problems faced by the realty sector but the move towards no adjustment in case of the circle rate not exceeding 5 % of sale consideration is a welcome move. Standard deduction for transport, medical reimbursement for salaried taxpayers and incentives for Senior citizens will help increase disposable income at hand." -Abhishek Bansal, Executive Director of Pacific India Group.