Anil Agarwal: A step towards inclusive growth

The group chairman of Vedanta Resources said he welcomes the decision to reform electoral funding

The Budget is transformational. The proposed reforms will have an unprecedented impact on increasing transparency and empowering rural India, especially the women and the youth. Although the fiscal deficit for FY18 is pegged at 3.2 per cent, the long-term benefits of the measures proposed in the Budget far outweigh the potential costs.

Allocating a sum of Rs 500 crore towards Mahila Shakti Kendra at the grassroots level is a game-changing exercise. The initiative would ensure these sections of society become participants in India’s growth story. The focus on energising youth and unleashing their potential will help leverage our demographic dividend, while securing stable growth in the coming decades. Assigning infrastructure status to the affordable housing sector is a strong step towards inclusive growth. 

Abolition of the Foreign Investment Promotion Board will enhance the ease of doing business, while reducing the corporate tax rate for MSMEs will boost the economy. The proposal to create an integrated public sector oil major will strengthen India’s efforts in ensuring energy security. I welcome the government’s decision to reform electoral funding. The idea of electoral bonds is a step in the right direction that will enhance transparency in the world’s largest democracy.