Tone has been set for good governance: Shashwat Goenka

Focusing on the building blocks to revive India's growth momentum, the finance minister presented a Budget that addresses long-standing structural problems, and sets a path for India to emerge a winner in the global economy.

There is a clear focus on infrastructure development to foster economic growth - sixteen new port projects, new airports, investment of Rs 37,880 crore for road development, and the Ganga Waterway Transport Plan will help in connecting cities and improving logistics.

The Budget also highlights the need for foreign investment in certain sectors, while preserving other indigenous nascent sectors; increase in FDI (foreign direct investment) limit for defence and insurance sectors is a welcome move. Moreover, introduction of GST (Goods and Services Tax) will add impetus to the burgeoning retail industry.

From introducing currency to aid the blind, investing Rs 8,000 crore in rural housing, facilitating youth skill development to reinforcing safety of women, the Budget leaves no one out.

Overall, the budget aims at boosting revenue growth while exercising fiscal prudence, and sets the tone for good governance. It places hope in the future, which echoes a belief that has been ingrained in me from childhood - being a believer of tomorrow.

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Shashwat Goenka
Sector Head, Retail, RP-Sanjiv Goenka Group