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FM could have done much more: Amitabh Chaudhry

Business Standard 

Amitabh Chaudhry

While the broad macroeconomic indicators have been improving, the cycle is yet to pick up. It was imperative for the government to encourage The for FY16 attempts to do that.

The target under (Fiscal Responsibility and Management Act, 2003) has been delayed by a year, and the revenues that will be mobilised as a result will be spent on infrastructure..

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There is a clear intention to bring in some innovative steps to improve the ease of doing business. The proposal to progressively reduce to 25 per cent in four years is a move to rationalise the regime.

Other key positives are a proposal for a new bankruptcy law, plans to monetise gold holdings, a clear focus on black money and penalties therein, deferment of (General Anti-Avoidance Rule) and reiteration of the April 2016 deadline for (Goods and Services Tax).

Overall, the numbers are credible and likely to be met. However, more could have been done to encourage domestic savings in financial assets, especially long-term saving instruments such as in insurance. Overall, the Budget promotes growth and is in sync with the current economic requirements.

Amitabh Chaudhry

First Published: Sun, March 01 2015. 00:24 IST