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This Week Bangalore

Union Budget 2016-17 Reaction

By February 29, 2016 No Comments

The Union Budget for 2016-17 presented by Finance Minister is a step in the right direction towards addressing some of the key issues in India such as rural development, job creation, focus on infrastructure developments etc. Budget has also given equal importance to reforms in financial sector, tax, ease of doing business and fiscal discipline to make robust the entire business ecosystem in India.

With regards to real estate industry though there is not much to be said, but the major thrust to infrastructure and additional exemption of home loan of Rs.50,000 for first time home buyers (cost of house not to exceed Rs.50 lakh.) is a step in right direction.

It is overall a balanced budget with focus on sustainable growth of the economy.
Murali MD Shriram Properties

The union Budget this time focuses more on rural economy- more focus on increasing agricultural output. Allocation for rural development of nearly 90000 crores signify the Government’s concern for farmers and rural economy. Plan to double the farmers income by 2022 is a Welcome move.

This Budget is an excellent and encouraging one from one particular view point .There is thrust and priority for fiscal consolidation and aspiring to contain the fiscal deficit to 3.5% of GDP in 2016 .At the same time emphasis is laid on growth and development. Increasing infrastructure spending /ear marking substantial amount is a good move. This will further augur the confidence built around India.

It’s great to see reforms being proposed in favour of entrepreneurs, not only in urban India but in all parts of the country. The move for forming the National SC/ST Hub with the Ministry of Micros SME to support SC/ST entrepreneurs, is heartening to see. It’s also great to see that the Special Patent Regime proposed to power innovation and research has been initiated, which further fosters the country’s creative spirit.

It takes a lot of time and effort into running and building a successful business. What is great to note is that a bill is being introduced for ease of doing business and to enable registration of companies in a day, will certainly ease the process.

​In totality we are quite pleased with the startup and entrepreneurial announcements, specifically the Special Patent Regime proposed to power innovation and research that we believe will nurture and mentor the next wave of tech stars that will drive a successful economy.

Source: This Week Bangalore