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Budget: FICCI expects incentives for digital transactions
Jan '17
Finance minister Arun Jaitley is expected to announce more incentives for promoting digital transactions in Union Budget 2017-18 to be presented on Wednesday, a majority of participating economists said in the latest round of FICCI’s Economic Outlook Survey. The Survey puts forth an annual median GDP growth forecast of 6.8 per cent for 2016-17.

The survey was conducted in the months of December 2016 and January 2017 and drew responses from leading economists representing industry, banking and financial services sector.

The participating economists were asked to share their top expectations from the Union Budget 2017-18. A majority of respondents also suggested that additional benefits should be bestowed upon Fintech companies in a bid to move towards a cashless economy. Respondents also hoped that the budget would look at addressing the impact of demonetisation on the informal sector which is largely cash dependent. “It is important to ensure that there are enough incentives for the informal setups to move into the formal system.”

Some of the other expectations indicated by the participating economists were greater infusion of capital in public sector banks and announcement of further measures to strengthen asset quality of the public sector banks.

The economists opined that the forthcoming budget would focus on giving an impetus to growth (which is inclusive) and provide fillip to gross fixed capital formation by enhancing complementarities between public and private investment.

“Steps would also be taken towards reviving and deepening of the corporate bond market,” some respondents felt.

Also, they expect the government to further boost its efforts to increase employment through its flagship programmes such as ‘Make in India’ and ‘Skill India’. Economists also expect the government to unveil incentives to promote exports.

Majority of the economists also believed that the budget will lay down guidelines for the roll out of the Goods and Services Tax (GST).  (RKS)

Fibre2Fashion News Desk – India

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