“The continued focus on ease of doing business with several measures such as abolishing FIPB, ‘Model law on contract farming’, Simplification of labour laws under four areas – wages, industrial relations, social security and welfare and safety – augurs very well for the economy,” said Krish Iyer, president & CEO of Walmart India, in email to Fibre2Fashion.
Major income tax relief in the lowest bracket is laudable as it will bring back consumer confidence and boost domestic consumption, adds Iyer.
Commending the measures announced to boost the manufacturing sector, he says, “Rewarding MSMEs by reducing rate of income tax will further boost ‘Make in India’; Proposal to set up dairy processing fund will boost food processing while increased allocation to schemes such as MSIPS will boost the electronics sector. Rural sector gets a boost with increased allocation to MNREGA.”
The agenda for the year to ‘transform, energise and clean India’ is noteworthy, according to Iyer. He also lauds government’s commitment to lift one crore people out of poverty by 2019. “Government’s steps to promote digital economy post demonetisation are very logical and will boost formal economy.”
“Overall, this is a very good budget. Adherence to fiscal discipline, with emphasis on growth, development, increasing infrastructural and rural spending, and encouraging formal economy are key aspects of the budget,” Iyer concludes. (RKS)
Fibre2Fashion News Desk – India
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