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Our chairman’s comment on Union Budget of India, 2017:

I. Budget further strengthens measures taken under demonetisation:

  • This includes specifying low limits to cash payments and transfers
  • Digital transactions will be encouraged and rewarded. This should help the growth of financial services
  • Very low limit Rs 2000 for donations to political parties. All donations have to be by cheques. This should considerably help the reduction of corruption in India as donations to political parties mainly made in cash are the main source of corruption.

II. The second important action has been to encourage more people to become tax payers. India has a very small proportion of people who pay tax. These include measures like a) reduction of taxes for the middle class b) reduction of the lowest slab of tax to 5% c) reduction of tax for small and medium industry d) Encouragement for agriculturists to become a tax payer

III. Major increase in investment on Infrastructure. The combined investment in infrastructure including railways, roads, ports, airports has almost doubled from the past year.

IV. Major increase in investment and subsidies in the Agriculture. These measures will help the growth and modernisation of agriculture.

V. Increase in social sector spending including health and education

VI. The major focus of budget on middle income population and SMEs companies together with major investment to modernise in financial sector and physical infrastructure is highly commendable and will make India the fastest growing economy in the world in financial year 2017/18.