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A Huge Boon To India

The recent budget brings a relief on the middle-income mass and to our farmers. This is a welcome change!

Photo Credit : PTI

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The budget is progressive and it has surely covered the issues that are existing in the economy. The Budget has been indeed surprising as it different from the predecessors. Some of the announcements made by Piyush Goyal have meeting the expectations of the common man, which will lead to higher consumption, enhanced liquidity in the market, increase in investment and savings. For instance, giving a tax benefit till Rs 5 lakh will prove beneficial to the middle class and this is something they have surely wished for.
 
With this there will be an increase in disposable income which will definitely boost the consumption and investment story in India. The increase in savings will lead to a higher spend on consumer durables, FMCG, automobiles, farm equipment etc. leading to higher growth, financial literacy and penetration etc.

Also the farm sector was depressed and finally they will get relief. The government has planned to give 12 crore farmers Rs 6,000. This is a big move which will uplift their current condition. It will also generate industrial demand and boost production. The increase of gratuity, too, is excellent for the welfare of the people.

Including the below the poverty line in the provident fund network is again a good move by the government. Even on the security front they have spent Rs 3,00,000 crore which is again a gigantic and a much needed move.

Interim Union Budget 2019 also promises to be pro-growth and ushers a new era of transparency. Complete digitalisation of tax assessment is a welcome step too.

So, be it escalating living standards by their cleanliness drive, providing benefit to the common man, the farmers or strengthening security, the government is surely far sighted. The government is working from the grassroots level to achieve their targets.

To conclude, the present government has certainly initiated some bold steps since coming to power. These decisions were surely far sighted. The recent budget brings a relief on the middle-income mass and to our farmers. This is a welcome change!

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.


Tags assigned to this article:
Union budget 2019 economy

Dr. Mahesh Gupta

The author is Chairman, KENT RO Systems

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