The current government of India is all ready to declare the interim budget in parliament on 1st February 2019.
The current government of India is all ready to declare the interim budget in parliament on 1st February 2019. As the elections are on the verge by May 2019, this would be marked the last budget. The Union Budget is an annual report that contains the entire revenue and expenditure of the government for a particular fiscal year, running from April 1 to March 31.
Read on to know some of the predictions made by some successful figures of the Indian business industry:
Ravi Saxena, MD Wonderchef shares, “Rationalization of GST from the current 18% slab to 12% will boost sales for many consumer durable products. It will also increase the penetration of these durables in the rural market. Additionally, further development of the rural economy will also lead to an increase in demand of the consumer goods. Schemes to boost the rural economy will certainly strengthen rural India further.”
“The biggest anticipation is on raising the Personal Income Tax Exemption slab from the current 2.5 lakhs to 5 lakhs. Additionally, it is expected that the deductions limit under Section 80C be raised, as it will result in an increase in disposable income, spending power and purchase of durables,” adds Saxena.
Saxena believes that the government should also consider to cautiously regularizing e-commerce platforms, as online marketplaces have positively impacted consumer durable sales in our country. Additionally, the government has reduced the corporate tax from 30% to 25% for MSMEs with less than Rs. 250 Cr turnover. A rebate on corporate tax is expected by consumer durables goods manufacturers.
Parag Agarwal, Founder, and CMD, Janajal says, “Growth of the social sector is critical to the development of India. The Government of India needs to build a strong focus on making safe drinking water available to people at an affordable cost. It is imperative that drinking water be priced so that it is valued and thereby made available in a consistent and sustainable manner.”
“Decentralized water infrastructure is the order of the day and water ATMs are the ideal alternative that besides safe water, also deliver jobs and social entrepreneurship opportunities to people. The Government should issue a national level water ATM policy and allocate funds to every State specifically for such projects so that they can be implemented across urban and rural areas besides smart cities and industrial belts,” explains Agarwal.
Agarwal further suggests that Debt financing should be made available from nationalized banks for installation and operation of water ATMs to encourage individuals to work as social entrepreneurs and serve communities besides earning a respectable livelihood.